USMV vs XLU Overlap
USMV is an equity ETF from IShares, while XLU is a utilities ETF from SPDR. USMV and XLU show limited overlap, with an estimated weighted overlap of 7.42%. They share 15 holdings in the loaded dataset, led by DUK, SO, and ED.
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Quick Answer
USMV is an equity ETF from IShares, while XLU is a utilities ETF from SPDR. USMV and XLU show limited overlap, with an estimated weighted overlap of 7.42%. They share 15 holdings in the loaded dataset, led by DUK, SO, and ED.
- 7.42% weighted overlap across 15 shared holdings.
- The top three shared holdings explain 58.77% of the measured overlap.
- USMV is the broader fund, while XLU 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
- USMV holdings
- Mar 12, 2026
- XLU 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 XLU is a utilities ETF from SPDR. USMV and XLU 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 DUK, SO, and ED.
How They Differ
USMV is an equity ETF from IShares, while XLU is a utilities ETF from SPDR. USMV is the broader fund, while XLU is the more targeted sleeve. XLU 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 58.77% 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, XLU is the narrower expression. XLU has the lower expense ratio, while USMV charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 58.77% 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 XLU.
| Holding | Name | USMV Wt. | XLU Wt. | Overlap |
|---|---|---|---|---|
| DUK | DUKE ENERGY CORP | 1.53% | 7.05% | 1.53% |
| SO | SOUTHERN | 1.50% | 7.41% | 1.50% |
| ED | CONSOLIDATED EDISON INC | 1.32% | 2.81% | 1.32% |
| WEC | WEC ENERGY GROUP INC | 0.88% | 2.60% | 0.88% |
| XEL | XCEL ENERGY INC | 0.53% | 3.38% | 0.53% |
| AEP | AMERICAN ELECTRIC POWER INC | 0.52% | 4.95% | 0.52% |
| AEE | AMEREN CORP | 0.28% | 2.09% | 0.28% |
| D | DOMINION ENERGY INC | 0.24% | 3.74% | 0.24% |
| CMS | CMS ENERGY CORP | 0.21% | 1.63% | 0.21% |
| NEE | NEXTERA ENERGY INC | 0.12% | 13.32% | 0.12% |
Why These ETFs Overlap
USMV is an equity ETF from IShares, while XLU is a utilities ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are DUK, SO, and ED, which appear in both portfolios and push the overlap score higher.
Holding both USMV and XLU 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 USMV and XLU
What is the overlap between USMV and XLU?+
How many holdings do USMV and XLU share?+
Is the USMV and XLU overlap high?+
Why do USMV and XLU overlap?+
Which ETF is broader, USMV or XLU?+
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.