Guardfolio Research · ETF Overlap
XLK vs IWF Overlap: 50.9% of Weight in Shared Holdings
XLK (Technology Select Sector SPDR) and IWF (iShares Russell 1000 Growth) overlap by 50.9% of normalized weight through 47 shared securities, led by NVDA, AAPL, MSFT, AVGO, MU. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
XLK and IWF overlap heavily: 50.9% of normalized fund weight is shared across 47 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification..
The Data
Exactly which securities XLK and IWF share
The table below shows the largest contributors to overlap across the licensed full holdings, with each fund's normalized weight and the lesser weight that counts toward overlap.
| Data basis | Licensed full holdings |
|---|---|
| Fund dates | XLK 2026-08-24; IWF 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | XLK weight | IWF weight | Shared (min) |
|---|---|---|---|
| NVIDIA CORP (NVDA) | 14.22% | 15.07% | 14.22% |
| APPLE INC (AAPL) | 12.43% | 7.29% | 7.29% |
| MICROSOFT CORP (MSFT) | 9.82% | 5.40% | 5.40% |
| BROADCOM INC (AVGO) | 4.77% | 5.16% | 4.77% |
| MICRON TECHNOLOGY INC (MU) | 4.11% | 3.28% | 3.28% |
| ADVANCED MICRO DEVICES (AMD) | 4.02% | 2.32% | 2.32% |
| PALANTIR TECHNOLOGIES INC A (PLTR) | 2.76% | 1.20% | 1.20% |
| LAM RESEARCH CORP (LRCX) | 2.62% | 1.18% | 1.18% |
| APPLIED MATERIALS INC (AMAT) | 2.61% | 1.17% | 1.17% |
| PALO ALTO NETWORKS INC (PANW) | 1.94% | 0.87% | 0.87% |
| ORACLE CORP (ORCL) | 1.66% | 0.76% | 0.76% |
| KLA CORP (KLAC) | 1.60% | 0.72% | 0.72% |
| TEXAS INSTRUMENTS INC (TXN) | 1.61% | 0.72% | 0.72% |
| SANDISK CORP (SNDK) | 1.58% | 0.70% | 0.70% |
| MARVELL TECHNOLOGY INC (MRVL) | 1.39% | 0.62% | 0.62% |
| ARISTA NETWORKS INC (ANET) | 1.30% | 0.59% | 0.59% |
| CROWDSTRIKE HOLDINGS INC A (CRWD) | 1.30% | 0.58% | 0.58% |
| AMPHENOL CORP CL A (APH) | 1.29% | 0.58% | 0.58% |
| WESTERN DIGITAL CORP (WDC) | 1.06% | 0.47% | 0.47% |
| SERVICENOW INC (NOW) | 0.88% | 0.40% | 0.40% |
| Total full-holdings overlap | 84.2% | 52.2% | 50.9% |
Showing the 20 largest contributors of 47 shared securities. The total uses every shared security.
The 50.9% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. XLK is dated 2026-08-24 with 99.934% retained coverage; IWF is dated 2026-08-24 with 99.961% retained coverage.
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Sector Picture
XLK vs IWF: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (53.0% combined sector overlap).
| Sector | XLK | IWF |
|---|---|---|
| Technology | 100.0% | 52.8% |
| Consumer Discretionary | 0.0% | 13.2% |
| Communication Services | 0.0% | 9.5% |
| Healthcare | 0.0% | 6.4% |
| Financial Services | 0.0% | 6.3% |
| Industrials | 0.0% | 5.7% |
The Verdict
Should you hold both XLK and IWF?
XLK and IWF overlap heavily: 50.9% of normalized fund weight is shared across 47 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
FAQ
XLK vs IWF overlap: common questions
How much do XLK and IWF overlap?
XLK (Technology Select Sector SPDR) and IWF (iShares Russell 1000 Growth) overlap by approximately 50.9% of normalized weight across their licensed full holdings. They share 47 securities; the largest contributors include NVDA, AAPL, MSFT, AVGO, MU, AMD, PLTR, LRCX. The separately dated sector reference shows 53.0% overlap.
What stocks do XLK and IWF both hold?
Both XLK and IWF hold NVIDIA CORP (NVDA), APPLE INC (AAPL), MICROSOFT CORP (MSFT), BROADCOM INC (AVGO), MICRON TECHNOLOGY INC (MU), ADVANCED MICRO DEVICES (AMD), PALANTIR TECHNOLOGIES INC A (PLTR), LAM RESEARCH CORP (LRCX) among their top positions. These shared names account for the 50.9% weight overlap.
Is it worth holding both XLK and IWF?
XLK and IWF overlap heavily: 50.9% of normalized fund weight is shared across 47 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
What is the difference between XLK and IWF?
XLK is a technology-sector fund (US Sector – Technology, 0.09% expense ratio) and IWF is a large-cap growth fund (US Large-Cap Growth, 0.19% expense ratio). The dataset includes 73 XLK holdings as of 2026-08-24 and 367 IWF holdings as of 2026-08-24.
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