IVE vs TLT: 0% overlap
iShares S&P 500 Value ETF and iShares 20+ Year Treasury Bond ETF share 0.0% 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
IVE and TLT hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVE | in TLT | Δ |
|---|---|---|---|
| CASH | 0.2% | 0.0% | 0.2% |
Where IVE and TLT 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 | IVE | TLT | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 100.0% | −100.0pp |
| Information Technology | 19.8% | 0.0% | +19.8pp |
| Financials | 16.1% | 0.0% | +16.1pp |
| Health Care | 12.5% | 0.0% | +12.5pp |
| Industrials | 11.5% | 0.0% | +11.5pp |
| Consumer Discretionary | 9.6% | 0.0% | +9.6pp |
| Consumer Staples | 8.7% | 0.0% | +8.7pp |
| Energy | 7.4% | 0.0% | +7.4pp |
Δ is IVE minus TLT, 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
99.8% of IVE by weight, held in no part of TLT.
100.0% of TLT by weight, held in no part of IVE.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVE | TLT | |
|---|---|---|
| Top 10 holdings | 23.7% | 100.0% |
| Positions held | 440 | 3 |
| Cost per $10,000 held, per year | $18 | $15 |
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 IVE and TLT overlap?
IVE and TLT overlap 0.0% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (IVE as of 2026-07-23, TLT as of 2026-07-23).
How is the overlap between IVE and TLT calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVE holds a stock at 6% and TLT 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 IVE and TLT?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does IVE own that TLT doesn't?
IVE holds 440 positions and TLT holds 3; 438 of IVE's positions don't appear in TLT at all, and they are 99.8% of IVE by weight.
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Related comparisons
Sources: issuer holdings files, IVE as of 2026-07-23, TLT as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.