BND vs BNDX: 3% overlap
Vanguard Total Bond Market ETF and Vanguard Total International Bond ETF share 3.0% 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
BND and BNDX hold 129 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BND | in BNDX | Δ |
|---|---|---|---|
| CASH | 1.1% | 1.3% | 0.2% |
| 02079K | 0.1% | 0.1% | 0.0% |
| 92343V | 0.2% | 0.1% | 0.1% |
| 023135 | 0.3% | 0.1% | 0.2% |
| 91087B | 0.3% | 0.1% | 0.2% |
| 683234 | 0.1% | 0.1% | 0.0% |
| 00206R | 0.3% | 0.1% | 0.2% |
| 459200 | 0.1% | 0.1% | 0.0% |
| 110709 | 0.0% | 0.2% | 0.1% |
| 756109 | 0.0% | 0.0% | 0.0% |
Where BND 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 | BND | BNDX | Δ |
|---|---|---|---|
| Unclassified | 0.7% | 88.4% | −87.7pp |
| Treasuries | 48.2% | 0.0% | +48.2pp |
| MBS Pass-Through | 20.3% | 0.0% | +20.3pp |
| Corporate — industrial & other | 14.6% | 2.0% | +12.7pp |
| Financials | 7.9% | 2.0% | +5.9pp |
| Utilities | 2.6% | 0.2% | +2.4pp |
| Sovereign | 1.2% | 2.3% | −1.2pp |
| Energy | 0.0% | 0.7% | −0.7pp |
Δ is BND 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
91.9% of BND by weight, held in no part of BNDX.
93.9% of BNDX by weight, held in no part of BND.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| BND | BNDX | |
|---|---|---|
| Top 10 holdings | 71.7% | 24.4% |
| Positions held | 2,047 | 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 BND and BNDX overlap?
BND and BNDX overlap 3.0% by portfolio weight — largely distinct portfolios. They share 129 holdings. The figure comes from current issuer holdings files (BND as of 2026-06-30, BNDX as of 2026-06-30).
How is the overlap between BND and BNDX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If BND 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 BND and BNDX?
That depends on your goals — we state facts, not advice. At 3.0% overlap, each fund still contributes meaningfully distinct exposure.
What does BND own that BNDX doesn't?
BND holds 2,047 positions and BNDX holds 3,115; 1,918 of BND's positions don't appear in BNDX at all, and they are 91.9% of BND by weight.
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Related comparisons
Sources: issuer holdings files, BND as of 2026-06-30, BNDX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.