etf overlap tool · light overlap
SPY vs XLF overlap
99.8% of XLF's money sits in companies SPY also holds; 12% of the two funds is the same money, spread over 76 companies both hold.
Holdings as of October 16, 2026 · source: SPDR (SPY), SPDR (XLF) · How we measured all 1,431 pairs
- same money
- same companies, extra weight
- only in this fund
Hold SPY and XLF with other funds or stocks? The free portfolio optimizer opens SPY and XLF beside the rest of what you own: the companies you hold twice, what the funds cost a year, and where the next deposit should go. No account.
The companies you would own twice
What only one of them gives you
NVDANVIDIA CORP7.85%
AAPLAPPLE INC7.59%
MSFTMICROSOFT CORP5.95%
AMZNAMAZON.COM INC3.72%
GOOGALPHABET INC CL C2.43%
AVGOBROADCOM INC2.37%Every XLF holding is also in the other fund.
Where each fund puts its money
SPY and XLF: what people ask
How much do SPY and XLF overlap?
12% by weight, as of October 16, 2026: light overlap. 76 companies appear in both funds; they make up 12% of SPY and 99.8% of XLF.
Which stocks do SPY and XLF both hold?
The largest shared positions are BRK-B, JPM, V, MA and BAC. Ranked by the smaller of the two weights, which is the part you would own twice.
Is it redundant to hold both SPY and XLF?
Out of every $100 split evenly between them, about $12 (half in each fund) buys identical positions. The rest is exposure only one of the two funds gives you: 428 names only in SPY, 0 only in XLF. Half in each behaves like 47 equally weighted stocks, against 44 for SPY alone and 19 for XLF alone. Whether that duplication is a problem depends on the mix you want; this is a description, not advice.
How is ETF overlap calculated here?
For every company held by both funds we take the smaller of its two weights and add them up. The weights come from the full holdings files SPDR publish, not a top-10 sample, and companies are matched by their ISIN so share classes stay apart. Sector overlap applies the same rule to the issuers' sector labels; "behaves like N equally weighted stocks" is one over the sum of the squared weights.
Weights come from each issuer's published holdings file and are matched company by company on their ISIN. Cash, futures and currency positions are left out. This page describes what the funds hold; it is not investment advice.