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Data as of Oct 28, 2026.

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VBR vs XLI: Differences, Returns & Fees

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Over the year to Oct 28, 2026, VBR returned +17.6% to XLI's +10.2%; 4% of their weight is in the same names.

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Net assets: $35.1bn on Sep 30, 2026 for Vanguard Morningstar Small-Cap Value ETF, and $30.8bn on Oct 27, 2026 for State Street Industrial Select Sector SPDR ETF.

VBR on its own →XLI on its own →
At a glance
+17.6%
VBR total return, 1 year
+10.2%
XLI total return, 1 year
0.05%
VBR expense ratio
0.08%
XLI expense ratio

Pair scorecard

VBR costs 0.03 points a year less; their one-year returns differ by 7.4 points; VBR is 1.2 times larger.

VBR vs XLI: Differences, Returns & Fees
MeasureVBRXLI
Return
Total return, 1 year+17.6%+10.2%
Drawdown
Below its high3.9%, high on Aug 14, 20269.4%, high on Aug 14, 2026
Benchmark
What it tracksMorningstar US Small Cap Value IndexIndustrial Select Sector Index
Cost and size
Expense ratio0.05%0.08%
Net assets, as of Sep 30, 2026$35.1bn$29.8bn
Holdings
Holdings in common4%
Top ten holdings, share of the fund5.9%37.8%

Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method

What they share

4%

By the books each fund has filed, VBR and XLI hold 4% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.

0 half 100%

half

4% in common

Positions both hold · largest shared weight first VBR XLI
DuPont de Nemours Inc 0.40% 0.35%
Fortive Corp 0.38% 0.35%
Leidos Holdings Inc 0.35% 0.33%
Jacobs Solutions Inc 0.36% 0.33%
IDEX Corp 0.38% 0.32%
JB Hunt Transport Services Inc 0.38% 0.32%
CH Robinson Worldwide Inc 0.37% 0.31%
Allegion plc 0.30% 0.29%
Stanley Black & Decker Inc 0.30% 0.28%
Masco Corp 0.30% 0.28%
Textron Inc 0.30% 0.25%
Broadridge Financial Solutions Inc 0.21% 0.38%
Only in one fund ↓
Only in VBR
Moderna Inc 0.79%
Jabil Inc 0.68%
SLCMT1142 0.62%
Williams-Sonoma Inc 0.61%
Atmos Energy Corp 0.60%
F5 Inc 0.57%
Smurfit Westrock PLC 0.53%
Tapestry Inc 0.52%
Only in XLI
CATERPILLAR INC 6.14%
GENERAL ELECTRIC 5.79%
RTX CORP 4.91%
GE VERNOVA INC 4.47%
UNION PACIFIC CORP 3.34%
DEERE + CO 3.01%
EATON CORP PLC 2.79%
UBER TECHNOLOGIES INC 2.52%
Check overlap with more funds →

Side by side

VBR Vanguard Morningstar Small-Cap Value ETF XLI State Street Industrial Select Sector SPDR ETF
Where it sits Stock ETF Stock ETF
Issuer Vanguard State Street
What it is Tracks an index of Small-Cap Value Tracks an index of Industrials
Total return, 1 year +17.6% +10.2%
Its benchmark over the same days not measured +13.6% (SPY)
Gap to its benchmark not measured −3.4 pts vs SPY
Expense ratio 0.05% 0.08%
Already in the S&P 500 30.4% 99.9%
Holdings 822 84
Net assets, VBR as of Sep 30, 2026 and XLI as of Oct 27, 2026 $35.1bn $30.8bn

VBR and XLI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
VBR

VBR tracks an index of Small-Cap Value. Over the year to Oct 28, 2026 it returned +17.6% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 30% of the fund by weight is stocks the S&P 500 also holds, across 822 positions, with the top ten at 5.9%. It sat 3.9% below its high of Aug 14, 2026 on Oct 28, 2026.

XLI

XLI tracks an index of Industrials. Over the year to Oct 28, 2026 it returned +10.2% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.08% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 84 positions, with the top ten at 37.8%. It sat 9.4% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, VBR or XLI?
In the year to Oct 28, 2026, with distributions reinvested, VBR returned +17.6% and XLI +10.2%.
Which is cheaper, VBR or XLI?
VBR is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do VBR and XLI overlap with the S&P 500?
By their latest filed holdings, 30% of VBR and 100% of XLI by weight is stocks the S&P 500 already holds.
Other comparisons
VBR vs XLCVBR vs XLFVBR vs XLPSCHH vs VBRAVUV vs XLIIJS vs XLIVO vs XLIVXF vs XLI
Where to next
VBR on its own →XLI on its own →Hold both: look the portfolio through →Rankings →VBR dividend history →VBR holdings →XLI dividend history →XLI holdings →Standards and sources →
Sources and dates
VBR filings on SEC EDGAR ↗
VBR prospectus with the expense ratio (SEC) ↗
Vanguard page for VBR ↗
XLI filings on SEC EDGAR ↗
XLI prospectus with the expense ratio (SEC) ↗
State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

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ETFIQ, VBR against XLI, data as of Oct 28, 2026. https://etfiq.com/compare/any/vbr-vs-xli

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.