BND vs TSPF: 94% overlap
Vanguard Total Bond Market ETF and TSP F Fund — shown via aggregate-bond proxy share 93.9% 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BND and TSPF hold 1,682 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BND | in TSPF | Δ |
|---|---|---|---|
| UST-3-10Y | 21.3% | 21.0% | 0.2% |
| AGENCY-MBS | 20.3% | 24.1% | 3.7% |
| UST-0-3Y | 16.7% | 16.1% | 0.6% |
| UST-10Y+ | 10.2% | 9.3% | 0.9% |
| CASH | 1.1% | 2.7% | 1.6% |
| 46647P | 0.6% | 0.5% | 0.0% |
| 06051G | 0.5% | 0.5% | 0.0% |
| 68389X | 0.3% | 0.3% | 0.0% |
| 38141G | 0.3% | 0.3% | 0.0% |
| 459058 | 0.4% | 0.3% | 0.1% |
Where BND 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 | BND | TSPF | Δ |
|---|---|---|---|
| MBS Pass-Through | 20.3% | 24.1% | −3.7pp |
| Cash & Other | 0.0% | -2.1% | +2.1pp |
| Treasuries | 48.2% | 46.5% | +1.7pp |
| Cash and/or Derivatives | 1.1% | 2.7% | −1.6pp |
| Unclassified | 0.7% | 0.0% | +0.7pp |
| Supranational | 1.4% | 0.9% | +0.5pp |
| Corporate — industrial & other | 14.6% | 14.3% | +0.4pp |
| CMBS | 0.4% | 0.7% | −0.3pp |
Δ is BND 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
0.7% of BND by weight, held in no part of TSPF.
0.4% of TSPF 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 | TSPF | |
|---|---|---|
| Top 10 holdings | 71.7% | 75.3% |
| Positions held | 2,047 | 1,864 |
| 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 BND and TSPF overlap?
BND and TSPF overlap 93.9% by portfolio weight — they are effectively the same fund. They share 1,682 holdings. The figure comes from current issuer holdings files (BND as of 2026-06-30, TSPF as of 2026-07-23).
How is the overlap between BND and TSPF 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 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 BND and TSPF?
That depends on your goals — we state facts, not advice. At 93.9% overlap, most of what one fund holds, the other holds too. Expense ratios: BND 0.03% versus TSPF 0.05%.
What does BND own that TSPF doesn't?
BND holds 2,047 positions and TSPF holds 1,864; 365 of BND's positions don't appear in TSPF at all, and they are 0.7% of BND by weight.
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Related comparisons
Sources: issuer holdings files, BND as of 2026-06-30, TSPF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.