FXNAX vs VTWNX: 18% overlap
Fidelity U.S. Bond Index and Vanguard Target Retirement 2020 share 17.8% 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 4 months apart — FXNAX as of 2026-02-28, 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FXNAX and VTWNX hold 847 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXNAX | in VTWNX | Δ |
|---|---|---|---|
| AGENCY-MBS | 16.5% | 7.2% | 9.3% |
| CASH | 1.3% | 1.7% | 0.3% |
| 46647P | 0.6% | 0.2% | 0.4% |
| 06051G | 0.6% | 0.2% | 0.4% |
| 459058 | 0.1% | 0.1% | 0.0% |
| 68389X | 0.4% | 0.1% | 0.2% |
| 023135 | 0.2% | 0.1% | 0.1% |
| 38141G | 0.4% | 0.1% | 0.3% |
| 00206R | 0.2% | 0.1% | 0.1% |
| 91087B | 0.2% | 0.1% | 0.1% |
Where FXNAX and VTWNX 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 | FXNAX | VTWNX | Δ |
|---|---|---|---|
| Treasuries | 45.4% | 17.1% | +28.3pp |
| Unclassified | 9.5% | 29.8% | −20.2pp |
| Information Technology | 0.0% | 10.0% | −10.0pp |
| MBS Pass-Through | 16.5% | 7.2% | +9.3pp |
| Corporate — industrial & other | 14.1% | 5.5% | +8.7pp |
| Industrials | 0.0% | 4.0% | −4.0pp |
| Consumer Discretionary | 0.0% | 2.9% | −2.9pp |
| Health Care | 0.0% | 2.7% | −2.7pp |
Δ is FXNAX minus VTWNX, 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
54.7% of FXNAX by weight, held in no part of VTWNX.
81.6% of VTWNX by weight, held in no part of FXNAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FXNAX | VTWNX | |
|---|---|---|
| Top 10 holdings | 69.4% | 44.9% |
| Positions held | 1,266 | 7 |
| Cost per $10,000 held, per year | $3 | $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 FXNAX and VTWNX overlap?
FXNAX and VTWNX overlap 17.8% by portfolio weight — moderate overlap. They share 847 holdings. The figure comes from current issuer holdings files (FXNAX as of 2026-02-28, VTWNX as of 2026-03-31).
How is the overlap between FXNAX and VTWNX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FXNAX holds a stock at 6% and VTWNX 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 FXNAX and VTWNX?
That depends on your goals — we state facts, not advice. At 17.8% overlap, each fund still contributes meaningfully distinct exposure.
What does FXNAX own that VTWNX doesn't?
FXNAX holds 1,266 positions and VTWNX holds 7; 419 of FXNAX's positions don't appear in VTWNX at all, and they are 54.7% of FXNAX by weight.
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Related comparisons
Sources: issuer holdings files, FXNAX as of 2026-02-28, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.