BNDX vs VCSH: 3% overlap
Vanguard Total International Bond ETF and Vanguard Short-Term Corporate Bond ETF share 2.7% 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 VCSH hold 98 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in VCSH | Δ |
|---|---|---|---|
| CASH | 1.3% | 1.1% | 0.3% |
| 02079K | 0.1% | 0.4% | 0.3% |
| 92343V | 0.1% | 0.4% | 0.3% |
| 023135 | 0.1% | 1.0% | 0.9% |
| 00206R | 0.1% | 0.5% | 0.4% |
| 459200 | 0.1% | 0.4% | 0.3% |
| 89116C | 0.0% | 0.1% | 0.0% |
| 756109 | 0.0% | 0.3% | 0.3% |
| 87264A | 0.0% | 0.7% | 0.6% |
| 13645R | 0.0% | 0.1% | 0.0% |
Where BNDX and VCSH 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 | VCSH | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 0.3% | +88.1pp |
| Corporate — industrial & other | 2.0% | 50.5% | −48.5pp |
| Financials | 2.0% | 40.5% | −38.5pp |
| Utilities | 0.2% | 7.3% | −7.0pp |
| Sovereign | 2.3% | 0.0% | +2.3pp |
| Supranational | 0.8% | 0.0% | +0.8pp |
| Local Authority | 0.7% | 0.0% | +0.7pp |
| Energy | 0.7% | 0.0% | +0.7pp |
Δ is BNDX minus VCSH, 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
97.0% of BNDX by weight, held in no part of VCSH.
77.4% of VCSH 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 | VCSH | |
|---|---|---|
| Top 10 holdings | 24.4% | 14.7% |
| Positions held | 3,115 | 933 |
| 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 VCSH overlap?
BNDX and VCSH overlap 2.7% by portfolio weight — largely distinct portfolios. They share 98 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, VCSH as of 2026-06-30).
How is the overlap between BNDX and VCSH 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 VCSH 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 VCSH?
That depends on your goals — we state facts, not advice. At 2.7% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that VCSH doesn't?
BNDX holds 3,115 positions and VCSH holds 933; 3,017 of BNDX's positions don't appear in VCSH at all, and they are 97.0% of BNDX by weight.
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, VCSH as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.