SPY vs XLI: Holdings Overlap
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
XLIState Street® Industrial Select Sector SPDR® ETF
State Street (SPDR) · 83 holdings · $34.2B · as of 2026-08-06
How similar are SPY and XLI?
State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504 positions; State Street® Industrial Select Sector SPDR® ETF (XLI, by State Street (SPDR)) holds 83. They have 83 holdings in common, and by portfolio weight the two funds are 8.8% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 8.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 83SPY holds 504 · XLI holds 83
- Weight in Shared Holdings
- SPY 9%·XLI 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 SPY
421 of 504 positions (91.2% of the fund) are not held by XLI. Showing the top 30 by weight.
Only in XLI
Every position in XLI is also held by SPY, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | SPY | XLI |
|---|---|---|
| Industrials | 8.8% | 99.9% |
| Information Technology | 37.6% | 0.0% |
| Financials | 12.3% | 0.0% |
| Communication Services | 9.7% | 0.0% |
| Consumer Discretionary | 9.3% | 0.0% |
| Other Sectors | 22.3% | 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 |
|---|---|---|---|---|---|---|---|
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
| XLI | +1.5% | +20.0% | +24.5% | +20.8% | +14.0% | +14.2% | 1.11% |
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 SPY vs XLI →
Shared Holdings(83)
The top 10 shared positions account for 40% of the overlap, led by CAT, GE and RTX.
 CATCaterpillar Inc COM | 0.59% | 6.79% | 0.59% |
|---|---|---|---|
 GEGeneral Electric Co. | 0.59% | 6.73% | 0.59% |
 RTXRTX Corp. COM | 0.45% | 5.18% | 0.45% |
 GEVGE Vernova Inc. COM | 0.41% | 4.63% | 0.41% |
 BABoeing Co. (The) | 0.28% | 3.15% | 0.28% |
 UNPUnion Pacific Corporation COM | 0.26% | 3.02% | 0.26% |
 ETNEaton Corporation PLC COM USD0.01 | 0.26% | 2.99% | 0.26% |
 DEDeere & Company COM | 0.23% | 2.66% | 0.23% |
 UBERUber Technologies Inc COM | 0.22% | 2.47% | 0.22% |
 PHParker-Hannifin Corp. COM | 0.20% | 2.32% | 0.20% |
 LMTLockheed Martin Corporation COM | 0.18% | 2.04% | 0.18% |
 HWMHowmet Aerospace Inc COM | 0.17% | 1.99% | 0.17% |
 ADPAutomatic Data Processing, Inc. COM | 0.16% | 1.88% | 0.16% |
 TTTrane Technologies PLC COM USD1 | 0.16% | 1.82% | 0.16% |
 VRTVertiv Holdings Co., Class A | 0.16% | 1.82% | 0.16% |
 PWRQuanta Services, Inc. COM | 0.15% | 1.73% | 0.15% |
 GDGeneral Dynamics Corporation COM | 0.15% | 1.69% | 0.15% |
 JCIJohnson Controls International PLC COM USD1.00 | 0.14% | 1.62% | 0.14% |
 MMM3M Company COM | 0.14% | 1.62% | 0.14% |
 CSXCSX Corporation COM | 0.14% | 1.62% | 0.14% |
 CMICummins Inc. COM | 0.13% | 1.53% | 0.13% |
 EMREmerson Electric Co. COM | 0.13% | 1.51% | 0.13% |
 WMWaste Management, Inc. COM | 0.13% | 1.46% | 0.13% |
 ITWIllinois Tool Works Inc. COM | 0.12% | 1.33% | 0.12% |
 UPSUnited Parcel Service, Inc., Class B | 0.12% | 1.33% | 0.12% |
Frequently Asked Questions
How much do SPY and XLI overlap?
SPY and XLI overlap by 8.8% of portfolio weight. They share 83 holdings (SPY holds 504 positions and XLI holds 83), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPY and XLI?
The two portfolios are 8.8% 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 SPY and XLI?
The largest positions held by both funds are CAT, GE, RTX, GEV and BA. Together the top 10 shared positions account for 40% of the total overlap.
What does SPY own that XLI doesn't?
421 positions (91.2% of SPY) are unique to SPY, led by NVDA, AAPL and MSFT. In the other direction, 0 positions (0.0% of XLI) are unique to XLI.