AGG vs BNDX: 3% overlap
iShares Core U.S. Aggregate Bond ETF and Vanguard Total International Bond ETF share 3.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
AGG and BNDX hold 128 of the same securities. The ten contributing most to the overlap figure:
| Holding | in AGG | in BNDX | Δ |
|---|---|---|---|
| CASH | 2.7% | 1.3% | 1.3% |
| 02079K | 0.1% | 0.1% | 0.0% |
| 92343V | 0.3% | 0.1% | 0.1% |
| 023135 | 0.3% | 0.1% | 0.2% |
| 91087B | 0.2% | 0.1% | 0.1% |
| 00206R | 0.3% | 0.1% | 0.2% |
| 459200 | 0.1% | 0.1% | 0.0% |
| 683234 | 0.0% | 0.1% | 0.1% |
| 756109 | 0.0% | 0.0% | 0.0% |
| 110709 | 0.0% | 0.2% | 0.1% |
Where AGG and BNDX differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | AGG | BNDX | Δ |
|---|---|---|---|
| Unclassified | 0.0% | 88.4% | −88.4pp |
| Treasuries | 46.5% | 0.0% | +46.5pp |
| MBS Pass-Through | 24.1% | 0.0% | +24.1pp |
| Corporate — industrial & other | 14.3% | 2.0% | +12.3pp |
| Financials | 8.0% | 2.0% | +6.0pp |
| Utilities | 2.5% | 0.2% | +2.3pp |
| Cash & Other | -2.1% | 0.0% | −2.1pp |
| Cash and/or Derivatives | 2.7% | 1.4% | +1.3pp |
Δ is AGG minus BNDX, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
92.6% of AGG by weight, held in no part of BNDX.
93.8% of BNDX by weight, held in no part of AGG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| AGG | BNDX | |
|---|---|---|
| Top 10 holdings | 75.3% | 24.4% |
| Positions held | 1,864 | 3,115 |
| Cost per $10,000 held, per year | $3 | $7 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do AGG and BNDX overlap?
AGG and BNDX overlap 3.2% by portfolio weight — largely distinct portfolios. They share 128 holdings. The figure comes from current issuer holdings files (AGG as of 2026-07-23, BNDX as of 2026-06-30).
How is the overlap between AGG and BNDX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If AGG holds a stock at 6% and BNDX holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both AGG and BNDX?
That depends on your goals — we state facts, not advice. At 3.2% overlap, each fund still contributes meaningfully distinct exposure.
What does AGG own that BNDX doesn't?
AGG holds 1,864 positions and BNDX holds 3,115; 1,735 of AGG's positions don't appear in BNDX at all, and they are 92.6% of AGG by weight.
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Related comparisons
Sources: issuer holdings files, AGG as of 2026-07-23, BNDX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.