XLI vs XLU: 0% overlap
Industrial Select Sector SPDR Fund and Utilities Select Sector SPDR Fund share 0.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
XLI and XLU hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in XLI | in XLU | Δ |
|---|---|---|---|
| CASH | 0.0% | 0.3% | 0.3% |
Where XLI and XLU differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | XLI | XLU | Δ |
|---|---|---|---|
| Industrials | 99.9% | 0.0% | +99.9pp |
| Utilities | 0.0% | 99.7% | −99.7pp |
| Cash and/or Derivatives | 0.0% | 0.3% | −0.3pp |
| Cash & Other | 0.0% | 0.0% | −0.0pp |
Δ is XLI minus XLU, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
99.9% of XLI by weight, held in no part of XLU.
99.7% of XLU by weight, held in no part of XLI.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| XLI | XLU | |
|---|---|---|
| Top 10 holdings | 40.0% | 58.0% |
| Positions held | 83 | 33 |
| Cost per $10,000 held, per year | $8 | $8 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do XLI and XLU overlap?
XLI and XLU overlap 0.0% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (XLI as of 2026-07-23, XLU as of 2026-07-23).
How is the overlap between XLI and XLU calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If XLI holds a stock at 6% and XLU holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both XLI and XLU?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does XLI own that XLU doesn't?
XLI holds 83 positions and XLU holds 33; 81 of XLI's positions don't appear in XLU at all, and they are 99.9% of XLI by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, XLI as of 2026-07-23, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.