Guardfolio Research · ETF Overlap
XLK vs SPY Overlap: 37.1% of Weight in Shared Holdings
XLK (Technology Select Sector SPDR) and SPY (SPDR S&P 500) overlap by 37.1% of normalized weight through 73 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 SPY overlap heavily: 37.1% of normalized fund weight is shared across 73 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 SPY 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; SPY 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | XLK weight | SPY weight | Shared (min) |
|---|---|---|---|
| NVIDIA CORP (NVDA) | 14.22% | 7.88% | 7.88% |
| APPLE INC (AAPL) | 12.43% | 6.88% | 6.88% |
| MICROSOFT CORP (MSFT) | 9.82% | 5.44% | 5.44% |
| BROADCOM INC (AVGO) | 4.77% | 2.64% | 2.64% |
| MICRON TECHNOLOGY INC (MU) | 4.11% | 1.65% | 1.65% |
| ADVANCED MICRO DEVICES (AMD) | 4.02% | 1.17% | 1.17% |
| INTEL CORP (INTC) | 2.97% | 0.67% | 0.67% |
| CISCO SYSTEMS INC (CSCO) | 2.93% | 0.66% | 0.66% |
| PALANTIR TECHNOLOGIES INC A (PLTR) | 2.76% | 0.63% | 0.63% |
| LAM RESEARCH CORP (LRCX) | 2.62% | 0.59% | 0.59% |
| APPLIED MATERIALS INC (AMAT) | 2.61% | 0.59% | 0.59% |
| PALO ALTO NETWORKS INC (PANW) | 1.94% | 0.44% | 0.44% |
| ORACLE CORP (ORCL) | 1.66% | 0.38% | 0.38% |
| TEXAS INSTRUMENTS INC (TXN) | 1.61% | 0.36% | 0.36% |
| KLA CORP (KLAC) | 1.60% | 0.36% | 0.36% |
| SANDISK CORP (SNDK) | 1.58% | 0.36% | 0.36% |
| INTL BUSINESS MACHINES CORP (IBM) | 1.48% | 0.34% | 0.34% |
| MARVELL TECHNOLOGY INC (MRVL) | 1.39% | 0.31% | 0.31% |
| CROWDSTRIKE HOLDINGS INC A (CRWD) | 1.30% | 0.30% | 0.30% |
| ARISTA NETWORKS INC (ANET) | 1.30% | 0.30% | 0.30% |
| Total full-holdings overlap | 100.0% | 37.1% | 37.1% |
Showing the 20 largest contributors of 73 shared securities. The total uses every shared security.
The 37.1% 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; SPY is dated 2026-08-24 with 99.897% retained coverage.
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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 overlap heavily: 37.1% of normalized fund weight is shared across 73 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 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 37.1% of normalized weight across their licensed full holdings. They share 73 securities; the largest contributors include NVDA, AAPL, MSFT, AVGO, MU, AMD, INTC, CSCO. The separately dated sector reference shows 33.0% overlap.
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), MICRON TECHNOLOGY INC (MU), ADVANCED MICRO DEVICES (AMD), INTEL CORP (INTC), CISCO SYSTEMS INC (CSCO) among their top positions. These shared names account for the 37.1% weight overlap.
Is it worth holding both XLK and SPY?
XLK and SPY overlap heavily: 37.1% of normalized fund weight is shared across 73 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 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). The dataset includes 73 XLK holdings as of 2026-08-24 and 504 SPY holdings as of 2026-08-24.
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