BNDX vs XLC: 0% overlap
Vanguard Total International Bond ETF and Communication Services Select Sector SPDR Fund share 0.2% 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 XLC hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in XLC | Δ |
|---|---|---|---|
| CASH | 1.3% | 0.2% | 1.2% |
| VZ | 0.0% | 4.6% | 4.6% |
| T | 0.0% | 4.9% | 4.8% |
| NFLX | 0.0% | 4.3% | 4.3% |
| CMCSA | 0.0% | 4.2% | 4.2% |
Where BNDX and XLC 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 | XLC | Δ |
|---|---|---|---|
| Communication Services | 0.1% | 99.8% | −99.7pp |
| Unclassified | 88.4% | 0.0% | +88.4pp |
| Sovereign | 2.3% | 0.0% | +2.3pp |
| Financials | 2.0% | 0.0% | +2.0pp |
| Corporate — industrial & other | 2.0% | 0.0% | +2.0pp |
| Cash and/or Derivatives | 1.4% | 0.2% | +1.2pp |
| Supranational | 0.8% | 0.0% | +0.8pp |
| Local Authority | 0.7% | 0.0% | +0.7pp |
Δ is BNDX minus XLC, 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
98.6% of BNDX by weight, held in no part of XLC.
81.9% of XLC 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 | XLC | |
|---|---|---|
| Top 10 holdings | 24.4% | 68.6% |
| Positions held | 3,115 | 25 |
| 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 XLC overlap?
BNDX and XLC overlap 0.2% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, XLC as of 2026-07-23).
How is the overlap between BNDX and XLC 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 XLC 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 XLC?
That depends on your goals — we state facts, not advice. At 0.2% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that XLC doesn't?
BNDX holds 3,115 positions and XLC holds 25; 3,110 of BNDX's positions don't appear in XLC at all, and they are 98.6% of BNDX by weight.
You probably hold more than two funds
This page compares BNDX and XLC. 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 XLC
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, XLC as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.