TLT vs VFORX: 2% overlap
iShares 20+ Year Treasury Bond ETF and Vanguard Target Retirement 2040 share 1.8% 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 — VFORX as of 2026-03-31, the rest through 2026-07-23. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
TLT and VFORX hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in TLT | in VFORX | Δ |
|---|---|---|---|
| UST-10Y+ | 100.0% | 1.8% | 98.2% |
| CASH | 0.0% | 1.8% | 1.8% |
Where TLT 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 | TLT | VFORX | Δ |
|---|---|---|---|
| Treasuries | 100.0% | 8.7% | +91.3pp |
| Information Technology | 0.0% | 21.6% | −21.6pp |
| Financials | 0.0% | 12.7% | −12.7pp |
| Unclassified | 0.0% | 9.7% | −9.7pp |
| Industrials | 0.0% | 8.7% | −8.7pp |
| Consumer Discretionary | 0.0% | 6.3% | −6.3pp |
| Health Care | 0.0% | 5.8% | −5.8pp |
| Communication Services | 0.0% | 4.9% | −4.9pp |
Δ is TLT 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
0.0% of TLT by weight, held in no part of VFORX.
96.2% of VFORX by weight, held in no part of TLT.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| TLT | VFORX | |
|---|---|---|
| Top 10 holdings | 100.0% | 23.9% |
| Positions held | 3 | 6 |
| Cost per $10,000 held, per year | $15 | $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 TLT and VFORX overlap?
TLT and VFORX overlap 1.8% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (TLT as of 2026-07-23, VFORX as of 2026-03-31).
How is the overlap between TLT and VFORX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If TLT 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 TLT and VFORX?
That depends on your goals — we state facts, not advice. At 1.8% overlap, each fund still contributes meaningfully distinct exposure.
What does TLT own that VFORX doesn't?
TLT holds 3 positions and VFORX holds 6; 0 of TLT's positions don't appear in VFORX at all, and they are 0.0% of TLT by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, TLT as of 2026-07-23, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.