VAW vs XLB: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
XLBState Street® Materials Select Sector SPDR® ETF
State Street (SPDR) · 25 holdings · $8.4B · as of 2026-08-06
Holdings snapshots are 67 days apart (VAW: 2026-05-31, XLB: 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 VAW and XLB?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; State Street® Materials Select Sector SPDR® ETF (XLB, by State Street (SPDR)) holds 25. They have 25 holdings in common, and by portfolio weight the two funds are 71.5% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 71.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 25VAW holds 110 · XLB holds 25
- Weight in Shared Holdings
- VAW 75%·XLB 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 VAW
85 of 110 positions (24.8% of the fund) are not held by XLB. Showing the top 30 by weight.
Only in XLB
Every position in XLB is also held by VAW, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | VAW | XLB |
|---|---|---|
| Materials | 99.5% | 99.9% |
| Energy | 0.3% | 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 |
|---|---|---|---|---|---|---|---|
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
| XLB | +2.6% | +17.5% | +22.4% | +10.0% | +6.8% | +10.2% | 1.61% |
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 VAW vs XLB →
Shared Holdings(25)
The top 10 shared positions account for 73% of the overlap, led by LIN, NEM and FCX.
 LINLinde PLC COM EUR0.001 | 14.92% | 13.29% | 13.29% |
|---|---|---|---|
 NEMNewmont Corporation COM | 7.69% | 6.60% | 6.60% |
 FCXFreeport-McMoRan Inc. CL B | 6.06% | 5.75% | 5.75% |
 SHWThe Sherwin-Williams Company COM | 4.59% | 5.22% | 4.59% |
 CRHCRH plc | 4.68% | 4.26% | 4.26% |
 ECLEcolab Inc. COM | 4.19% | 4.81% | 4.19% |
 APDAir Products & Chemicals, Inc. COM | 3.81% | 4.73% | 3.81% |
 NUENucor Corporation COM | 3.67% | 4.74% | 3.67% |
 CTVACorteva Inc COM | 3.40% | 4.50% | 3.40% |
 VMCVulcan Materials Company COM | 2.40% | 4.51% | 2.40% |
 STLDSteel Dynamics, Inc. COM | 2.32% | 4.25% | 2.32% |
 MLMMartin Marietta Materials Inc COM | 2.25% | 4.25% | 2.25% |
 PPGPPG Industries, Inc. COM | 1.63% | 3.50% | 1.63% |
 DOWDow Inc COM | 1.54% | 2.93% | 1.54% |
 SWSmurfit WestRock plc COM USD0.001 | 1.38% | 3.30% | 1.38% |
 ALBAlbemarle Corp COM | 1.33% | 1.98% | 1.33% |
 PKGPackaging Corporation of America COM | 1.26% | 3.00% | 1.26% |
 IFFInternational Flavors & Fragrances Inc. COM | 1.25% | 2.89% | 1.25% |
 AMCRAmcor PLC COM NEW | 1.15% | 2.91% | 1.15% |
 CFCF Industries Holdings, Inc. COM | 1.12% | 2.40% | 1.12% |
 LYBLyondellBasell Industries NV COM EUR0.04 CLASS 'A' | 1.10% | 2.13% | 1.10% |
 IPInternational Paper Co. COM | 1.08% | 2.87% | 1.08% |
 BALLBall Corporation COM | 0.89% | 2.25% | 0.89% |
 AVYAvery Dennison Corporation COM | 0.79% | 1.78% | 0.79% |
 MOSThe Mosaic Company COM | 0.49% | 1.00% | 0.49% |
Frequently Asked Questions
How much do VAW and XLB overlap?
VAW and XLB overlap by 71.5% of portfolio weight. They share 25 holdings (VAW holds 110 positions and XLB holds 25), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and XLB?
The two portfolios are 71.5% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of VAW and XLB?
The largest positions held by both funds are LIN, NEM, FCX, SHW and CRH. Together the top 10 shared positions account for 73% of the total overlap.
What does VAW own that XLB doesn't?
85 positions (24.8% of VAW) are unique to VAW, led by AMRZ, DD and AA. In the other direction, 0 positions (0.0% of XLB) are unique to XLB.