SPY vs XLU: Holdings Overlap
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
XLUState Street® Utilities Select Sector SPDR® ETF
State Street (SPDR) · 31 holdings · $23.0B · as of 2026-08-06
How similar are SPY and XLU?
State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504 positions; State Street® Utilities Select Sector SPDR® ETF (XLU, by State Street (SPDR)) holds 31. They have 31 holdings in common, and by portfolio weight the two funds are 2.0% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 2.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 31SPY holds 504 · XLU holds 31
- Weight in Shared Holdings
- SPY 2%·XLU 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
473 of 504 positions (97.9% of the fund) are not held by XLU. Showing the top 30 by weight.
Only in XLU
Every position in XLU is also held by SPY, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | SPY | XLU |
|---|---|---|
| Utilities | 2.0% | 99.7% |
| 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 | 29.0% | 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 |
|---|---|---|---|---|---|---|---|
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
| XLU | -4.6% | +3.5% | +3.6% | +14.3% | +8.5% | +9.0% | 2.74% |
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 XLU →
Shared Holdings(31)
The top 10 shared positions account for 58% of the overlap, led by NEE, SO and DUK.
 NEENextEra Energy Inc COM | 0.27% | 12.99% | 0.27% |
|---|---|---|---|
 SOSouthern Co. (The) | 0.16% | 7.71% | 0.16% |
 DUKDuke Energy Corp COM NEW | 0.15% | 7.11% | 0.15% |
 CEGConstellation Energy Corp. COM | 0.13% | 6.15% | 0.13% |
 AEPAmerican Electric Power Co, Inc. COM | 0.10% | 5.02% | 0.10% |
 DDominion Energy Inc COM | 0.09% | 4.33% | 0.09% |
 SRESempra COM | 0.08% | 4.06% | 0.08% |
 ETREntergy Corporation COM | 0.07% | 3.59% | 0.07% |
 XELXcel Energy Inc COM | 0.07% | 3.54% | 0.07% |
 EXCExelon Corp. COM | 0.07% | 3.42% | 0.07% |
 VSTVistra Corp. COMMON STOCK | 0.07% | 3.30% | 0.07% |
 EDConsolidated Edison, Inc. COM | 0.06% | 2.96% | 0.06% |
 PCGPG&E Corporation COM | 0.06% | 2.76% | 0.06% |
 PEGPublic Service Enterprise Group Incorporated COM | 0.06% | 2.75% | 0.06% |
 WECWEC Energy Group Inc. COM | 0.05% | 2.59% | 0.05% |
 AEEAmeren Corp. COM | 0.05% | 2.21% | 0.05% |
 DTEDTE Energy Co. COM | 0.04% | 2.14% | 0.04% |
 ATOAtmos Energy Corp. COM | 0.04% | 2.11% | 0.04% |
 ESEversource Energy COM | 0.04% | 2.00% | 0.04% |
 CNPCenterpoint Energy Inc COM | 0.04% | 1.96% | 0.04% |
 AWKAmerican Water Works Company, Inc. COM | 0.04% | 1.94% | 0.04% |
 PPLPPL Corporation COM | 0.04% | 1.92% | 0.04% |
 EIXEdison International COM | 0.04% | 1.91% | 0.04% |
 NRGNRG Energy, Inc. COM NEW | 0.04% | 1.85% | 0.04% |
 FEFirstEnergy Corp. COM | 0.04% | 1.80% | 0.04% |
Frequently Asked Questions
How much do SPY and XLU overlap?
SPY and XLU overlap by 2.0% of portfolio weight. They share 31 holdings (SPY holds 504 positions and XLU holds 31), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPY and XLU?
The two portfolios are 2.0% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of SPY and XLU?
The largest positions held by both funds are NEE, SO, DUK, CEG and AEP. Together the top 10 shared positions account for 58% of the total overlap.
What does SPY own that XLU doesn't?
473 positions (97.9% of SPY) are unique to SPY, led by NVDA, AAPL and MSFT. In the other direction, 0 positions (0.0% of XLU) are unique to XLU.