BNDX vs FXNAX: 3% overlap
Vanguard Total International Bond ETF and Fidelity U.S. Bond Index share 3.1% 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 4 months apart — FXNAX as of 2026-02-28, 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
BNDX and FXNAX hold 103 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in FXNAX | Δ |
|---|---|---|---|
| CASH | 1.3% | 1.3% | 0.0% |
| 02079K | 0.1% | 0.2% | 0.1% |
| 92343V | 0.1% | 0.3% | 0.1% |
| 023135 | 0.1% | 0.2% | 0.1% |
| 91087B | 0.1% | 0.2% | 0.2% |
| 00206R | 0.1% | 0.2% | 0.2% |
| 683234 | 0.1% | 0.1% | 0.1% |
| 459200 | 0.1% | 0.1% | 0.1% |
| 110709 | 0.2% | 0.0% | 0.1% |
| 756109 | 0.0% | 0.1% | 0.0% |
Where BNDX and FXNAX 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 | BNDX | FXNAX | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 9.5% | +78.9pp |
| Treasuries | 0.0% | 45.4% | −45.4pp |
| MBS Pass-Through | 0.0% | 16.5% | −16.5pp |
| Corporate — industrial & other | 2.0% | 14.1% | −12.2pp |
| Financials | 2.0% | 8.6% | −6.6pp |
| Utilities | 0.2% | 2.5% | −2.3pp |
| Sovereign | 2.3% | 1.1% | +1.2pp |
| Energy | 0.7% | 0.0% | +0.7pp |
Δ is BNDX minus FXNAX, 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
96.6% of BNDX by weight, held in no part of FXNAX.
92.7% of FXNAX by weight, held in no part of BNDX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| BNDX | FXNAX | |
|---|---|---|
| Top 10 holdings | 24.4% | 69.4% |
| Positions held | 3,115 | 1,266 |
| Cost per $10,000 held, per year | $7 | $3 |
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 BNDX and FXNAX overlap?
BNDX and FXNAX overlap 3.1% by portfolio weight — largely distinct portfolios. They share 103 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, FXNAX as of 2026-02-28).
How is the overlap between BNDX and FXNAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If BNDX holds a stock at 6% and FXNAX 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 BNDX and FXNAX?
That depends on your goals — we state facts, not advice. At 3.1% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that FXNAX doesn't?
BNDX holds 3,115 positions and FXNAX holds 1,266; 3,012 of BNDX's positions don't appear in FXNAX at all, and they are 96.6% of BNDX by weight.
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, FXNAX as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.