VTIVX vs VTWNX: 53% overlap
Vanguard Target Retirement 2045 and Vanguard Target Retirement 2020 share 53.3% 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 — VTIVX, 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VTIVX and VTWNX hold 16,682 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTIVX | in VTWNX | Δ |
|---|---|---|---|
| UST-3-10Y | 2.7% | 7.5% | 4.8% |
| AGENCY-MBS | 2.6% | 7.2% | 4.6% |
| UST-0-3Y | 2.1% | 5.9% | 3.8% |
| CASH | 1.9% | 1.7% | 0.3% |
| UST-10Y+ | 1.3% | 3.6% | 2.3% |
| NVDA | 3.0% | 1.3% | 1.8% |
| AAPL | 2.8% | 1.2% | 1.6% |
| MSFT | 1.8% | 0.8% | 1.1% |
| AMZN | 1.5% | 0.6% | 0.9% |
| 2330 | 1.4% | 0.6% | 0.8% |
Where VTIVX 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 | VTIVX | VTWNX | Δ |
|---|---|---|---|
| Unclassified | 8.0% | 29.8% | −21.7pp |
| Information Technology | 23.8% | 10.0% | +13.8pp |
| Treasuries | 6.2% | 17.1% | −10.9pp |
| Industrials | 9.6% | 4.0% | +5.6pp |
| Financials | 13.3% | 8.2% | +5.1pp |
| MBS Pass-Through | 2.6% | 7.2% | −4.6pp |
| Consumer Discretionary | 6.9% | 2.9% | +4.0pp |
| Health Care | 6.3% | 2.7% | +3.7pp |
Δ is VTIVX 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 VTIVX by weight, held in no part of VTWNX.
15.0% of VTWNX by weight, held in no part of VTIVX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTIVX | VTWNX | |
|---|---|---|
| Top 10 holdings | 21.4% | 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 VTIVX and VTWNX overlap?
VTIVX and VTWNX overlap 53.3% by portfolio weight — substantial duplication if you hold both. They share 16,682 holdings. The figure comes from current issuer holdings files (VTIVX as of 2026-03-31, VTWNX as of 2026-03-31).
How is the overlap between VTIVX and VTWNX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTIVX 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 VTIVX and VTWNX?
That depends on your goals — we state facts, not advice. At 53.3% overlap, each fund still contributes meaningfully distinct exposure.
What does VTIVX own that VTWNX doesn't?
VTIVX holds 6 positions and VTWNX holds 7; 0 of VTIVX's positions don't appear in VTWNX at all, and they are 0.0% of VTIVX by weight.
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Related comparisons
Sources: issuer holdings files, VTIVX as of 2026-03-31, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.