FNCL vs KBWB: Holdings Overlap
FNCLFidelity MSCI Financials Index ETF
Fidelity · 383 holdings · $2.4B · as of 2026-04-30
Invesco · 24 holdings · $6.8B · as of 2026-05-31
Holdings snapshots are 31 days apart (FNCL: 2026-04-30, KBWB: 2026-05-31). 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 FNCL and KBWB?
Fidelity MSCI Financials Index ETF (FNCL, by Fidelity) holds 383 positions; Invesco KBW Bank ETF (KBWB, by Invesco) holds 24. They have 24 holdings in common, and by portfolio weight the two funds are 32.8% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 32.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 24FNCL holds 383 · KBWB holds 24
- Weight in Shared Holdings
- FNCL 35%·KBWB 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 FNCL
359 of 383 positions (64.3% of the fund) are not held by KBWB. Showing the top 30 by weight.
Only in KBWB
Every position in KBWB is also held by FNCL, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | FNCL | KBWB |
|---|---|---|
| Financials | 99.6% | 99.8% |
| Health Care | 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 |
|---|---|---|---|---|---|---|---|
| FNCL | +2.7% | +6.6% | +14.3% | +20.1% | +10.8% | +13.3% | 1.54% |
| KBWB | +1.5% | +17.1% | +39.1% | +32.5% | +11.4% | +13.3% | 1.90% |
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 FNCL vs KBWB →
Shared Holdings(24)
The top 10 shared positions account for 86% of the overlap, led by JPM, BAC and GS.
 JPMJPMorgan Chase & Co. | 10.10% | 7.47% | 7.47% |
|---|---|---|---|
 BACBank of America Corp. | 4.34% | 7.76% | 4.34% |
 GSGoldman Sachs Group, Inc. (The) | 3.28% | 8.94% | 3.28% |
 WFCWells Fargo & Co. | 3.06% | 7.13% | 3.06% |
 CCitigroup Inc. | 2.71% | 4.28% | 2.71% |
 MSMorgan Stanley | 2.68% | 9.36% | 2.68% |
 COFCapital One Financial Corp. | 1.44% | 3.60% | 1.44% |
 BNYBank of New York Mellon Corp. (The) | 1.09% | 4.39% | 1.09% |
 USBU.S. Bancorp | 1.04% | 3.76% | 1.04% |
 PNCPNC Financial Services Group, Inc. (The) | 1.03% | 3.90% | 1.03% |
 TFCTruist Financial Corp. | 0.78% | 3.66% | 0.78% |
 FITBFifth Third Bancorp | 0.54% | 3.78% | 0.54% |
 STTState Street Corp. | 0.51% | 4.53% | 0.51% |
 HBANHuntington Bancshares Inc/OH | 0.40% | 3.65% | 0.40% |
 MTBM&T Bank Corp. | 0.40% | 3.73% | 0.40% |
 NTRSNorthern Trust Corp. | 0.37% | 3.68% | 0.37% |
 CFGCitizens Financial Group, Inc. | 0.34% | 3.17% | 0.34% |
 RFRegions Financial Corp. | 0.30% | 2.90% | 0.30% |
 KEYKeyCorp | 0.24% | 2.78% | 0.24% |
 EWBCEast West Bancorp, Inc. | 0.21% | 2.02% | 0.21% |
 PNFPPinnacle Financial Partners, Inc. | 0.18% | 1.77% | 0.18% |
 FHNFirst Horizon Corp. | 0.15% | 1.40% | 0.15% |
 ZIONZions Bancorp., N.A. | 0.11% | 1.11% | 0.11% |
 WALWestern Alliance Bancorporation | 0.10% | 1.05% | 0.10% |
Frequently Asked Questions
How much do FNCL and KBWB overlap?
FNCL and KBWB overlap by 32.8% of portfolio weight. They share 24 holdings (FNCL holds 383 positions and KBWB holds 24), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FNCL and KBWB?
The two portfolios are 32.8% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of FNCL and KBWB?
The largest positions held by both funds are JPM, BAC, GS, WFC and C. Together the top 10 shared positions account for 86% of the total overlap.
What does FNCL own that KBWB doesn't?
359 positions (64.3% of FNCL) are unique to FNCL, led by BRK-B, V and MA. In the other direction, 0 positions (0.0% of KBWB) are unique to KBWB.