VOO vs XLB Overlap
VOO is a U.S. large-cap core ETF from Vanguard, while XLB is an equity ETF from SPDR. VOO and XLB show limited overlap, with an estimated weighted overlap of 1.96%. They share 26 holdings in the loaded dataset, led by LIN, NEM, and FCX.
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Quick Answer
VOO is a U.S. large-cap core ETF from Vanguard, while XLB is an equity ETF from SPDR. VOO and XLB show limited overlap, with an estimated weighted overlap of 1.96%. They share 26 holdings in the loaded dataset, led by LIN, NEM, and FCX.
- 1.96% weighted overlap across 26 shared holdings.
- The top three shared holdings explain 36.38% of the measured overlap.
- VOO is the broader fund, while XLB 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
- VOO holdings
- Mar 12, 2026
- XLB 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
VOO is a U.S. large-cap core ETF from Vanguard, while XLB is an equity ETF from SPDR. VOO and XLB 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 LIN, NEM, and FCX.
How They Differ
VOO is a U.S. large-cap core ETF from Vanguard, while XLB is an equity ETF from SPDR. VOO is the broader fund, while XLB is the more targeted sleeve. VOO has the lower expense ratio, while XLB 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 36.38% 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, VOO is usually the wider choice. If you want the more focused tilt, XLB is the narrower expression. VOO has the lower expense ratio, while XLB charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 36.38% 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 VOO and XLB.
| Holding | Name | VOO Wt. | XLB Wt. | Overlap |
|---|---|---|---|---|
| LIN | Linde PLC | 0.36% | 14.09% | 0.36% |
| NEM | Newmont Corp | 0.21% | 8.22% | 0.21% |
| FCX | Freeport-McMoRan Inc | 0.15% | 5.68% | 0.15% |
| CRH | CRH PLC | 0.14% | 4.51% | 0.14% |
| SHW | Sherwin-Williams Co/The | 0.14% | 4.83% | 0.14% |
| ECL | Ecolab Inc | 0.12% | 4.54% | 0.12% |
| APD | Air Products and Chemicals Inc | 0.10% | 4.64% | 0.10% |
| CTVA | Corteva Inc | 0.08% | 4.68% | 0.08% |
| NUE | Nucor Corp | 0.07% | 4.14% | 0.07% |
| VMC | Vulcan Materials Co | 0.07% | 3.66% | 0.07% |
Why These ETFs Overlap
VOO is a U.S. large-cap core ETF from Vanguard, while XLB is an 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 LIN, NEM, and FCX, which appear in both portfolios and push the overlap score higher.
Holding both VOO and XLB 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 VOO and XLB
What is the overlap between VOO and XLB?+
How many holdings do VOO and XLB share?+
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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.