BNDX vs VWO: 1% overlap
Vanguard Total International Bond ETF and Vanguard FTSE Emerging Markets ETF share 1.4% 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 VWO hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in VWO | Δ |
|---|---|---|---|
| CASH | 1.3% | 4.2% | 2.8% |
| VOD | 0.0% | 0.0% | 0.0% |
| CHILE | 0.0% | 0.1% | 0.1% |
| SPG | 0.0% | 0.0% | 0.0% |
| BTPS | 3.0% | 0.0% | 3.0% |
Where BNDX and VWO 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 | VWO | Δ |
|---|---|---|---|
| Unclassified | 88.4% | 9.3% | +79.1pp |
| Information Technology | 0.1% | 31.6% | −31.5pp |
| Financials | 2.0% | 17.2% | −15.2pp |
| Consumer Discretionary | 0.2% | 7.9% | −7.7pp |
| Industrials | 0.0% | 5.9% | −5.8pp |
| Materials | 0.1% | 5.7% | −5.6pp |
| Communication Services | 0.1% | 5.4% | −5.3pp |
| Cash and/or Derivatives | 1.4% | 4.2% | −2.8pp |
Δ is BNDX minus VWO, 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
95.6% of BNDX by weight, held in no part of VWO.
95.7% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 24.4% | 30.3% |
| Positions held | 3,115 | 5,003 |
| Cost per $10,000 held, per year | $7 | $6 |
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 VWO overlap?
BNDX and VWO overlap 1.4% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, VWO as of 2026-06-30).
How is the overlap between BNDX and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 1.4% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that VWO doesn't?
BNDX holds 3,115 positions and VWO holds 5,003; 3,110 of BNDX's positions don't appear in VWO at all, and they are 95.6% of BNDX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, BNDX as of 2026-06-30, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.