VPU vs XLU: Holdings Overlap
VPUVanguard Utilities Index Fund
Vanguard · 66 holdings · $8.5B · as of 2026-05-31
XLUState Street® Utilities Select Sector SPDR® ETF
State Street (SPDR) · 31 holdings · $23.0B · as of 2026-08-06
Holdings snapshots are 67 days apart (VPU: 2026-05-31, XLU: 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 VPU and XLU?
Vanguard Utilities Index Fund (VPU, by Vanguard) holds 66 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 89.4% identical. In practical terms the pair is essentially interchangeable, so holding both adds little diversification.
- Overlap by Weight
- 89.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 31VPU holds 66 · XLU holds 31
- Weight in Shared Holdings
- VPU 90%·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 VPU
35 of 66 positions (9.9% 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 VPU, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | VPU | XLU |
|---|---|---|
| Utilities | 99.6% | 99.7% |
| 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 |
|---|---|---|---|---|---|---|---|
| VPU | -4.3% | +3.4% | +3.8% | +14.2% | +8.4% | +8.8% | 2.74% |
| 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 VPU 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 | 11.79% | 12.99% | 11.79% |
|---|---|---|---|
 SOSouthern Co. (The) | 6.67% | 7.71% | 6.67% |
 DUKDuke Energy Corp COM NEW | 6.28% | 7.11% | 6.28% |
 CEGConstellation Energy Corp. COM | 5.83% | 6.15% | 5.83% |
 AEPAmerican Electric Power Co, Inc. COM | 4.45% | 5.02% | 4.45% |
 SRESempra COM | 3.83% | 4.06% | 3.83% |
 DDominion Energy Inc COM | 3.76% | 4.33% | 3.76% |
 VSTVistra Corp. COMMON STOCK | 3.57% | 3.30% | 3.30% |
 ETREntergy Corporation COM | 3.21% | 3.59% | 3.21% |
 XELXcel Energy Inc COM | 3.09% | 3.54% | 3.09% |
 EXCExelon Corp. COM | 3.03% | 3.42% | 3.03% |
 PEGPublic Service Enterprise Group Incorporated COM | 2.58% | 2.75% | 2.58% |
 EDConsolidated Edison, Inc. COM | 2.51% | 2.96% | 2.51% |
 WECWEC Energy Group Inc. COM | 2.38% | 2.59% | 2.38% |
 PCGPG&E Corporation COM | 2.36% | 2.76% | 2.36% |
 DTEDTE Energy Co. COM | 1.95% | 2.14% | 1.95% |
 AEEAmeren Corp. COM | 1.92% | 2.21% | 1.92% |
 CNPCenterpoint Energy Inc COM | 1.82% | 1.96% | 1.82% |
 ATOAtmos Energy Corp. COM | 1.80% | 2.11% | 1.80% |
 NRGNRG Energy, Inc. COM NEW | 1.78% | 1.85% | 1.78% |
 EIXEdison International COM | 1.77% | 1.91% | 1.77% |
 PPLPPL Corporation COM | 1.72% | 1.92% | 1.72% |
 ESEversource Energy COM | 1.69% | 2.00% | 1.69% |
 FEFirstEnergy Corp. COM | 1.68% | 1.80% | 1.68% |
 AWKAmerican Water Works Company, Inc. COM | 1.48% | 1.94% | 1.48% |
Frequently Asked Questions
How much do VPU and XLU overlap?
VPU and XLU overlap by 89.4% of portfolio weight. They share 31 holdings (VPU holds 66 positions and XLU holds 31), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VPU and XLU?
The two portfolios are 89.4% identical by weight. Owning both is largely redundant: they are close to the same portfolio, so a second position mostly duplicates the first.
What are the biggest shared holdings of VPU 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 VPU own that XLU doesn't?
35 positions (9.9% of VPU) are unique to VPU, led by TLN, WTRG and OGE. In the other direction, 0 positions (0.0% of XLU) are unique to XLU.