AGG vs VCSH: 24% overlap
iShares Core U.S. Aggregate Bond ETF and Vanguard Short-Term Corporate Bond ETF share 23.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 27 days apart — VCSH as of 2026-06-30, the rest through 2026-07-27. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
AGG and VCSH hold 927 of the same securities. The ten contributing most to the overlap figure:
| Holding | in AGG | in VCSH | Δ |
|---|---|---|---|
| CASH | 2.9% | 1.1% | 1.8% |
| 46647P | 0.5% | 2.7% | 2.1% |
| 06051G | 0.5% | 2.4% | 1.9% |
| 38141G | 0.3% | 1.5% | 1.2% |
| 68389X | 0.3% | 0.9% | 0.5% |
| 023135 | 0.3% | 1.0% | 0.7% |
| 95000U | 0.3% | 1.4% | 1.1% |
| 404280 | 0.3% | 1.6% | 1.3% |
| 00206R | 0.3% | 0.5% | 0.2% |
| UST-0-3Y | 16.1% | 0.3% | 15.8% |
Where AGG and VCSH 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 | VCSH | Δ |
|---|---|---|---|
| Treasuries | 46.5% | 0.4% | +46.1pp |
| Corporate — industrial & other | 14.3% | 50.5% | −36.2pp |
| Financials | 8.0% | 40.5% | −32.5pp |
| MBS Pass-Through | 24.1% | 0.0% | +24.1pp |
| Utilities | 2.6% | 7.3% | −4.7pp |
| Cash & Other | -2.3% | 0.0% | −2.3pp |
| Cash and/or Derivatives | 2.9% | 1.1% | +1.8pp |
| Sovereign | 1.1% | 0.0% | +1.1pp |
Δ is AGG minus VCSH, 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
39.5% of AGG by weight, held in no part of VCSH.
0.3% of VCSH 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 | VCSH | |
|---|---|---|
| Top 10 holdings | 75.5% | 14.7% |
| Positions held | 1,865 | 933 |
| Cost per $10,000 held, per year | $3 | $3 |
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 VCSH overlap?
AGG and VCSH overlap 23.8% by portfolio weight — moderate overlap. They share 927 holdings. The figure comes from current issuer holdings files (AGG as of 2026-07-27, VCSH as of 2026-06-30).
How is the overlap between AGG and VCSH 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 VCSH 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 VCSH?
That depends on your goals — we state facts, not advice. At 23.8% overlap, each fund still contributes meaningfully distinct exposure.
What does AGG own that VCSH doesn't?
AGG holds 1,865 positions and VCSH holds 933; 937 of AGG's positions don't appear in VCSH at all, and they are 39.5% of AGG by weight.
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Related comparisons
Sources: issuer holdings files, AGG as of 2026-07-27, VCSH as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.