DGRO vs XLU Overlap
DGRO is a dividend-focused equity ETF from IShares, while XLU is a utilities ETF from SPDR. DGRO and XLU show limited overlap, with an estimated weighted overlap of 6.85%. They share 21 holdings in the loaded dataset, led by NEE, DUK, and SO.
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Quick Answer
DGRO is a dividend-focused equity ETF from IShares, while XLU is a utilities ETF from SPDR. DGRO and XLU show limited overlap, with an estimated weighted overlap of 6.85%. They share 21 holdings in the loaded dataset, led by NEE, DUK, and SO.
- 6.85% weighted overlap across 21 shared holdings.
- The top three shared holdings explain 41.75% of the measured overlap.
- DGRO is the broader fund, while XLU is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both can still add materially different exposure.
Data Freshness
- DGRO holdings
- Mar 12, 2026
- XLU holdings
- Mar 12, 2026
- Overlap computed
- Mar 13, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
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About These ETFs
What Stands Out In This Comparison
What This Means
DGRO is a dividend-focused equity ETF from IShares, while XLU is a utilities ETF from SPDR. DGRO and XLU do not own much of the same portfolio weight. That usually means you are combining different parts of the market, with only a small amount of duplication through names like NEE, DUK, and SO.
How They Differ
DGRO is a dividend-focused equity ETF from IShares, while XLU is a utilities ETF from SPDR. DGRO is the broader fund, while XLU is the more targeted sleeve. DGRO and XLU are priced very similarly on expense ratio.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 41.75% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
If you want the broader portfolio building block, DGRO is usually the wider choice. If you want the more focused tilt, XLU is the narrower expression. DGRO and XLU are priced very similarly on expense ratio.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 41.75% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between DGRO and XLU.
| Holding | Name | DGRO Wt. | XLU Wt. | Overlap |
|---|---|---|---|---|
| NEE | NEXTERA ENERGY INC | 1.20% | 13.32% | 1.20% |
| DUK | DUKE ENERGY CORP | 0.84% | 7.05% | 0.84% |
| SO | SOUTHERN | 0.82% | 7.41% | 0.82% |
| AEP | AMERICAN ELECTRIC POWER INC | 0.50% | 4.95% | 0.50% |
| SRE | SEMPRA | 0.40% | 4.24% | 0.40% |
| XEL | XCEL ENERGY INC | 0.33% | 3.38% | 0.33% |
| ED | CONSOLIDATED EDISON INC | 0.32% | 2.81% | 0.32% |
| PEG | PUBLIC SERVICE ENTERPRISE GROUP IN | 0.30% | 2.90% | 0.30% |
| ETR | ENTERGY CORP | 0.29% | 3.27% | 0.29% |
| WEC | WEC ENERGY GROUP INC | 0.28% | 2.60% | 0.28% |
Why These ETFs Overlap
DGRO is a dividend-focused equity ETF from IShares, while XLU is a utilities ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are NEE, DUK, and SO, which appear in both portfolios and push the overlap score higher.
Holding both DGRO and XLU can make sense if you want exposure to different sleeves of the market. The overlap is small enough that both funds may still improve diversification.
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Frequently Asked Questions About DGRO and XLU
What is the overlap between DGRO and XLU?+
How many holdings do DGRO and XLU share?+
Is the DGRO and XLU overlap high?+
Why do DGRO and XLU overlap?+
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How Overlap Is Calculated
A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.