KBWB vs XLF: Holdings Overlap
Invesco · 24 holdings · $6.8B · as of 2026-05-31
XLFState Street® Financial Select Sector SPDR® ETF
State Street (SPDR) · 77 holdings · $59.1B · as of 2026-08-06
Holdings snapshots are 67 days apart (KBWB: 2026-05-31, 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 KBWB and XLF?
Invesco KBW Bank ETF (KBWB, by Invesco) holds 24 positions; State Street® Financial Select Sector SPDR® ETF (XLF, by State Street (SPDR)) holds 77. They have 19 holdings in common, and by portfolio weight the two funds are 35.2% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 35.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 19KBWB holds 24 · XLF holds 77
- Weight in Shared Holdings
- KBWB 92%·XLF 39%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 KBWB
5 of 24 positions (7.3% of the fund) are not held by XLF.
Only in XLF
58 of 77 positions (60.4% of the fund) are not held by KBWB. Showing the top 30 by weight.
Sector Breakdown
| Sector | KBWB | XLF |
|---|---|---|
| Financials | 99.8% | 99.8% |
| 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 |
|---|---|---|---|---|---|---|---|
| KBWB | +1.5% | +17.1% | +39.1% | +32.5% | +11.4% | +13.3% | 1.90% |
| 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 KBWB vs XLF →
Shared Holdings(19)
The top 10 shared positions account for 88% of the overlap, led by JPM, BAC and GS.
 JPMJPMorgan Chase & Co. COM | 7.47% | 11.69% | 7.47% |
|---|---|---|---|
 BACBank of America Corp. COM | 7.76% | 5.04% | 5.04% |
 GSGoldman Sachs Group, Inc. (The) | 8.94% | 3.73% | 3.73% |
 WFCWells Fargo & Co. COM | 7.13% | 3.26% | 3.26% |
 MSMorgan Stanley COM NEW | 9.36% | 3.14% | 3.14% |
 CCitigroup Inc. COM NEW | 4.28% | 2.80% | 2.80% |
 COFCapital One Financial Corp. COM | 3.60% | 1.68% | 1.68% |
 BNYThe Bank of New York Mellon Corp. COM | 4.39% | 1.33% | 1.33% |
 PNCPNC Financial Services Group, Inc. (The) | 3.90% | 1.24% | 1.24% |
 USBU.S. Bancorp. COM NEW | 3.76% | 1.21% | 1.21% |
 TFCTruist Financial Corp. COM | 3.66% | 0.80% | 0.80% |
 FITBFifth Third Bancorp COM | 3.78% | 0.63% | 0.63% |
 STTState Street Corp. COM | 4.53% | 0.63% | 0.63% |
 MTBM&T Bank Corporation COM | 3.73% | 0.45% | 0.45% |
 HBANHuntington Bancshares Incorporated COM | 3.65% | 0.43% | 0.43% |
 NTRSNorthern Trust Corporation COM | 3.68% | 0.42% | 0.42% |
 CFGCitizens Financial Group Inc COM | 3.17% | 0.38% | 0.38% |
 RFRegions Financial Corporation COM | 2.90% | 0.33% | 0.33% |
 KEYKeyCorp COM | 2.78% | 0.26% | 0.26% |
Frequently Asked Questions
How much do KBWB and XLF overlap?
KBWB and XLF overlap by 35.2% of portfolio weight. They share 19 holdings (KBWB holds 24 positions and XLF holds 77), based on each fund's latest SEC-reported holdings.
Is it redundant to own both KBWB and XLF?
The two portfolios are 35.2% 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 KBWB and XLF?
The largest positions held by both funds are JPM, BAC, GS, WFC and MS. Together the top 10 shared positions account for 88% of the total overlap.
What does KBWB own that XLF doesn't?
5 positions (7.3% of KBWB) are unique to KBWB, led by EWBC, PNFP and FHN. In the other direction, 58 positions (60.4% of XLF) are unique to XLF.