BNDX vs VTIVX: 9% overlap
Vanguard Total International Bond ETF and Vanguard Target Retirement 2045 share 8.6% 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 — VTIVX 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
BNDX and VTIVX hold 3,115 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in VTIVX | Δ |
|---|---|---|---|
| CASH | 1.3% | 1.9% | 0.6% |
| JGB | 5.0% | 0.3% | 4.8% |
| FRTR | 4.1% | 0.2% | 3.8% |
| BTPS | 3.0% | 0.2% | 2.8% |
| UKT | 2.4% | 0.1% | 2.3% |
| SPGB | 2.3% | 0.1% | 2.2% |
| 135087 | 2.1% | 0.1% | 2.0% |
| DBR | 1.7% | 0.1% | 1.6% |
| BNP | 0.1% | 0.1% | 0.1% |
| BAC | 0.1% | 0.2% | 0.2% |
Where BNDX and VTIVX 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 | VTIVX | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 8.0% | +80.4pp |
| Information Technology | 0.1% | 23.8% | −23.7pp |
| Financials | 2.0% | 13.3% | −11.3pp |
| Industrials | 0.0% | 9.6% | −9.5pp |
| Consumer Discretionary | 0.2% | 6.9% | −6.7pp |
| Treasuries | 0.0% | 6.2% | −6.2pp |
| Health Care | 0.2% | 6.3% | −6.2pp |
| Communication Services | 0.1% | 5.4% | −5.3pp |
Δ is BNDX minus VTIVX, 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
0.0% of BNDX by weight, held in no part of VTIVX.
80.5% of VTIVX 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 | VTIVX | |
|---|---|---|
| Top 10 holdings | 24.4% | 21.4% |
| Positions held | 3,115 | 6 |
| Cost per $10,000 held, per year | $7 | $8 |
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 VTIVX overlap?
BNDX and VTIVX overlap 8.6% by portfolio weight — largely distinct portfolios. They share 3,115 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, VTIVX as of 2026-03-31).
How is the overlap between BNDX and VTIVX 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 VTIVX 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 VTIVX?
That depends on your goals — we state facts, not advice. At 8.6% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that VTIVX doesn't?
BNDX holds 3,115 positions and VTIVX holds 6; 0 of BNDX's positions don't appear in VTIVX at all, and they are 0.0% of BNDX by weight.
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, VTIVX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.