IWB vs XLK Overlap
IWB is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. IWB and XLK show meaningful overlap, with an estimated weighted overlap of 30.02%. They share 66 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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Quick Answer
IWB is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. IWB and XLK show meaningful overlap, with an estimated weighted overlap of 30.02%. They share 66 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
- 30.02% weighted overlap across 66 shared holdings.
- The top three shared holdings explain 59.58% of the measured overlap.
- IWB is the broader fund, while XLK is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both may add less diversification than the fund names imply.
Data Freshness
- IWB holdings
- Mar 12, 2026
- XLK 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
IWB is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. IWB and XLK overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as NVDA, AAPL, and MSFT, which explains why the score lands at 30.02%.
How They Differ
IWB is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. IWB is the broader fund, while XLK is the more targeted sleeve. XLK has the lower expense ratio, while IWB charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 59.58% 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, IWB is usually the wider choice. If you want the more focused tilt, XLK is the narrower expression. XLK has the lower expense ratio, while IWB charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 59.58% 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 IWB and XLK.
| Holding | Name | IWB Wt. | XLK Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 6.95% | 15.20% | 6.95% |
| AAPL | APPLE INC | 6.11% | 13.04% | 6.11% |
| MSFT | MICROSOFT CORP | 4.83% | 10.21% | 4.83% |
| AVGO | BROADCOM INC | 2.54% | 5.48% | 2.54% |
| MU | MICRON TECHNOLOGY INC | 0.72% | 4.00% | 0.72% |
| PLTR | PALANTIR TECHNOLOGIES INC CLASS A | 0.53% | 3.05% | 0.53% |
| AMD | ADVANCED MICRO DEVICES INC | 0.53% | 2.92% | 0.53% |
| CSCO | CISCO SYSTEMS INC | 0.50% | 2.71% | 0.50% |
| AMAT | APPLIED MATERIAL INC | 0.45% | 2.43% | 0.45% |
| LRCX | LAM RESEARCH CORP | 0.43% | 2.39% | 0.43% |
Why These ETFs Overlap
IWB is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are NVDA, AAPL, and MSFT, which appear in both portfolios and push the overlap score higher.
Holding both IWB and XLK can still be reasonable, but you should expect some duplication. The decision comes down to whether the non-overlapping parts of each ETF are important enough for your strategy.
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Frequently Asked Questions About IWB and XLK
What is the overlap between IWB and XLK?+
How many holdings do IWB and XLK share?+
Is the IWB and XLK overlap high?+
Why do IWB and XLK overlap?+
Which ETF is broader, IWB or XLK?+
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.