SPY vs XLY Overlap
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLY is a consumer discretionary ETF. SPY and XLY show limited overlap, with an estimated weighted overlap of 9.94%. They share 48 holdings in the loaded dataset, led by AMZN, TSLA, and HD.
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Quick Answer
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLY is a consumer discretionary ETF. SPY and XLY show limited overlap, with an estimated weighted overlap of 9.94%. They share 48 holdings in the loaded dataset, led by AMZN, TSLA, and HD.
- 9.94% weighted overlap across 48 shared holdings.
- The top three shared holdings explain 61.72% of the measured overlap.
- SPY is the broader fund, while XLY is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both can still add materially different exposure.
Data Freshness
- SPY holdings
- Mar 12, 2026
- XLY 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
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLY is a consumer discretionary ETF. SPY and XLY 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 AMZN, TSLA, and HD.
How They Differ
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLY is a consumer discretionary ETF. SPY is the broader fund, while XLY is the more targeted sleeve. XLY has the lower expense ratio, while SPY 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 61.72% 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, SPY is usually the wider choice. If you want the more focused tilt, XLY is the narrower expression. XLY has the lower expense ratio, while SPY charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 61.72% 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 SPY and XLY.
| Holding | Name | SPY Wt. | XLY Wt. | Overlap |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC | 3.59% | 22.24% | 3.59% |
| TSLA | TESLA INC | 1.93% | 19.23% | 1.93% |
| HD | HOME DEPOT INC | 0.61% | 6.10% | 0.61% |
| MCD | MCDONALD S CORP | 0.40% | 4.97% | 0.40% |
| TJX | TJX COMPANIES INC | 0.31% | 4.26% | 0.31% |
| BKNG | BOOKING HOLDINGS INC | 0.24% | 3.38% | 0.24% |
| LOW | LOWE S COS INC | 0.24% | 3.38% | 0.24% |
| SBUX | STARBUCKS CORP | 0.20% | 2.75% | 0.20% |
| ORLY | O REILLY AUTOMOTIVE INC | 0.14% | 1.92% | 0.14% |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.13% | 1.74% | 0.13% |
Why These ETFs Overlap
Both funds come from SPDR. SPY is a U.S. large-cap core ETF, while XLY is a consumer discretionary ETF. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are AMZN, TSLA, and HD, which appear in both portfolios and push the overlap score higher.
Holding both SPY and XLY 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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Frequently Asked Questions About SPY and XLY
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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.