BIV vs VCSH: 35% overlap
Vanguard Intermediate-Term Bond ETF and Vanguard Short-Term Corporate Bond ETF share 34.5% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BIV and VCSH hold 616 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BIV | in VCSH | Δ |
|---|---|---|---|
| 46647P | 1.1% | 2.7% | 1.6% |
| 06051G | 0.9% | 2.4% | 1.5% |
| 61747Y | 0.8% | 1.0% | 0.2% |
| 38141G | 0.6% | 1.5% | 0.9% |
| 404280 | 0.6% | 1.6% | 0.9% |
| 95000U | 0.6% | 1.4% | 0.8% |
| 11135F | 0.5% | 0.5% | 0.1% |
| 68389X | 0.5% | 0.9% | 0.4% |
| 92343V | 0.4% | 0.4% | 0.0% |
| 30303M | 0.5% | 0.4% | 0.1% |
Where BIV 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 | BIV | VCSH | Δ |
|---|---|---|---|
| Treasuries | 55.9% | 0.4% | +55.6pp |
| Corporate — industrial & other | 20.2% | 50.5% | −30.3pp |
| Financials | 14.3% | 40.5% | −26.2pp |
| Utilities | 3.9% | 7.3% | −3.4pp |
| Sovereign | 1.9% | 0.0% | +1.9pp |
| Supranational | 1.8% | 0.0% | +1.8pp |
| Cash and/or Derivatives | 0.3% | 1.1% | −0.8pp |
| Local Authority | 0.8% | 0.0% | +0.8pp |
Δ is BIV 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
8.0% of BIV by weight, held in no part of VCSH.
13.7% of VCSH 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 | VCSH | |
|---|---|---|
| Top 10 holdings | 62.1% | 14.7% |
| Positions held | 854 | 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 BIV and VCSH overlap?
BIV and VCSH overlap 34.5% by portfolio weight — moderate overlap. They share 616 holdings. The figure comes from current issuer holdings files (BIV as of 2026-06-30, VCSH as of 2026-06-30).
How is the overlap between BIV and VCSH 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 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 BIV and VCSH?
That depends on your goals — we state facts, not advice. At 34.5% overlap, each fund still contributes meaningfully distinct exposure.
What does BIV own that VCSH doesn't?
BIV holds 854 positions and VCSH holds 933; 238 of BIV's positions don't appear in VCSH at all, and they are 8.0% of BIV by weight.
You probably hold more than two funds
This page compares BIV and VCSH. 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 VCSH
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, VCSH as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.