VBTLX vs VTIP: 39% overlap
Vanguard Total Bond Market Index Admiral and Vanguard Short-Term Inflation-Protected Securities ETF share 38.7% 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VBTLX and VTIP hold 3 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBTLX | in VTIP | Δ |
|---|---|---|---|
| UST-3-10Y | 21.3% | 37.8% | 16.5% |
| UST-0-3Y | 16.7% | 61.5% | 44.8% |
| CASH | 1.1% | 0.7% | 0.4% |
Where VBTLX and VTIP 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 | VTIP | Δ |
|---|---|---|---|
| Treasuries | 48.2% | 99.3% | −51.1pp |
| MBS Pass-Through | 20.3% | 0.0% | +20.3pp |
| Corporate — industrial & other | 14.6% | 0.0% | +14.6pp |
| Financials | 7.9% | 0.0% | +7.9pp |
| Utilities | 2.6% | 0.0% | +2.6pp |
| Supranational | 1.4% | 0.0% | +1.4pp |
| Sovereign | 1.2% | 0.0% | +1.2pp |
| Unclassified | 0.7% | 0.0% | +0.7pp |
Δ is VBTLX minus VTIP, 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
60.9% of VBTLX by weight, held in no part of VTIP.
0.0% of VTIP 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 | VTIP | |
|---|---|---|
| Top 10 holdings | 71.7% | 100.0% |
| Positions held | 2,047 | 3 |
| Cost per $10,000 held, per year | $4 | $3 |
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 VTIP overlap?
VBTLX and VTIP overlap 38.7% by portfolio weight — moderate overlap. They share 3 holdings. The figure comes from current issuer holdings files (VBTLX as of 2026-06-30, VTIP as of 2026-06-30).
How is the overlap between VBTLX and VTIP 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 VTIP 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 VTIP?
That depends on your goals — we state facts, not advice. At 38.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VBTLX own that VTIP doesn't?
VBTLX holds 2,047 positions and VTIP holds 3; 2,044 of VBTLX's positions don't appear in VTIP at all, and they are 60.9% of VBTLX by weight.
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Related comparisons
Sources: issuer holdings files, VBTLX as of 2026-06-30, VTIP as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.