XLB vs FMAT: Holdings Overlap
XLBState Street® Materials Select Sector SPDR® ETF
State Street (SPDR) · 25 holdings · $8.4B · as of 2026-08-06
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
Holdings snapshots are 98 days apart (XLB: 2026-08-06, FMAT: 2026-04-30). 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 XLB and FMAT?
State Street® Materials Select Sector SPDR® ETF (XLB, by State Street (SPDR)) holds 25 positions; Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103. They have 25 holdings in common, and by portfolio weight the two funds are 72.1% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 72.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 25XLB holds 25 · FMAT holds 103
- Weight in Shared Holdings
- XLB 100%·FMAT 76%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 XLB
Every position in XLB is also held by FMAT, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | XLB | FMAT |
|---|---|---|
| Materials | 99.9% | 99.5% |
| Energy | 0.0% | 0.3% |
| Consumer Discretionary | 0.0% | 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 |
|---|---|---|---|---|---|---|---|
| XLB | +2.6% | +17.5% | +22.4% | +10.0% | +6.8% | +10.2% | 1.61% |
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
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 XLB vs FMAT →
Shared Holdings(25)
The top 10 shared positions account for 72% of the overlap, led by LIN, NEM and FCX.
 LINLinde PLC COM EUR0.001 | 13.29% | 14.99% | 13.29% |
|---|---|---|---|
 NEMNewmont Corporation COM | 6.60% | 7.77% | 6.60% |
 FCXFreeport-McMoRan Inc. CL B | 5.75% | 5.32% | 5.32% |
 SHWThe Sherwin-Williams Company COM | 5.22% | 4.85% | 4.85% |
 APDAir Products & Chemicals, Inc. COM | 4.73% | 4.28% | 4.28% |
 CRHCRH plc | 4.26% | 5.09% | 4.26% |
 ECLEcolab Inc. COM | 4.81% | 4.26% | 4.26% |
 CTVACorteva Inc COM | 4.50% | 3.51% | 3.51% |
 NUENucor Corporation COM | 4.74% | 3.30% | 3.30% |
 VMCVulcan Materials Company COM | 4.51% | 2.55% | 2.55% |
 MLMMartin Marietta Materials Inc COM | 4.25% | 2.39% | 2.39% |
 STLDSteel Dynamics, Inc. COM | 4.25% | 2.03% | 2.03% |
 DOWDow Inc COM | 2.93% | 1.84% | 1.84% |
 PPGPPG Industries, Inc. COM | 3.50% | 1.56% | 1.56% |
 ALBAlbemarle Corp COM | 1.98% | 1.48% | 1.48% |
 SWSmurfit WestRock plc COM USD0.001 | 3.30% | 1.28% | 1.28% |
 CFCF Industries Holdings, Inc. COM | 2.40% | 1.24% | 1.24% |
 LYBLyondellBasell Industries NV COM EUR0.04 CLASS 'A' | 2.13% | 1.23% | 1.23% |
 PKGPackaging Corporation of America COM | 3.00% | 1.23% | 1.23% |
 IFFInternational Flavors & Fragrances Inc. COM | 2.89% | 1.15% | 1.15% |
 AMCRAmcor PLC COM NEW | 2.91% | 1.13% | 1.13% |
 BALLBall Corporation COM | 2.25% | 1.00% | 1.00% |
 IPInternational Paper Co. COM | 2.87% | 0.98% | 0.98% |
 AVYAvery Dennison Corporation COM | 1.78% | 0.81% | 0.81% |
 MOSThe Mosaic Company COM | 1.00% | 0.47% | 0.47% |
Frequently Asked Questions
How much do XLB and FMAT overlap?
XLB and FMAT overlap by 72.1% of portfolio weight. They share 25 holdings (XLB holds 25 positions and FMAT holds 103), based on each fund's latest SEC-reported holdings.
Is it redundant to own both XLB and FMAT?
The two portfolios are 72.1% 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 XLB and FMAT?
The largest positions held by both funds are LIN, NEM, FCX, SHW and APD. Together the top 10 shared positions account for 72% of the total overlap.
What does XLB own that FMAT doesn't?
Nothing. Every position in XLB is also held by FMAT. In the other direction, 78 positions (24.0% of FMAT) are unique to FMAT.