FMAT vs XME: Holdings Overlap
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
XMEState Street® SPDR® S&P® Metals & Mining ETF
State Street (SPDR) · 39 holdings · $4.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (FMAT: 2026-04-30, XME: 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 XME?
Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103 positions; State Street® SPDR® S&P® Metals & Mining ETF (XME, by State Street (SPDR)) holds 39. They have 29 holdings in common, and by portfolio weight the two funds are 23.3% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 23.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 29FMAT holds 103 · XME holds 39
- Weight in Shared Holdings
- FMAT 27%·XME 80%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
74 of 103 positions (72.5% of the fund) are not held by XME. Showing the top 30 by weight.
Sector Breakdown
| Sector | FMAT | XME |
|---|---|---|
| Materials | 99.5% | 76.0% |
| Energy | 0.3% | 20.5% |
| Consumer Discretionary | 0.0% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 3.4% |
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. “Unclassified” is weight we could not classify (0% of FMAT, 3% of XME).
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% |
| XME | +12.9% | +11.8% | +49.0% | +31.5% | +22.7% | +16.4% | 0.32% |
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 XME →
Shared Holdings(29)
The top 10 shared positions account for 88% of the overlap, led by NEM, FCX and NUE.
 NEMNewmont Corporation COM | 7.77% | 4.63% | 4.63% |
|---|---|---|---|
 FCXFreeport-McMoRan Inc. CL B | 5.32% | 4.48% | 4.48% |
 NUENucor Corporation COM | 3.30% | 4.43% | 3.30% |
 STLDSteel Dynamics, Inc. COM | 2.03% | 3.97% | 2.03% |
 RGLDRoyal Gold, Inc. COM | 1.26% | 4.51% | 1.26% |
 RSReliance Inc COM | 1.21% | 4.32% | 1.21% |
 CDECoeur Mining Inc COM NEW | 1.19% | 4.14% | 1.19% |
 AAAlcoa Corporation COM | 1.06% | 2.95% | 1.06% |
 HLHecla Mining Company COM | 0.77% | 4.60% | 0.77% |
 MPMP Materials Corp., Class A | 0.60% | 3.62% | 0.60% |
 CMCCommercial Metals Company COM | 0.49% | 4.08% | 0.49% |
 CLFCleveland-Cliffs Inc COM | 0.37% | 4.02% | 0.37% |
 HCCWarrior Met Coal Inc COM | 0.30% | 3.84% | 0.30% |
 MTRNMaterion Corp COM | 0.24% | 3.82% | 0.24% |
 CENXCentury Aluminum Company COM | 0.21% | 3.17% | 0.21% |
 KALUKaiser Aluminium Corporation COM PAR $0.01 | 0.18% | 2.49% | 0.18% |
 AMRAlpha Metallurgical Resources Inc COM | 0.13% | 1.87% | 0.13% |
 USARUSA Rare Earth Inc. COM | 0.13% | 3.49% | 0.13% |
 HYMCHycroft Mining Holding Corp., Class A | 0.11% | 2.64% | 0.11% |
 UAMYUnited States Antimony Corp COM | 0.09% | 1.15% | 0.09% |
 RYZRyerson Holding Corporation COM | 0.08% | 0.66% | 0.08% |
 WSWorthington Steel Inc. COM SHS | 0.08% | 0.64% | 0.08% |
 IEIvanhoe Electric Inc / US | 0.08% | 1.87% | 0.08% |
 MUXMcEwen, Inc. | 0.07% | 1.30% | 0.07% |
 CMPCompass Minerals International Inc. COM | 0.06% | 0.90% | 0.06% |
Frequently Asked Questions
How much do FMAT and XME overlap?
FMAT and XME overlap by 23.3% of portfolio weight. They share 29 holdings (FMAT holds 103 positions and XME holds 39), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMAT and XME?
The two portfolios are 23.3% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of FMAT and XME?
The largest positions held by both funds are NEM, FCX, NUE, STLD and RGLD. Together the top 10 shared positions account for 88% of the total overlap.
What does FMAT own that XME doesn't?
74 positions (72.5% of FMAT) are unique to FMAT, led by LIN, CRH and SHW. In the other direction, 10 positions (20.1% of XME) are unique to XME.