BND vs TLT: Holdings Overlap
BNDVanguard Total Bond Market Index Fund
Vanguard · 17360 holdings · $161.4B · as of 2026-03-31
TLTiShares 20+ Year Treasury Bond ETF
iShares · 46 holdings · $41.6B · as of 2026-05-31
Holdings snapshots are 61 days apart (BND: 2026-03-31, TLT: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are BND and TLT?
Vanguard Total Bond Market Index Fund (BND, by Vanguard) holds 17360 positions; iShares 20+ Year Treasury Bond ETF (TLT, by iShares) holds 46. They have 45 holdings in common, and by portfolio weight the two funds are 5.4% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 45BND holds 17360 · TLT holds 46
- Weight in Shared Holdings
- BND 6%·TLT 98%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in BND
17315 of 17360 positions (92.8% of the fund) are not held by TLT. Showing the top 30 by weight.
- U.S. Treasury Notes0.48%
- U.S. Treasury Notes0.42%
- U.S. Treasury Notes0.42%
- U.S. Treasury Notes0.42%
- U.S. Treasury Notes0.41%
- U.S. Treasury Notes0.41%
Only in TLT
1 of 46 positions (0.5% of the fund) are not held by BND.
- U.S. Treasury Bonds0.54%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| BND | -0.3% | +0.0% | +2.4% | +4.2% | -0.2% | +1.5% | 4.03% |
| TLT | -1.7% | -2.5% | -1.3% | -0.6% | -7.8% | -2.3% | 4.72% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in BND vs TLT →
Shared Holdings(45)
The top 10 shared positions account for 39% of the overlap, led by U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds.
| U.S. Treasury Bonds | 0.24% | 3.80% | 0.24% |
|---|---|---|---|
| U.S. Treasury Bonds | 0.23% | 4.03% | 0.23% |
| U.S. Treasury Bonds | 0.22% | 4.40% | 0.22% |
| U.S. Treasury Bonds | 0.22% | 4.46% | 0.22% |
| U.S. Treasury Bonds | 0.21% | 4.50% | 0.21% |
| U.S. Treasury Bonds | 0.21% | 3.46% | 0.21% |
| U.S. Treasury Bonds | 0.21% | 3.94% | 0.21% |
| U.S. Treasury Bonds | 0.20% | 4.58% | 0.20% |
| U.S. Treasury Bonds | 0.19% | 2.54% | 0.19% |
| U.S. Treasury Bonds | 0.19% | 2.90% | 0.19% |
| U.S. Treasury Bonds | 0.18% | 2.97% | 0.18% |
| U.S. Treasury Bonds | 0.18% | 3.62% | 0.18% |
| U.S. Treasury Bonds | 0.18% | 3.86% | 0.18% |
| U.S. Treasury Bonds | 0.16% | 1.01% | 0.16% |
| U.S. Treasury Bonds | 0.15% | 4.15% | 0.15% |
| U.S. Treasury Bonds | 0.15% | 1.03% | 0.15% |
| U.S. Treasury Bonds | 0.14% | 1.33% | 0.14% |
| U.S. Treasury Bonds | 0.14% | 1.09% | 0.14% |
| U.S. Treasury Bonds | 0.14% | 4.04% | 0.14% |
| U.S. Treasury Bonds | 0.14% | 2.81% | 0.14% |
| U.S. Treasury Bonds | 0.13% | 2.73% | 0.13% |
| U.S. Treasury Bonds | 0.12% | 2.63% | 0.12% |
| U.S. Treasury Bonds | 0.12% | 1.06% | 0.12% |
| U.S. Treasury Bonds | 0.12% | 2.73% | 0.12% |
| U.S. Treasury Bonds | 0.11% | 2.35% | 0.11% |
Frequently Asked Questions
How much do BND and TLT overlap?
BND and TLT overlap by 5.4% of portfolio weight. They share 45 holdings (BND holds 17360 positions and TLT holds 46), based on each fund's latest SEC-reported holdings.
Is it redundant to own both BND and TLT?
The two portfolios are 5.4% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of BND and TLT?
The largest positions held by both funds are U.S. Treasury Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds. Together the top 10 shared positions account for 39% of the total overlap.
What does BND own that TLT doesn't?
17315 positions (92.8% of BND) are unique to BND, led by U.S. Treasury Notes, U.S. Treasury Notes and U.S. Treasury Notes. In the other direction, 1 positions (0.5% of TLT) are unique to TLT.