USMV vs XLI: Holdings Overlap
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
XLIState Street® Industrial Select Sector SPDR® ETF
State Street (SPDR) · 83 holdings · $34.2B · as of 2026-08-06
Holdings snapshots are 98 days apart (USMV: 2026-04-30, XLI: 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 USMV and XLI?
iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170 positions; State Street® Industrial Select Sector SPDR® ETF (XLI, by State Street (SPDR)) holds 83. They have 11 holdings in common, and by portfolio weight the two funds are 4.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 11USMV holds 170 · XLI holds 83
- Weight in Shared Holdings
- USMV 6%·XLI 22%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 USMV
159 of 170 positions (94.1% of the fund) are not held by XLI. Showing the top 30 by weight.
Sector Breakdown
| Sector | USMV | XLI |
|---|---|---|
| Industrials | 6.9% | 99.9% |
| Information Technology | 29.2% | 0.0% |
| Financials | 13.7% | 0.0% |
| Health Care | 12.7% | 0.0% |
| Consumer Staples | 9.9% | 0.0% |
| Other Sectors | 27.3% | 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 |
|---|---|---|---|---|---|---|---|
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
| 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 USMV vs XLI →
Shared Holdings(11)
The top 10 shared positions account for 99% of the overlap, led by WM, NOC and LMT.
 WMWaste Management, Inc. COM | 1.47% | 1.46% | 1.46% |
|---|---|---|---|
 NOCNorthrop Grumman Corporation COM | 0.85% | 1.30% | 0.85% |
 LMTLockheed Martin Corporation COM | 0.79% | 2.04% | 0.79% |
 RSGRepublic Services, Inc., Class A | 1.26% | 0.72% | 0.72% |
 UBERUber Technologies Inc COM | 0.29% | 2.47% | 0.29% |
 GEVGE Vernova Inc. COM | 0.20% | 4.63% | 0.20% |
 ROLRollins Inc COM | 0.40% | 0.19% | 0.19% |
 VRSKVerisk Analytics, Inc., Class A | 0.13% | 0.43% | 0.13% |
 RTXRTX Corp. COM | 0.13% | 5.18% | 0.13% |
 GDGeneral Dynamics Corporation COM | 0.07% | 1.69% | 0.07% |
 ADPAutomatic Data Processing, Inc. COM | 0.06% | 1.88% | 0.06% |
Frequently Asked Questions
How much do USMV and XLI overlap?
USMV and XLI overlap by 4.9% of portfolio weight. They share 11 holdings (USMV holds 170 positions and XLI holds 83), based on each fund's latest SEC-reported holdings.
Is it redundant to own both USMV and XLI?
The two portfolios are 4.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of USMV and XLI?
The largest positions held by both funds are WM, NOC, LMT, RSG and UBER. Together the top 10 shared positions account for 99% of the total overlap.
What does USMV own that XLI doesn't?
159 positions (94.1% of USMV) are unique to USMV, led by CSCO, NVDA and XOM. In the other direction, 72 positions (78.0% of XLI) are unique to XLI.