Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLE is an energy sector ETF. SPY and XLE show limited overlap, with an estimated weighted overlap of 2.33%. They share 20 holdings in the loaded dataset, led by CVX, COP, and MPC.
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Quick Answer
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLE is an energy sector ETF. SPY and XLE show limited overlap, with an estimated weighted overlap of 2.33%. They share 20 holdings in the loaded dataset, led by CVX, COP, and MPC.
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Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLE is an energy sector ETF. SPY and XLE 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 CVX, COP, and MPC.
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLE is an energy sector ETF. SPY is the broader fund, while XLE is the more targeted sleeve. SPY and XLE 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 40.2% 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, XLE is the narrower expression. SPY and XLE are priced very similarly on expense ratio.
Concentration
The top three shared holdings explain 40.2% 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 XLE.
| Holding | Name | SPY Wt. | XLE Wt. | Overlap |
|---|---|---|---|---|
| CVX | CHEVRON CORP | 0.55% | 17.32% | 0.55% |
| COP | CONOCOPHILLIPS | 0.23% | 7.22% | 0.23% |
| MPC | MARATHON PETROLEUM CORP | 0.15% | 3.81% | 0.15% |
| VLO | VALERO ENERGY CORP | 0.15% | 3.99% | 0.15% |
| PSX | PHILLIPS 66 | 0.14% | 3.89% | 0.14% |
| WMB | WILLIAMS COS INC | 0.14% | 4.06% | 0.14% |
| SLB | SLB LTD | 0.12% | 4.07% | 0.12% |
| EOG | EOG RESOURCES INC | 0.11% | 4.15% | 0.11% |
| BKR | BAKER HUGHES CO | 0.10% | 3.19% | 0.10% |
| KMI | KINDER MORGAN INC | 0.09% | 3.48% | 0.09% |
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLE is an energy sector ETF. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are CVX, COP, and MPC, which appear in both portfolios and push the overlap score higher.
Holding both SPY and XLE 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.