Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLK is a technology-focused equity ETF. SPY and XLK show meaningful overlap, with an estimated weighted overlap of 36.91%. They share 68 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLK is a technology-focused equity ETF. SPY and XLK show meaningful overlap, with an estimated weighted overlap of 36.91%. They share 68 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLK is a technology-focused equity ETF. SPY 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 36.91%.
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLK is a technology-focused equity ETF. SPY is the broader fund, while XLK is the more targeted sleeve. SPY and XLK 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 54.94% 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, XLK is the narrower expression. SPY and XLK are priced very similarly on expense ratio.
Concentration
The top three shared holdings explain 54.94% 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 XLK.
| Holding | Name | SPY Wt. | XLK Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 8.14% | 15.50% | 8.14% |
| AAPL | APPLE INC | 6.66% | 13.63% | 6.66% |
| MSFT | MICROSOFT CORP | 5.48% | 10.05% | 5.48% |
| AVGO | BROADCOM INC | 2.95% | 5.37% | 2.95% |
| MU | MICRON TECHNOLOGY INC | 1.54% | 3.39% | 1.54% |
| AMD | ADVANCED MICRO DEVICES | 1.18% | 2.95% | 1.18% |
| INTC | INTEL CORP | 0.75% | 1.85% | 0.75% |
| CSCO | CISCO SYSTEMS INC | 0.73% | 2.73% | 0.73% |
| AMAT | APPLIED MATERIALS INC | 0.65% | 2.42% | 0.65% |
| LRCX | LAM RESEARCH CORP | 0.61% | 2.38% | 0.61% |
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLK is a technology-focused equity ETF. 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 SPY 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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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.