BIV vs TSPF: 45% overlap
Vanguard Intermediate-Term Bond ETF and TSP F Fund — shown via aggregate-bond proxy share 44.9% 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 — BIV 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BIV and TSPF hold 843 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BIV | in TSPF | Δ |
|---|---|---|---|
| UST-3-10Y | 55.9% | 21.0% | 34.9% |
| 46647P | 1.1% | 0.5% | 0.6% |
| 06051G | 0.9% | 0.5% | 0.4% |
| 38141G | 0.6% | 0.3% | 0.3% |
| AGENCY-MBS | 0.3% | 24.1% | 23.8% |
| 68389X | 0.5% | 0.3% | 0.1% |
| 023135 | 0.4% | 0.3% | 0.0% |
| 459058 | 0.4% | 0.3% | 0.1% |
| 95000U | 0.6% | 0.3% | 0.3% |
| 404280 | 0.6% | 0.3% | 0.3% |
Where BIV and TSPF 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 | TSPF | Δ |
|---|---|---|---|
| MBS Pass-Through | 0.3% | 24.1% | −23.8pp |
| Treasuries | 55.9% | 46.5% | +9.5pp |
| Financials | 14.3% | 8.0% | +6.3pp |
| Corporate — industrial & other | 20.2% | 14.3% | +5.9pp |
| Cash and/or Derivatives | 0.3% | 2.9% | −2.6pp |
| Cash & Other | 0.0% | -2.3% | +2.3pp |
| Utilities | 3.9% | 2.6% | +1.3pp |
| Supranational | 1.8% | 0.9% | +0.9pp |
Δ is BIV minus TSPF, 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
0.2% of BIV by weight, held in no part of TSPF.
29.8% of TSPF 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 | TSPF | |
|---|---|---|
| Top 10 holdings | 62.1% | 75.5% |
| Positions held | 854 | 1,865 |
| Cost per $10,000 held, per year | $3 | $5 |
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 TSPF overlap?
BIV and TSPF overlap 44.9% by portfolio weight — moderate overlap. They share 843 holdings. The figure comes from current issuer holdings files (BIV as of 2026-06-30, TSPF as of 2026-07-27).
How is the overlap between BIV and TSPF 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 TSPF 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 TSPF?
That depends on your goals — we state facts, not advice. At 44.9% overlap, each fund still contributes meaningfully distinct exposure.
What does BIV own that TSPF doesn't?
BIV holds 854 positions and TSPF holds 1,865; 11 of BIV's positions don't appear in TSPF at all, and they are 0.2% of BIV by weight.
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Related comparisons
Sources: issuer holdings files, BIV as of 2026-06-30, TSPF as of 2026-07-27. Weights are fractions of each fund. Diagnostics, not advice.