BND vs TSPS: 1% overlap
Vanguard Total Bond Market ETF and TSP S Fund — shown via extended-market proxy share 1.1% 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 TSPS hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BND | in TSPS | Δ |
|---|---|---|---|
| CASH | 1.1% | 3.8% | 2.7% |
Where BND and TSPS 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 | TSPS | Δ |
|---|---|---|---|
| Treasuries | 48.2% | 0.0% | +48.2pp |
| MBS Pass-Through | 20.3% | 0.0% | +20.3pp |
| Industrials | 0.0% | 19.8% | −19.8pp |
| Information Technology | 0.0% | 17.6% | −17.6pp |
| Corporate — industrial & other | 14.6% | 0.0% | +14.6pp |
| Health Care | 0.0% | 13.2% | −13.2pp |
| Consumer Discretionary | 0.0% | 8.8% | −8.8pp |
| Financials | 7.9% | 13.9% | −6.0pp |
Δ is BND minus TSPS, 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
98.9% of BND by weight, held in no part of TSPS.
96.2% of TSPS 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 | TSPS | |
|---|---|---|
| Top 10 holdings | 71.7% | 10.6% |
| Positions held | 2,047 | 3,327 |
| 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 TSPS overlap?
BND and TSPS overlap 1.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (BND as of 2026-06-30, TSPS as of 2026-06-30).
How is the overlap between BND and TSPS 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 TSPS 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 TSPS?
That depends on your goals — we state facts, not advice. At 1.1% overlap, each fund still contributes meaningfully distinct exposure.
What does BND own that TSPS doesn't?
BND holds 2,047 positions and TSPS holds 3,327; 2,046 of BND's positions don't appear in TSPS at all, and they are 98.9% of BND by weight.
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Related comparisons
Sources: issuer holdings files, BND as of 2026-06-30, TSPS as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.