BNDX vs IWD: 1% overlap
Vanguard Total International Bond ETF and iShares Russell 1000 Value ETF share 0.8% 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
BNDX and IWD hold 41 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in IWD | Δ |
|---|---|---|---|
| BAC | 0.1% | 1.0% | 1.0% |
| CASH | 1.3% | 0.1% | 1.3% |
| MS | 0.1% | 0.7% | 0.6% |
| JPM | 0.1% | 2.6% | 2.5% |
| Q | 0.0% | 0.1% | 0.0% |
| GS | 0.0% | 0.9% | 0.8% |
| MCD | 0.0% | 0.5% | 0.5% |
| CRH | 0.0% | 0.2% | 0.1% |
| MET | 0.0% | 0.1% | 0.1% |
| DLR | 0.0% | 0.2% | 0.2% |
Where BNDX and IWD 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 | IWD | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 0.0% | +88.4pp |
| Information Technology | 0.1% | 18.0% | −17.9pp |
| Financials | 2.0% | 19.6% | −17.6pp |
| Health Care | 0.2% | 12.7% | −12.6pp |
| Industrials | 0.0% | 11.3% | −11.3pp |
| Consumer Discretionary | 0.2% | 10.2% | −9.9pp |
| Consumer Staples | 0.1% | 7.4% | −7.3pp |
| Energy | 0.7% | 6.1% | −5.4pp |
Δ is BNDX minus IWD, 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
97.9% of BNDX by weight, held in no part of IWD.
73.1% of IWD 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 | IWD | |
|---|---|---|
| Top 10 holdings | 24.4% | 27.8% |
| Positions held | 3,115 | 872 |
| Cost per $10,000 held, per year | $7 | $19 |
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 IWD overlap?
BNDX and IWD overlap 0.8% by portfolio weight — largely distinct portfolios. They share 41 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, IWD as of 2026-07-23).
How is the overlap between BNDX and IWD 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 IWD 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 IWD?
That depends on your goals — we state facts, not advice. At 0.8% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that IWD doesn't?
BNDX holds 3,115 positions and IWD holds 872; 3,074 of BNDX's positions don't appear in IWD at all, and they are 97.9% of BNDX by weight.
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, IWD as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.