VNQ vs XLRE: Holdings Overlap
VNQVanguard Real Estate Index Fund
Vanguard · 146 holdings · $39.3B · as of 2026-04-30
XLREState Street® Real Estate Select Sector SPDR® ETF
State Street (SPDR) · 31 holdings · $8.6B · as of 2026-08-06
Holdings snapshots are 98 days apart (VNQ: 2026-04-30, XLRE: 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 VNQ and XLRE?
Vanguard Real Estate Index Fund (VNQ, by Vanguard) holds 146 positions; State Street® Real Estate Select Sector SPDR® ETF (XLRE, by State Street (SPDR)) holds 31. They have 31 holdings in common, and by portfolio weight the two funds are 63.1% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 63.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 31VNQ holds 146 · XLRE holds 31
- Weight in Shared Holdings
- VNQ 63%·XLRE 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 VNQ
115 of 146 positions (36.6% of the fund) are not held by XLRE. Showing the top 30 by weight.
Only in XLRE
Every position in XLRE is also held by VNQ, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | VNQ | XLRE |
|---|---|---|
| Real Estate | 99.3% | 99.9% |
| Communication Services | 0.4% | 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 |
|---|---|---|---|---|---|---|---|
| VNQ | +0.0% | +13.4% | +13.9% | +9.7% | +2.2% | +4.9% | 3.53% |
| XLRE | +0.2% | +13.2% | +11.9% | +9.9% | +2.6% | +6.4% | 3.12% |
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 VNQ vs XLRE →
Shared Holdings(31)
The top 10 shared positions account for 67% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 7.84% | 11.24% | 7.84% |
|---|---|---|---|
 PLDPrologis Inc. COM | 7.00% | 8.90% | 7.00% |
 EQIXEquinix, Inc. COM | 5.64% | 7.00% | 5.64% |
 AMTAmerican Tower Corporation COM | 4.54% | 5.38% | 4.54% |
 DLRDigital Realty Trust Inc. COM | 3.66% | 5.02% | 3.66% |
 SPGSimon Property Group Inc COM | 3.53% | 4.85% | 3.53% |
 ORealty Income Corporation COM | 3.11% | 4.50% | 3.11% |
 PSAPublic Storage COM | 2.54% | 4.80% | 2.54% |
 CBRECBRE Group, Inc., Class A | 2.25% | 4.39% | 2.25% |
 VTRVentas Inc. COM | 2.19% | 4.56% | 2.19% |
 CCICrown Castle Inc. COM | 2.05% | 3.33% | 2.05% |
 IRMIron Mountain Inc. COM | 1.98% | 3.69% | 1.98% |
 EXRExtra Space Storage Inc. COM | 1.61% | 3.21% | 1.61% |
 VICIVICI Properties, Inc., Class A | 1.58% | 2.95% | 1.58% |
 AVBAvalonBay Communities, Inc. COM | 1.38% | 2.64% | 1.38% |
 EQREquity Residential SH BEN INT | 1.25% | 2.31% | 1.25% |
 SBACSBA Communications Corp., Class A | 1.25% | 1.97% | 1.25% |
 WYWeyerhaeuser Company COM NEW | 0.94% | 1.87% | 0.94% |
 ESSEssex Property Trust, Inc. COM | 0.90% | 1.86% | 0.90% |
 INVHInvitation Homes Inc. COM | 0.89% | 1.69% | 0.89% |
 KIMKimco Realty Corporation COM | 0.85% | 1.68% | 0.85% |
 MAAMid-America Apartment Communities, Inc. COM | 0.80% | 1.58% | 0.80% |
 CSGPCostar Group Inc COM | 0.77% | 1.23% | 0.77% |
 HSTHost Hotels & Resorts Inc COM | 0.77% | 1.51% | 0.77% |
 REGRegency Centers Corp. COM | 0.72% | 1.29% | 0.72% |
Frequently Asked Questions
How much do VNQ and XLRE overlap?
VNQ and XLRE overlap by 63.1% of portfolio weight. They share 31 holdings (VNQ holds 146 positions and XLRE holds 31), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VNQ and XLRE?
The two portfolios are 63.1% 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 VNQ and XLRE?
The largest positions held by both funds are WELL, PLD, EQIX, AMT and DLR. Together the top 10 shared positions account for 67% of the total overlap.
What does VNQ own that XLRE doesn't?
115 positions (36.6% of VNQ) are unique to VNQ, led by VRTPX, WPC and SUI. In the other direction, 0 positions (0.0% of XLRE) are unique to XLRE.