BND vs SMH: 0% overlap
Vanguard Total Bond Market ETF and VanEck Semiconductor ETF share 0.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 3 months apart — SMH as of 2026-03-31, the rest through 2026-06-30. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BND and SMH hold 0 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BND | in SMH | Δ |
|---|
Where BND and SMH 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 | SMH | Δ |
|---|---|---|---|
| Information Technology | 0.0% | 92.8% | −92.8pp |
| Treasuries | 48.2% | 0.0% | +48.2pp |
| MBS Pass-Through | 20.3% | 0.0% | +20.3pp |
| Corporate — industrial & other | 14.6% | 0.0% | +14.6pp |
| Financials | 7.9% | 0.0% | +7.9pp |
| Unclassified | 0.7% | 7.2% | −6.5pp |
| Utilities | 2.6% | 0.0% | +2.6pp |
| Supranational | 1.4% | 0.0% | +1.4pp |
Δ is BND minus SMH, 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
100.0% of BND by weight, held in no part of SMH.
100.0% of SMH 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 | SMH | |
|---|---|---|
| Top 10 holdings | 71.7% | 72.2% |
| Positions held | 2,047 | 26 |
| Cost per $10,000 held, per year | $3 | $35 |
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 SMH overlap?
BND and SMH overlap 0.0% by portfolio weight — largely distinct portfolios. They share 0 holdings. The figure comes from current issuer holdings files (BND as of 2026-06-30, SMH as of 2026-03-31).
How is the overlap between BND and SMH 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 SMH 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 SMH?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does BND own that SMH doesn't?
BND holds 2,047 positions and SMH holds 26; 2,047 of BND's positions don't appear in SMH at all, and they are 100.0% of BND by weight.
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Related comparisons
Sources: issuer holdings files, BND as of 2026-06-30, SMH as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.