USMV vs XLK Overlap
USMV is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. USMV and XLK show meaningful overlap, with an estimated weighted overlap of 21.12%. They share 44 holdings in the loaded dataset, led by MSFT, CSCO, and NVDA.
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Quick Answer
USMV is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. USMV and XLK show meaningful overlap, with an estimated weighted overlap of 21.12%. They share 44 holdings in the loaded dataset, led by MSFT, CSCO, and NVDA.
- 21.12% weighted overlap across 44 shared holdings.
- The top three shared holdings explain 21.49% of the measured overlap.
- USMV is the broader fund, while XLK 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
- USMV holdings
- Mar 12, 2026
- XLK holdings
- Mar 12, 2026
- Overlap computed
- Mar 15, 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
USMV is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. USMV and XLK overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as MSFT, CSCO, and NVDA, which explains why the score lands at 21.12%.
How They Differ
USMV is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. USMV is the broader fund, while XLK is the more targeted sleeve. XLK has the lower expense ratio, while USMV 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 21.49% 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, USMV is usually the wider choice. If you want the more focused tilt, XLK is the narrower expression. XLK has the lower expense ratio, while USMV charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 21.49% 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 USMV and XLK.
| Holding | Name | USMV Wt. | XLK Wt. | Overlap |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 1.53% | 10.21% | 1.53% |
| CSCO | CISCO SYSTEMS INC | 1.51% | 2.71% | 1.51% |
| NVDA | NVIDIA CORP | 1.50% | 15.20% | 1.50% |
| APH | AMPHENOL CORP CLASS A | 1.38% | 1.48% | 1.38% |
| IBM | INTERNATIONAL BUSINESS MACHINES CO | 1.19% | 2.07% | 1.19% |
| CRM | SALESFORCE INC | 0.96% | 1.64% | 0.96% |
| NOW | SERVICENOW INC | 0.91% | 1.07% | 0.91% |
| INTU | INTUIT INC | 0.80% | 1.12% | 0.80% |
| AAPL | APPLE INC | 0.78% | 13.04% | 0.78% |
| MSI | MOTOROLA SOLUTIONS INC | 1.52% | 0.68% | 0.68% |
Why These ETFs Overlap
USMV is an equity ETF from IShares, while XLK is a technology-focused equity ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are MSFT, CSCO, and NVDA, which appear in both portfolios and push the overlap score higher.
Holding both USMV 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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Frequently Asked Questions About USMV and XLK
What is the overlap between USMV and XLK?+
How many holdings do USMV and XLK share?+
Is the USMV and XLK overlap high?+
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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.