SCHD vs XLE Overlap
SCHD is a dividend-focused equity ETF from Schwab, while XLE is an energy sector ETF from SPDR. SCHD and XLE show meaningful overlap, with an estimated weighted overlap of 20.96%. They share 9 holdings in the loaded dataset, led by COP, CVX, and SLB.
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Quick Answer
SCHD is a dividend-focused equity ETF from Schwab, while XLE is an energy sector ETF from SPDR. SCHD and XLE show meaningful overlap, with an estimated weighted overlap of 20.96%. They share 9 holdings in the loaded dataset, led by COP, CVX, and SLB.
- 20.96% weighted overlap across 9 shared holdings.
- The top three shared holdings explain 55.27% of the measured overlap.
- SCHD is the broader fund, while XLE 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
- SCHD holdings
- Mar 12, 2026
- XLE 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
SCHD is a dividend-focused equity ETF from Schwab, while XLE is an energy sector ETF from SPDR. SCHD and XLE overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as COP, CVX, and SLB, which explains why the score lands at 20.96%.
How They Differ
SCHD is a dividend-focused equity ETF from Schwab, while XLE is an energy sector ETF from SPDR. SCHD is the broader fund, while XLE is the more targeted sleeve. SCHD has the lower expense ratio, while XLE 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 55.27% 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, SCHD is usually the wider choice. If you want the more focused tilt, XLE is the narrower expression. SCHD has the lower expense ratio, while XLE charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 55.27% 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 SCHD and XLE.
| Holding | Name | SCHD Wt. | XLE Wt. | Overlap |
|---|---|---|---|---|
| COP | CONOCOPHILLIPS | 4.49% | 6.94% | 4.49% |
| CVX | CHEVRON CORP | 4.43% | 17.34% | 4.43% |
| SLB | SLB NV | 2.66% | 4.13% | 2.66% |
| EOG | EOG RESOURCES INC | 2.57% | 3.99% | 2.57% |
| VLO | VALERO ENERGY CORP | 2.45% | 3.80% | 2.45% |
| OKE | ONEOK INC | 1.98% | 3.06% | 1.98% |
| HAL | HALLIBURTON | 1.10% | 1.71% | 1.10% |
| CTRA | COTERRA ENERGY INC | 0.86% | 1.32% | 0.86% |
| APA | APA CORP | 0.42% | 0.65% | 0.42% |
Why These ETFs Overlap
SCHD is a dividend-focused equity ETF from Schwab, while XLE is an energy sector ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are COP, CVX, and SLB, which appear in both portfolios and push the overlap score higher.
Holding both SCHD and XLE 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 SCHD and XLE
What is the overlap between SCHD and XLE?+
How many holdings do SCHD and XLE share?+
Is the SCHD and XLE overlap high?+
Why do SCHD and XLE overlap?+
Which ETF is broader, SCHD or XLE?+
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.