XLB vs VAW: Holdings Overlap
XLBState Street® Materials Select Sector SPDR® ETF
State Street (SPDR) · 25 holdings · $8.4B · as of 2026-08-06
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
Holdings snapshots are 67 days apart (XLB: 2026-08-06, VAW: 2026-05-31). 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 VAW?
State Street® Materials Select Sector SPDR® ETF (XLB, by State Street (SPDR)) holds 25 positions; Vanguard Materials Index Fund (VAW, by Vanguard) holds 110. 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
- 25XLB holds 25 · VAW holds 110
- Weight in Shared Holdings
- XLB 100%·VAW 75%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 VAW, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | XLB | VAW |
|---|---|---|
| Materials | 99.9% | 99.5% |
| Energy | 0.0% | 0.3% |
| 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% |
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
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 VAW →
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 | 13.29% | 14.92% | 13.29% |
|---|---|---|---|
 NEMNewmont Corporation COM | 6.60% | 7.69% | 6.60% |
 FCXFreeport-McMoRan Inc. CL B | 5.75% | 6.06% | 5.75% |
 SHWThe Sherwin-Williams Company COM | 5.22% | 4.59% | 4.59% |
 CRHCRH plc | 4.26% | 4.68% | 4.26% |
 ECLEcolab Inc. COM | 4.81% | 4.19% | 4.19% |
 APDAir Products & Chemicals, Inc. COM | 4.73% | 3.81% | 3.81% |
 NUENucor Corporation COM | 4.74% | 3.67% | 3.67% |
 CTVACorteva Inc COM | 4.50% | 3.40% | 3.40% |
 VMCVulcan Materials Company COM | 4.51% | 2.40% | 2.40% |
 STLDSteel Dynamics, Inc. COM | 4.25% | 2.32% | 2.32% |
 MLMMartin Marietta Materials Inc COM | 4.25% | 2.25% | 2.25% |
 PPGPPG Industries, Inc. COM | 3.50% | 1.63% | 1.63% |
 DOWDow Inc COM | 2.93% | 1.54% | 1.54% |
 SWSmurfit WestRock plc COM USD0.001 | 3.30% | 1.38% | 1.38% |
 ALBAlbemarle Corp COM | 1.98% | 1.33% | 1.33% |
 PKGPackaging Corporation of America COM | 3.00% | 1.26% | 1.26% |
 IFFInternational Flavors & Fragrances Inc. COM | 2.89% | 1.25% | 1.25% |
 AMCRAmcor PLC COM NEW | 2.91% | 1.15% | 1.15% |
 CFCF Industries Holdings, Inc. COM | 2.40% | 1.12% | 1.12% |
 LYBLyondellBasell Industries NV COM EUR0.04 CLASS 'A' | 2.13% | 1.10% | 1.10% |
 IPInternational Paper Co. COM | 2.87% | 1.08% | 1.08% |
 BALLBall Corporation COM | 2.25% | 0.89% | 0.89% |
 AVYAvery Dennison Corporation COM | 1.78% | 0.79% | 0.79% |
 MOSThe Mosaic Company COM | 1.00% | 0.49% | 0.49% |
Frequently Asked Questions
How much do XLB and VAW overlap?
XLB and VAW overlap by 71.5% of portfolio weight. They share 25 holdings (XLB holds 25 positions and VAW holds 110), based on each fund's latest SEC-reported holdings.
Is it redundant to own both XLB and VAW?
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 XLB and VAW?
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 XLB own that VAW doesn't?
Nothing. Every position in XLB is also held by VAW. In the other direction, 85 positions (24.8% of VAW) are unique to VAW.