VLXVX vs VTWNX: 45% overlap
Vanguard Target Retirement 2065 and Vanguard Target Retirement 2020 share 44.8% 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 3 months apart — VLXVX, VTWNX 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VLXVX and VTWNX hold 16,682 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VLXVX | in VTWNX | Δ |
|---|---|---|---|
| CASH | 2.0% | 1.7% | 0.4% |
| UST-3-10Y | 1.4% | 7.5% | 6.1% |
| AGENCY-MBS | 1.4% | 7.2% | 5.8% |
| NVDA | 3.3% | 1.3% | 2.1% |
| AAPL | 3.1% | 1.2% | 1.9% |
| UST-0-3Y | 1.1% | 5.9% | 4.8% |
| MSFT | 2.0% | 0.8% | 1.2% |
| UST-10Y+ | 0.7% | 3.6% | 2.9% |
| AMZN | 1.7% | 0.6% | 1.0% |
| 2330 | 1.6% | 0.6% | 1.0% |
Where VLXVX and VTWNX 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 | VLXVX | VTWNX | Δ |
|---|---|---|---|
| Unclassified | 6.1% | 29.8% | −23.6pp |
| Information Technology | 26.3% | 10.0% | +16.3pp |
| Treasuries | 3.3% | 17.1% | −13.8pp |
| Industrials | 10.6% | 4.0% | +6.6pp |
| Financials | 14.1% | 8.2% | +5.9pp |
| MBS Pass-Through | 1.4% | 7.2% | −5.8pp |
| Consumer Discretionary | 7.6% | 2.9% | +4.7pp |
| Corporate — industrial & other | 1.1% | 5.5% | −4.4pp |
Δ is VLXVX minus VTWNX, 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 VLXVX by weight, held in no part of VTWNX.
15.0% of VTWNX by weight, held in no part of VLXVX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VLXVX | VTWNX | |
|---|---|---|
| Top 10 holdings | 19.3% | 44.9% |
| Positions held | 6 | 7 |
| Cost per $10,000 held, per year | $8 | $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 VLXVX and VTWNX overlap?
VLXVX and VTWNX overlap 44.8% by portfolio weight — moderate overlap. They share 16,682 holdings. The figure comes from current issuer holdings files (VLXVX as of 2026-03-31, VTWNX as of 2026-03-31).
How is the overlap between VLXVX and VTWNX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VLXVX holds a stock at 6% and VTWNX 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 VLXVX and VTWNX?
That depends on your goals — we state facts, not advice. At 44.8% overlap, each fund still contributes meaningfully distinct exposure.
What does VLXVX own that VTWNX doesn't?
VLXVX holds 6 positions and VTWNX holds 7; 0 of VLXVX's positions don't appear in VTWNX at all, and they are 0.0% of VLXVX by weight.
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Related comparisons
Sources: issuer holdings files, VLXVX as of 2026-03-31, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.