VAW vs XME: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
XMEState Street® SPDR® S&P® Metals & Mining ETF
State Street (SPDR) · 39 holdings · $4.0B · as of 2026-08-06
Holdings snapshots are 67 days apart (VAW: 2026-05-31, XME: 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 XME?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; State Street® SPDR® S&P® Metals & Mining ETF (XME, by State Street (SPDR)) holds 39. They have 27 holdings in common, and by portfolio weight the two funds are 24.5% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 24.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 27VAW holds 110 · XME holds 39
- Weight in Shared Holdings
- VAW 29%·XME 77%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
83 of 110 positions (70.7% of the fund) are not held by XME. Showing the top 30 by weight.
Sector Breakdown
| Sector | VAW | XME |
|---|---|---|
| Materials | 99.5% | 76.0% |
| Energy | 0.3% | 20.5% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 3.4% |
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. “Unclassified” is weight we could not classify (0% of VAW, 3% of XME).
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% |
| XME | +12.9% | +11.8% | +49.0% | +31.5% | +22.7% | +16.4% | 0.32% |
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 XME →
Shared Holdings(27)
The top 10 shared positions account for 88% of the overlap, led by NEM, FCX and NUE.
 NEMNewmont Corporation COM | 7.69% | 4.63% | 4.63% |
|---|---|---|---|
 FCXFreeport-McMoRan Inc. CL B | 6.06% | 4.48% | 4.48% |
 NUENucor Corporation COM | 3.67% | 4.43% | 3.67% |
 STLDSteel Dynamics, Inc. COM | 2.32% | 3.97% | 2.32% |
 AAAlcoa Corporation COM | 1.29% | 2.95% | 1.29% |
 CDECoeur Mining Inc COM NEW | 1.28% | 4.14% | 1.28% |
 RSReliance Inc COM | 1.28% | 4.32% | 1.28% |
 RGLDRoyal Gold, Inc. COM | 1.22% | 4.51% | 1.22% |
 HLHecla Mining Company COM | 0.76% | 4.60% | 0.76% |
 MPMP Materials Corp., Class A | 0.59% | 3.62% | 0.59% |
 CMCCommercial Metals Company COM | 0.54% | 4.08% | 0.54% |
 CLFCleveland-Cliffs Inc COM | 0.50% | 4.02% | 0.50% |
 HCCWarrior Met Coal Inc COM | 0.32% | 3.84% | 0.32% |
 MTRNMaterion Corp COM | 0.29% | 3.82% | 0.29% |
 CENXCentury Aluminum Company COM | 0.24% | 3.17% | 0.24% |
 KALUKaiser Aluminium Corporation COM PAR $0.01 | 0.19% | 2.49% | 0.19% |
 AMRAlpha Metallurgical Resources Inc COM | 0.14% | 1.87% | 0.14% |
 USARUSA Rare Earth Inc. COM | 0.14% | 3.49% | 0.14% |
 WSWorthington Steel Inc. COM SHS | 0.09% | 0.64% | 0.09% |
 RYZRyerson Holding Corporation COM | 0.09% | 0.66% | 0.09% |
 IEIvanhoe Electric Inc / US | 0.08% | 1.87% | 0.08% |
 CMPCompass Minerals International Inc. COM | 0.07% | 0.90% | 0.07% |
 MUXMcEwen, Inc. | 0.07% | 1.30% | 0.07% |
 UAMYUnited States Antimony Corp COM | 0.07% | 1.15% | 0.07% |
 SXCSunCoke Energy, Inc. COM | 0.05% | 0.87% | 0.05% |
Frequently Asked Questions
How much do VAW and XME overlap?
VAW and XME overlap by 24.5% of portfolio weight. They share 27 holdings (VAW holds 110 positions and XME holds 39), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and XME?
The two portfolios are 24.5% 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 VAW and XME?
The largest positions held by both funds are NEM, FCX, NUE, STLD and AA. Together the top 10 shared positions account for 88% of the total overlap.
What does VAW own that XME doesn't?
83 positions (70.7% of VAW) are unique to VAW, led by LIN, CRH and SHW. In the other direction, 12 positions (23.2% of XME) are unique to XME.