VBIAX vs VFORX: 15% overlap
Vanguard Balanced Index Admiral and Vanguard Target Retirement 2040 share 14.6% 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 3 months apart — VBIAX, VFORX as of 2026-03-31, 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
VBIAX and VFORX hold 2,221 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBIAX | in VFORX | Δ |
|---|---|---|---|
| AGENCY-MBS | 8.1% | 3.7% | 4.4% |
| CASH | 1.8% | 1.8% | 0.0% |
| LLY | 0.7% | 0.6% | 0.1% |
| IBM | 0.2% | 0.2% | 0.1% |
| APH | 0.1% | 0.1% | 0.0% |
| MCD | 0.2% | 0.1% | 0.1% |
| QCOM | 0.1% | 0.1% | 0.0% |
| TMO | 0.2% | 0.1% | 0.1% |
| 46647P | 0.2% | 0.1% | 0.1% |
| DIS | 0.2% | 0.1% | 0.1% |
Where VBIAX 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 | VBIAX | VFORX | Δ |
|---|---|---|---|
| Unclassified | 55.1% | 9.7% | +45.4pp |
| Information Technology | 1.0% | 21.6% | −20.7pp |
| Treasuries | 19.1% | 8.7% | +10.4pp |
| Financials | 3.6% | 12.7% | −9.1pp |
| Industrials | 0.7% | 8.7% | −8.0pp |
| Consumer Discretionary | 0.5% | 6.3% | −5.8pp |
| Health Care | 1.2% | 5.8% | −4.6pp |
| Communication Services | 0.5% | 4.9% | −4.4pp |
Δ is VBIAX 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
74.0% of VBIAX by weight, held in no part of VFORX.
84.8% of VFORX by weight, held in no part of VBIAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VBIAX | VFORX | |
|---|---|---|
| Top 10 holdings | 45.2% | 23.9% |
| Positions held | 5,119 | 6 |
| 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 VBIAX and VFORX overlap?
VBIAX and VFORX overlap 14.6% by portfolio weight — largely distinct portfolios. They share 2,221 holdings. The figure comes from current issuer holdings files (VBIAX as of 2026-03-31, VFORX as of 2026-03-31).
How is the overlap between VBIAX and VFORX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VBIAX 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 VBIAX and VFORX?
That depends on your goals — we state facts, not advice. At 14.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VBIAX own that VFORX doesn't?
VBIAX holds 5,119 positions and VFORX holds 6; 2,897 of VBIAX's positions don't appear in VFORX at all, and they are 74.0% of VBIAX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VBIAX as of 2026-03-31, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.