VBTLX vs VNQ: 1% overlap
Vanguard Total Bond Market Index Admiral and Vanguard Real Estate ETF share 0.6% 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
VBTLX and VNQ hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBTLX | in VNQ | Δ |
|---|---|---|---|
| CASH | 1.1% | 0.6% | 0.5% |
Where VBTLX and VNQ 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 | VBTLX | VNQ | Δ |
|---|---|---|---|
| Real Estate | 0.0% | 84.0% | −84.0pp |
| Treasuries | 48.2% | 0.0% | +48.2pp |
| MBS Pass-Through | 20.3% | 0.0% | +20.3pp |
| Corporate — industrial & other | 14.6% | 0.0% | +14.6pp |
| Unclassified | 0.7% | 14.7% | −14.0pp |
| Financials | 7.9% | 0.3% | +7.6pp |
| Utilities | 2.6% | 0.0% | +2.6pp |
| Supranational | 1.4% | 0.0% | +1.4pp |
Δ is VBTLX minus VNQ, 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
98.9% of VBTLX by weight, held in no part of VNQ.
99.4% of VNQ by weight, held in no part of VBTLX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VBTLX | VNQ | |
|---|---|---|
| Top 10 holdings | 71.7% | 54.1% |
| Positions held | 2,047 | 145 |
| Cost per $10,000 held, per year | $4 | $13 |
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 VBTLX and VNQ overlap?
VBTLX and VNQ overlap 0.6% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (VBTLX as of 2026-06-30, VNQ as of 2026-06-30).
How is the overlap between VBTLX and VNQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VBTLX holds a stock at 6% and VNQ 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 VBTLX and VNQ?
That depends on your goals — we state facts, not advice. At 0.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VBTLX own that VNQ doesn't?
VBTLX holds 2,047 positions and VNQ holds 145; 2,046 of VBTLX's positions don't appear in VNQ at all, and they are 98.9% of VBTLX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VBTLX as of 2026-06-30, VNQ as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.