VO is a mid-cap U.S. equity ETF from Vanguard, while XLF is a financial sector ETF from SPDR. VO and XLF show limited overlap, with an estimated weighted overlap of 12.29%. They share 38 holdings in the loaded dataset, led by AJG, HOOD, and ALL.
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Quick Answer
VO is a mid-cap U.S. equity ETF from Vanguard, while XLF is a financial sector ETF from SPDR. VO and XLF show limited overlap, with an estimated weighted overlap of 12.29%. They share 38 holdings in the loaded dataset, led by AJG, HOOD, and ALL.
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VO is a mid-cap U.S. equity ETF from Vanguard, while XLF is a financial sector ETF from SPDR. VO and XLF 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 AJG, HOOD, and ALL.
VO is a mid-cap U.S. equity ETF from Vanguard, while XLF is a financial sector ETF from SPDR. VO is the broader fund, while XLF is the more targeted sleeve. VO has the lower expense ratio, while XLF charges more for its exposure.
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 14.56% 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, VO is usually the wider choice. If you want the more focused tilt, XLF is the narrower expression. VO has the lower expense ratio, while XLF charges more for its exposure.
Concentration
The top three shared holdings explain 14.56% 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 VO and XLF.
| Holding | Name | VO Wt. | XLF Wt. | Overlap |
|---|---|---|---|---|
| AJG | Arthur J Gallagher & Co | 0.61% | 0.79% | 0.61% |
| HOOD | Robinhood Markets Inc | 0.60% | 0.78% | 0.60% |
| ALL | Allstate Corp/The | 0.59% | 0.76% | 0.59% |
| NDAQ | Nasdaq Inc | 0.47% | 0.54% | 0.47% |
| FITB | Fifth Third Bancorp | 0.46% | 0.59% | 0.46% |
| AMP | Ameriprise Financial Inc | 0.44% | 0.58% | 0.44% |
| AIG | American International Group Inc | 0.44% | 0.57% | 0.44% |
| MET | MetLife Inc | 0.43% | 0.55% | 0.43% |
| MSCI | MSCI Inc | 0.41% | 0.56% | 0.41% |
| HIG | Hartford Financial Services Group Inc/The | 0.41% | 0.53% | 0.41% |
VO is a mid-cap U.S. equity ETF from Vanguard, while XLF is a financial sector ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are AJG, HOOD, and ALL, which appear in both portfolios and push the overlap score higher.
Holding both VO and XLF 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.