BND vs VBTLX: 100% overlap
Vanguard Total Bond Market ETF and Vanguard Total Bond Market Index Admiral share 100.0% 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 1.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BND and VBTLX hold 2,047 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BND | in VBTLX | Δ |
|---|---|---|---|
| UST-3-10Y | 21.3% | 21.3% | 0.0% |
| AGENCY-MBS | 20.3% | 20.3% | 0.0% |
| UST-0-3Y | 16.7% | 16.7% | 0.0% |
| UST-10Y+ | 10.2% | 10.2% | 0.0% |
| CASH | 1.1% | 1.1% | 0.0% |
| 46647P | 0.6% | 0.6% | 0.0% |
| 06051G | 0.5% | 0.5% | 0.0% |
| 459058 | 0.4% | 0.4% | 0.0% |
| 68389X | 0.3% | 0.3% | 0.0% |
| 298785 | 0.3% | 0.3% | 0.0% |
Where BND and VBTLX 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 | VBTLX | Δ |
|---|---|---|---|
| Corporate — industrial & other | 14.6% | 14.6% | +0.0pp |
| Local Authority | 0.4% | 0.4% | +0.0pp |
| Financials | 7.9% | 7.9% | +0.0pp |
| CMBS | 0.4% | 0.4% | +0.0pp |
| Agency | 0.6% | 0.6% | +0.0pp |
| Utilities | 2.6% | 2.6% | +0.0pp |
| Unclassified | 0.7% | 0.7% | +0.0pp |
| Sovereign | 1.2% | 1.2% | +0.0pp |
Δ is BND minus VBTLX, 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
0.0% of BND by weight, held in no part of VBTLX.
0.0% of VBTLX 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 | VBTLX | |
|---|---|---|
| Top 10 holdings | 71.7% | 71.7% |
| Positions held | 2,047 | 2,047 |
| Cost per $10,000 held, per year | $3 | $4 |
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 VBTLX overlap?
BND and VBTLX overlap 100.0% by portfolio weight — they are effectively the same fund. They share 2,047 holdings. The figure comes from current issuer holdings files (BND as of 2026-06-30, VBTLX as of 2026-06-30).
How is the overlap between BND and VBTLX 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 VBTLX 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 VBTLX?
That depends on your goals — we state facts, not advice. At 100.0% overlap, most of what one fund holds, the other holds too. Expense ratios: BND 0.03% versus VBTLX 0.04%.
What does BND own that VBTLX doesn't?
BND holds 2,047 positions and VBTLX holds 2,047; 0 of BND's positions don't appear in VBTLX at all, and they are 0.0% of BND by weight.
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Related comparisons
Sources: issuer holdings files, BND as of 2026-06-30, VBTLX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.