FNCL vs XLF: Holdings Overlap
FNCLFidelity MSCI Financials Index ETF
Fidelity · 383 holdings · $2.4B · as of 2026-04-30
XLFState Street® Financial Select Sector SPDR® ETF
State Street (SPDR) · 77 holdings · $59.1B · as of 2026-08-06
Holdings snapshots are 98 days apart (FNCL: 2026-04-30, XLF: 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 FNCL and XLF?
Fidelity MSCI Financials Index ETF (FNCL, by Fidelity) holds 383 positions; State Street® Financial Select Sector SPDR® ETF (XLF, by State Street (SPDR)) holds 77. They have 76 holdings in common, and by portfolio weight the two funds are 85.7% identical. In practical terms the pair is essentially interchangeable, so holding both adds little diversification.
- Overlap by Weight
- 85.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 76FNCL holds 383 · XLF holds 77
- Weight in Shared Holdings
- FNCL 86%·XLF 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
307 of 383 positions (13.7% of the fund) are not held by XLF. Showing the top 30 by weight.
Sector Breakdown
| Sector | FNCL | XLF |
|---|---|---|
| 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% |
| XLF | +2.8% | +6.1% | +13.9% | +19.5% | +10.7% | +13.5% | 1.40% |
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 XLF →
Shared Holdings(76)
The top 10 shared positions account for 56% of the overlap, led by JPM, BRK-B and V.
 JPMJPMorgan Chase & Co. COM | 10.10% | 11.69% | 10.10% |
|---|---|---|---|
 BRK-BBerkshire Hathaway, Inc., Class B | 7.72% | 11.78% | 7.72% |
 VVisa, Inc., Class A | 6.59% | 7.53% | 6.59% |
 MAMasterCard Incorporated CL A | 5.04% | 5.69% | 5.04% |
 BACBank of America Corp. COM | 4.34% | 5.04% | 4.34% |
 GSGoldman Sachs Group, Inc. (The) | 3.28% | 3.73% | 3.28% |
 WFCWells Fargo & Co. COM | 3.06% | 3.26% | 3.06% |
 CCitigroup Inc. COM NEW | 2.71% | 2.80% | 2.71% |
 MSMorgan Stanley COM NEW | 2.68% | 3.14% | 2.68% |
 AXPAmerican Express Company COM | 2.11% | 2.23% | 2.11% |
 BLKBlackrock Inc. COM | 1.86% | 2.00% | 1.86% |
 SCHWThe Charles Schwab Corporation COM | 1.83% | 2.16% | 1.83% |
 SPGIS&P Global Inc COM | 1.58% | 1.50% | 1.50% |
 AEXChubb Ltd. Switzerland ORD CHF24.15 | 1.45% | 1.56% | 1.45% |
 COFCapital One Financial Corp. COM | 1.44% | 1.68% | 1.44% |
 PGRThe Progressive Corporation COM | 1.40% | 1.54% | 1.40% |
 CMECME Group, Inc., Class A | 1.23% | 1.17% | 1.17% |
 BXBlackstone Inc., Class A | 1.10% | 1.21% | 1.10% |
 BNYThe Bank of New York Mellon Corp. COM | 1.09% | 1.33% | 1.09% |
 USBU.S. Bancorp. COM NEW | 1.04% | 1.21% | 1.04% |
 ICEIntercontinental Exchange Inc COM | 1.07% | 1.04% | 1.04% |
 PNCPNC Financial Services Group, Inc. (The) | 1.03% | 1.24% | 1.03% |
 MRSHMarsh & McLennan Companies, Inc. COM | 0.97% | 1.14% | 0.97% |
 MCOMoodys Corp. COM | 0.88% | 0.87% | 0.87% |
 TRVTravelers Companies, Inc. COM | 0.81% | 1.01% | 0.81% |
Frequently Asked Questions
How much do FNCL and XLF overlap?
FNCL and XLF overlap by 85.7% of portfolio weight. They share 76 holdings (FNCL holds 383 positions and XLF holds 77), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FNCL and XLF?
The two portfolios are 85.7% identical by weight. Owning both is largely redundant: they are close to the same portfolio, so a second position mostly duplicates the first.
What are the biggest shared holdings of FNCL and XLF?
The largest positions held by both funds are JPM, BRK-B, V, MA and BAC. Together the top 10 shared positions account for 56% of the total overlap.
What does FNCL own that XLF doesn't?
307 positions (13.7% of FNCL) are unique to FNCL, led by LPLA, MKL and SOFI. In the other direction, 1 positions (0.0% of XLF) are unique to XLF.