BNDX vs XLU: 0% overlap
Vanguard Total International Bond ETF and Utilities Select Sector SPDR Fund share 0.3% 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 XLU hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in BNDX | in XLU | Δ |
|---|---|---|---|
| CASH | 1.3% | 0.3% | 1.0% |
| SO | 0.0% | 7.5% | 7.5% |
Where BNDX and XLU 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 | XLU | Δ |
|---|---|---|---|
| Utilities | 0.2% | 99.7% | −99.4pp |
| 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% | 0.3% | +1.0pp |
| Supranational | 0.8% | 0.0% | +0.8pp |
| Local Authority | 0.7% | 0.0% | +0.7pp |
Δ is BNDX minus XLU, 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
98.7% of BNDX by weight, held in no part of XLU.
92.1% of XLU 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 | XLU | |
|---|---|---|
| Top 10 holdings | 24.4% | 58.0% |
| Positions held | 3,115 | 33 |
| 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 XLU overlap?
BNDX and XLU overlap 0.3% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (BNDX as of 2026-06-30, XLU as of 2026-07-23).
How is the overlap between BNDX and XLU 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 XLU 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 XLU?
That depends on your goals — we state facts, not advice. At 0.3% overlap, each fund still contributes meaningfully distinct exposure.
What does BNDX own that XLU doesn't?
BNDX holds 3,115 positions and XLU holds 33; 3,113 of BNDX's positions don't appear in XLU at all, and they are 98.7% 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, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.