BNDX vs VFMO: 2% overlap
Vanguard Total International Bond ETF and Vanguard U.S. Momentum Factor ETF share 1.7% 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 3 months apart — VFMO as of 2026-03-31, 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 VFMO hold 16 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in VFMO | Δ |
|---|---|---|---|
| CASH | 1.3% | 1.4% | 0.0% |
| SEB | 0.1% | 0.3% | 0.2% |
| MS | 0.1% | 0.4% | 0.3% |
| JPM | 0.1% | 0.2% | 0.2% |
| GS | 0.0% | 0.2% | 0.1% |
| CRH | 0.0% | 0.1% | 0.0% |
| GE | 0.0% | 0.6% | 0.6% |
| SLB | 0.0% | 0.6% | 0.6% |
| GM | 0.0% | 0.8% | 0.8% |
| C | 0.0% | 0.3% | 0.3% |
Where BNDX and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 0.9% | +87.6pp |
| Industrials | 0.0% | 24.4% | −24.4pp |
| Health Care | 0.2% | 22.3% | −22.1pp |
| Information Technology | 0.1% | 17.0% | −16.9pp |
| Consumer Discretionary | 0.2% | 7.8% | −7.6pp |
| Energy | 0.7% | 7.7% | −7.0pp |
| Materials | 0.1% | 6.2% | −6.1pp |
| Financials | 2.0% | 6.3% | −4.3pp |
Δ is BNDX minus VFMO, 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
98.3% of BNDX by weight, held in no part of VFMO.
93.6% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 24.4% | 10.2% |
| Positions held | 3,115 | 672 |
| Cost per $10,000 held, per year | $7 | $13 |
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 VFMO overlap?
BNDX and VFMO overlap 1.7% by portfolio weight — largely distinct portfolios. They share 16 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, VFMO as of 2026-03-31).
How is the overlap between BNDX and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 1.7% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that VFMO doesn't?
BNDX holds 3,115 positions and VFMO holds 672; 3,099 of BNDX's positions don't appear in VFMO at all, and they are 98.3% of BNDX by weight.
You probably hold more than two funds
This page compares BNDX and VFMO. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch BNDX vs VFMO
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.