SWAGX vs VFORX: 11% overlap
Schwab U.S. Aggregate Bond Index and Vanguard Target Retirement 2040 share 10.9% 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 — SWAGX 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SWAGX and VFORX hold 1,451 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWAGX | in VFORX | Δ |
|---|---|---|---|
| AGENCY-MBS | 19.2% | 3.7% | 15.6% |
| CASH | 2.1% | 1.8% | 0.2% |
| 46647P | 0.5% | 0.1% | 0.4% |
| 06051G | 0.5% | 0.1% | 0.4% |
| 459058 | 0.3% | 0.1% | 0.3% |
| 68389X | 0.3% | 0.1% | 0.2% |
| 023135 | 0.2% | 0.1% | 0.1% |
| 298785 | 0.3% | 0.1% | 0.3% |
| 38141G | 0.3% | 0.1% | 0.3% |
| 00206R | 0.3% | 0.1% | 0.2% |
Where SWAGX and VFORX 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 | SWAGX | VFORX | Δ |
|---|---|---|---|
| Treasuries | 45.7% | 8.7% | +37.0pp |
| Information Technology | 0.0% | 21.6% | −21.6pp |
| MBS Pass-Through | 19.2% | 3.7% | +15.6pp |
| Corporate — industrial & other | 13.3% | 2.8% | +10.5pp |
| Industrials | 0.0% | 8.7% | −8.7pp |
| Consumer Discretionary | 0.0% | 6.3% | −6.3pp |
| Health Care | 0.0% | 5.8% | −5.8pp |
| Financials | 7.5% | 12.7% | −5.2pp |
Δ is SWAGX minus VFORX, 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
51.9% of SWAGX by weight, held in no part of VFORX.
88.8% of VFORX by weight, held in no part of SWAGX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SWAGX | VFORX | |
|---|---|---|
| Top 10 holdings | 71.4% | 23.9% |
| Positions held | 1,604 | 6 |
| Cost per $10,000 held, per year | $4 | $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 SWAGX and VFORX overlap?
SWAGX and VFORX overlap 10.9% by portfolio weight — largely distinct portfolios. They share 1,451 holdings. The figure comes from current issuer holdings files (SWAGX as of 2026-02-28, VFORX as of 2026-03-31).
How is the overlap between SWAGX and VFORX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SWAGX holds a stock at 6% and VFORX 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 SWAGX and VFORX?
That depends on your goals — we state facts, not advice. At 10.9% overlap, each fund still contributes meaningfully distinct exposure.
What does SWAGX own that VFORX doesn't?
SWAGX holds 1,604 positions and VFORX holds 6; 153 of SWAGX's positions don't appear in VFORX at all, and they are 51.9% of SWAGX by weight.
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Related comparisons
Sources: issuer holdings files, SWAGX as of 2026-02-28, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.