FMAT vs XLB: Holdings Overlap
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
XLBState Street® Materials Select Sector SPDR® ETF
State Street (SPDR) · 25 holdings · $8.4B · as of 2026-08-06
Holdings snapshots are 98 days apart (FMAT: 2026-04-30, XLB: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FMAT and XLB?
Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103 positions; State Street® Materials Select Sector SPDR® ETF (XLB, by State Street (SPDR)) holds 25. They have 25 holdings in common, and by portfolio weight the two funds are 72.1% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 72.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 25FMAT holds 103 · XLB holds 25
- Weight in Shared Holdings
- FMAT 76%·XLB 100%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FMAT
78 of 103 positions (24.0% of the fund) are not held by XLB. Showing the top 30 by weight.
Only in XLB
Every position in XLB is also held by FMAT, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | FMAT | XLB |
|---|---|---|
| Materials | 99.5% | 99.9% |
| Energy | 0.3% | 0.0% |
| Consumer Discretionary | 0.0% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
| XLB | +2.6% | +17.5% | +22.4% | +10.0% | +6.8% | +10.2% | 1.61% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FMAT vs XLB →
Shared Holdings(25)
The top 10 shared positions account for 72% of the overlap, led by LIN, NEM and FCX.
 LINLinde PLC COM EUR0.001 | 14.99% | 13.29% | 13.29% |
|---|---|---|---|
 NEMNewmont Corporation COM | 7.77% | 6.60% | 6.60% |
 FCXFreeport-McMoRan Inc. CL B | 5.32% | 5.75% | 5.32% |
 SHWThe Sherwin-Williams Company COM | 4.85% | 5.22% | 4.85% |
 APDAir Products & Chemicals, Inc. COM | 4.28% | 4.73% | 4.28% |
 CRHCRH plc | 5.09% | 4.26% | 4.26% |
 ECLEcolab Inc. COM | 4.26% | 4.81% | 4.26% |
 CTVACorteva Inc COM | 3.51% | 4.50% | 3.51% |
 NUENucor Corporation COM | 3.30% | 4.74% | 3.30% |
 VMCVulcan Materials Company COM | 2.55% | 4.51% | 2.55% |
 MLMMartin Marietta Materials Inc COM | 2.39% | 4.25% | 2.39% |
 STLDSteel Dynamics, Inc. COM | 2.03% | 4.25% | 2.03% |
 DOWDow Inc COM | 1.84% | 2.93% | 1.84% |
 PPGPPG Industries, Inc. COM | 1.56% | 3.50% | 1.56% |
 ALBAlbemarle Corp COM | 1.48% | 1.98% | 1.48% |
 SWSmurfit WestRock plc COM USD0.001 | 1.28% | 3.30% | 1.28% |
 CFCF Industries Holdings, Inc. COM | 1.24% | 2.40% | 1.24% |
 LYBLyondellBasell Industries NV COM EUR0.04 CLASS 'A' | 1.23% | 2.13% | 1.23% |
 PKGPackaging Corporation of America COM | 1.23% | 3.00% | 1.23% |
 IFFInternational Flavors & Fragrances Inc. COM | 1.15% | 2.89% | 1.15% |
 AMCRAmcor PLC COM NEW | 1.13% | 2.91% | 1.13% |
 BALLBall Corporation COM | 1.00% | 2.25% | 1.00% |
 IPInternational Paper Co. COM | 0.98% | 2.87% | 0.98% |
 AVYAvery Dennison Corporation COM | 0.81% | 1.78% | 0.81% |
 MOSThe Mosaic Company COM | 0.47% | 1.00% | 0.47% |
Frequently Asked Questions
How much do FMAT and XLB overlap?
FMAT and XLB overlap by 72.1% of portfolio weight. They share 25 holdings (FMAT holds 103 positions and XLB holds 25), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMAT and XLB?
The two portfolios are 72.1% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of FMAT and XLB?
The largest positions held by both funds are LIN, NEM, FCX, SHW and APD. Together the top 10 shared positions account for 72% of the total overlap.
What does FMAT own that XLB doesn't?
78 positions (24.0% of FMAT) are unique to FMAT, led by AMRZ, RGLD and DD. In the other direction, 0 positions (0.0% of XLB) are unique to XLB.