BIV vs BNDX: 2% overlap
Vanguard Intermediate-Term Bond ETF and Vanguard Total International Bond ETF share 2.2% 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
BIV and BNDX hold 109 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BIV | in BNDX | Δ |
|---|---|---|---|
| CASH | 0.3% | 1.3% | 1.1% |
| 683234 | 0.2% | 0.1% | 0.1% |
| 02079K | 0.2% | 0.1% | 0.1% |
| 92343V | 0.4% | 0.1% | 0.3% |
| 023135 | 0.4% | 0.1% | 0.2% |
| 110709 | 0.1% | 0.2% | 0.1% |
| 91087B | 0.5% | 0.1% | 0.4% |
| 00206R | 0.3% | 0.1% | 0.3% |
| 459200 | 0.1% | 0.1% | 0.0% |
| 013051 | 0.0% | 0.1% | 0.1% |
Where BIV 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 | BIV | BNDX | Δ |
|---|---|---|---|
| Unclassified | 0.2% | 88.4% | −88.3pp |
| Treasuries | 55.9% | 0.0% | +55.9pp |
| Corporate — industrial & other | 20.2% | 2.0% | +18.2pp |
| Financials | 14.3% | 2.0% | +12.3pp |
| Utilities | 3.9% | 0.2% | +3.6pp |
| Cash and/or Derivatives | 0.3% | 1.4% | −1.1pp |
| Supranational | 1.8% | 0.8% | +1.0pp |
| Energy | 0.0% | 0.7% | −0.7pp |
Δ is BIV 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
89.2% of BIV by weight, held in no part of BNDX.
96.3% of BNDX by weight, held in no part of BIV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| BIV | BNDX | |
|---|---|---|
| Top 10 holdings | 62.1% | 24.4% |
| Positions held | 854 | 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 BIV and BNDX overlap?
BIV and BNDX overlap 2.2% by portfolio weight — largely distinct portfolios. They share 109 holdings. The figure comes from current issuer holdings files (BIV as of 2026-06-30, BNDX as of 2026-06-30).
How is the overlap between BIV and BNDX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If BIV 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 BIV and BNDX?
That depends on your goals — we state facts, not advice. At 2.2% overlap, each fund still contributes meaningfully distinct exposure.
What does BIV own that BNDX doesn't?
BIV holds 854 positions and BNDX holds 3,115; 745 of BIV's positions don't appear in BNDX at all, and they are 89.2% of BIV by weight.
You probably hold more than two funds
This page compares BIV and BNDX. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch BIV vs BNDX
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, BIV as of 2026-06-30, BNDX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.