Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLB is an equity ETF. SPY and XLB show limited overlap, with an estimated weighted overlap of 1.27%. They share 20 holdings in the loaded dataset, led by NEM, FCX, and SHW.
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Quick Answer
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLB is an equity ETF. SPY and XLB show limited overlap, with an estimated weighted overlap of 1.27%. They share 20 holdings in the loaded dataset, led by NEM, FCX, and SHW.
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Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLB is an equity ETF. SPY and XLB 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 NEM, FCX, and SHW.
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLB is an equity ETF. SPY is the broader fund, while XLB is the more targeted sleeve. SPY and XLB are priced very similarly on expense ratio.
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 36.38% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
If you want the broader portfolio building block, SPY is usually the wider choice. If you want the more focused tilt, XLB is the narrower expression. SPY and XLB are priced very similarly on expense ratio.
Concentration
The top three shared holdings explain 36.38% 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.
These are the holdings contributing the most to the overlap score between SPY and XLB.
| Holding | Name | SPY Wt. | XLB Wt. | Overlap |
|---|---|---|---|---|
| NEM | NEWMONT CORP | 0.19% | 7.36% | 0.19% |
| FCX | FREEPORT MCMORAN INC | 0.15% | 5.26% | 0.15% |
| SHW | SHERWIN WILLIAMS CO/THE | 0.12% | 4.60% | 0.12% |
| ECL | ECOLAB INC | 0.11% | 4.29% | 0.11% |
| APD | AIR PRODUCTS + CHEMICALS INC | 0.10% | 4.67% | 0.10% |
| NUE | NUCOR CORP | 0.09% | 4.39% | 0.09% |
| CTVA | CORTEVA INC | 0.08% | 4.75% | 0.08% |
| VMC | VULCAN MATERIALS CO | 0.05% | 4.51% | 0.05% |
| STLD | STEEL DYNAMICS INC | 0.05% | 3.10% | 0.05% |
| MLM | MARTIN MARIETTA MATERIALS | 0.05% | 4.40% | 0.05% |
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLB is an equity ETF. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are NEM, FCX, and SHW, which appear in both portfolios and push the overlap score higher.
Holding both SPY and XLB 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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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.