Data as of Sep 13, 2026. Both funds on the fields they both publish, from the same sources.
SPY vs XLI: how they differ
SPY and XLI hold 8% of their weight in the same names, and SPY returned more over the year.
SPDR S&P 500 ETF Trust and State Street(R) Industrial Select Sector SPDR(R) ETF.
What they hold in common
By the books each fund has filed, SPY and XLI hold 8% of their money in the same securities at the same weight.
| Holding | SPY | XLI |
|---|---|---|
| CATERPILLAR INC | 0.57% | 6.92% |
| GENERAL ELECTRIC | 0.52% | 6.32% |
| RTX CORP | 0.41% | 4.98% |
| GE VERNOVA INC | 0.38% | 4.64% |
| DEERE + CO | 0.26% | 3.18% |
| UNION PACIFIC CORP | 0.26% | 3.17% |
| BOEING CO/THE | 0.25% | 3.02% |
| EATON CORP PLC | 0.24% | 2.97% |
| UBER TECHNOLOGIES INC | 0.23% | 2.76% |
| PARKER HANNIFIN CORP | 0.18% | 2.20% |
| LOCKHEED MARTIN CORP | 0.16% | 2.01% |
| AUTOMATIC DATA PROCESSING | 0.16% | 1.98% |
| Only in SPY | Only in XLI |
|---|---|
| NVIDIA CORP 8.08% | SSI US GOV MONEY MARKET CLASS 0.07% |
| APPLE INC 7.33% | |
| MICROSOFT CORP 5.59% | |
| AMAZON.COM INC 3.77% | |
| ALPHABET INC CL A 2.98% | |
| BROADCOM INC 2.61% | |
| ALPHABET INC CL C 2.39% | |
| META PLATFORMS INC CLASS A 2.16% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 10, 2026.
| SPY SPDR S&P 500 ETF Trust | XLI State Street(R) Industrial Select Sector SPDR(R) ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | State Street | State Street |
| What it is | S&P 500 | Industrials |
| Total return, 1 year | +17.5% | +14.3% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | 0.0 pts | −3.3 pts |
| Expense ratio | 0.09% | 0.08% |
| Already in the S&P 500 | 100.0% | 100.0% |
| Holdings | 505 | 85 |
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Sep 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.2%.
XLI in plain words
XLI is an index equity fund tracking the Industrials. Over the year to Sep 11, 2026 it returned +14.3% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.08% a year. By its holdings filed for Sep 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 85 positions, with the top ten at 40.2%. It sat 7.6% below its high of Aug 14, 2026 on Sep 11, 2026.
Questions people ask
- Which returned more over the last year, SPY or XLI?
- In the year to Sep 13, 2026, with distributions reinvested, SPY returned +17.5% and XLI returned +14.3%, so SPY returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, SPY or XLI?
- SPY charges 0.09% a year and XLI charges 0.08%, so XLI is cheaper. Fees come from each fund's prospectus.
- How much do SPY and XLI overlap with the S&P 500?
- By their latest filed holdings, 100% of SPY and 100% of XLI by weight is stocks the S&P 500 already holds. Between the two funds, 8% of their books are the same securities at the same weight.
Other comparisons
Where to next
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPY against XLI, data as of Sep 13, 2026. https://etfiq.com/compare/any/spy-vs-xli Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources