Guardfolio Research · ETF Overlap
XLK vs SPY Overlap: 22.4% of Weight in Shared Holdings
XLK (Technology Select Sector SPDR) and SPY (SPDR S&P 500) overlap by 22.4% of weight through 4 shared top-10 holdings — including NVDA, AAPL, MSFT, AVGO. Here is exactly which stocks duplicate, the sector picture, and whether holding both concentrates or diversifies your portfolio.
Overlap Summary
Bottom line
XLK and SPY share 22.4% of their top-10 weight across 4 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies.
The Data
Exactly which stocks XLK and SPY share
The table below shows every holding that appears in both funds' top 10, with each fund's weight and the shared (minimum) weight that counts toward overlap.
| Holding | XLK weight | SPY weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp. (NVDA) | 15.11% | 7.84% | 7.84% |
| Apple Inc. (AAPL) | 12.17% | 6.44% | 6.44% |
| Microsoft Corp. (MSFT) | 8.65% | 4.89% | 4.89% |
| Broadcom Inc. (AVGO) | 5.56% | 3.20% | 3.20% |
| Total shared top-10 weight | 41.5% | 22.4% | 22.4% |
Weights are approximate, based on the most recent quarterly holdings. The 22.4% figure is the sum of the lesser of each fund's weight per shared holding (the conservative top-10 method).
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Sector Picture
XLK vs SPY: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (33.0% combined sector overlap).
| Sector | XLK | SPY |
|---|---|---|
| Technology | 100.0% | 33.1% |
| Financial Services | 0.0% | 12.2% |
| Consumer Discretionary | 0.0% | 10.4% |
| Healthcare | 0.0% | 9.3% |
| Industrials | 0.0% | 8.6% |
| Communication Services | 0.0% | 8.2% |
The Verdict
Should you hold both XLK and SPY?
XLK and SPY share 22.4% of their top-10 weight across 4 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies. Worth knowing before you size both as core positions.
FAQ
XLK vs SPY overlap: common questions
How much do XLK and SPY overlap?
XLK (Technology Select Sector SPDR) and SPY (SPDR S&P 500) overlap by approximately 22.4% of weight based on their top-10 holdings, with 33.0% sector overlap. They share 4 top-10 holdings: NVDA, AAPL, MSFT, AVGO.
What stocks do XLK and SPY both hold?
Both XLK and SPY hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Broadcom Inc (AVGO) among their top positions. These shared names account for the 22.4% weight overlap.
Is it worth holding both XLK and SPY?
XLK and SPY share 22.4% of their top-10 weight across 4 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies. Worth knowing before you size both as core positions.
What is the difference between XLK and SPY?
XLK is a technology-sector fund (US Sector – Technology, 0.09% expense ratio) and SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio). XLK's top 10 is 62.9% of the fund; SPY's is 38.4%.
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