BNDX vs TSPF: 3% overlap
Vanguard Total International Bond ETF and TSP F Fund — shown via aggregate-bond proxy share 3.2% 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 TSPF hold 128 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in TSPF | Δ |
|---|---|---|---|
| CASH | 1.3% | 2.7% | 1.3% |
| 02079K | 0.1% | 0.1% | 0.0% |
| 92343V | 0.1% | 0.3% | 0.1% |
| 023135 | 0.1% | 0.3% | 0.2% |
| 91087B | 0.1% | 0.2% | 0.1% |
| 00206R | 0.1% | 0.3% | 0.2% |
| 459200 | 0.1% | 0.1% | 0.0% |
| 683234 | 0.1% | 0.0% | 0.1% |
| 756109 | 0.0% | 0.0% | 0.0% |
| 110709 | 0.2% | 0.0% | 0.1% |
Where BNDX 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 | BNDX | TSPF | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 0.0% | +88.4pp |
| Treasuries | 0.0% | 46.5% | −46.5pp |
| MBS Pass-Through | 0.0% | 24.1% | −24.1pp |
| Corporate — industrial & other | 2.0% | 14.3% | −12.3pp |
| Financials | 2.0% | 8.0% | −6.0pp |
| Utilities | 0.2% | 2.5% | −2.3pp |
| Cash & Other | 0.0% | -2.1% | +2.1pp |
| Cash and/or Derivatives | 1.4% | 2.7% | −1.3pp |
Δ is BNDX 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
93.8% of BNDX by weight, held in no part of TSPF.
92.6% of TSPF 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 | TSPF | |
|---|---|---|
| Top 10 holdings | 24.4% | 75.3% |
| Positions held | 3,115 | 1,864 |
| Cost per $10,000 held, per year | $7 | $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 BNDX and TSPF overlap?
BNDX and TSPF overlap 3.2% by portfolio weight — largely distinct portfolios. They share 128 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, TSPF as of 2026-07-23).
How is the overlap between BNDX and TSPF 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 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 BNDX and TSPF?
That depends on your goals — we state facts, not advice. At 3.2% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that TSPF doesn't?
BNDX holds 3,115 positions and TSPF holds 1,864; 2,987 of BNDX's positions don't appear in TSPF at all, and they are 93.8% of BNDX by weight.
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, TSPF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.