BND vs UCON: Holdings Overlap
BNDVanguard Total Bond Market Index Fund
Vanguard · 17360 holdings · $161.4B · as of 2026-03-31
UCONFirst Trust Smith Unconstrained Bond ETF
First Trust · 504 holdings · $3.3B · as of 2026-05-31
Holdings snapshots are 61 days apart (BND: 2026-03-31, UCON: 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 UCON?
Vanguard Total Bond Market Index Fund (BND, by Vanguard) holds 17360 positions; First Trust Smith Unconstrained Bond ETF (UCON, by First Trust) holds 504. They have 128 holdings in common, and by portfolio weight the two funds are 1.5% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 128BND holds 17360 · UCON holds 504
- Weight in Shared Holdings
- BND 2%·UCON 30%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
17232 of 17360 positions (97.0% of the fund) are not held by UCON. 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 UCON
376 of 504 positions (68.6% of the fund) are not held by BND. Showing the top 30 by weight.
- U.S. Treasury Notes1.69%
- U.S. Treasury Notes1.18%
- FN BM77550.96%
- FNR 2024-82 CF0.73%
- Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC0.71%
- Jane Street Group / JSG Finance Inc.0.67%
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% |
| UCON | -0.1% | +0.7% | +3.7% | +5.5% | +2.7% | — | 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 UCON →
Shared Holdings(128)
The top 10 shared positions account for 55% of the overlap, led by U.S. Treasury Notes/Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds.
| U.S. Treasury Notes/Bonds | 0.19% | 1.04% | 0.19% |
|---|---|---|---|
| U.S. Treasury Bonds | 0.13% | 0.35% | 0.13% |
| U.S. Treasury Bonds | 0.11% | 2.12% | 0.11% |
| U.S. Treasury Bonds | 0.10% | 2.13% | 0.10% |
| U.S. Treasury Notes/Bonds | 0.10% | 2.33% | 0.10% |
| U.S. Treasury Bonds | 0.19% | 0.09% | 0.09% |
| Ginnie Mae II Pool | 0.03% | 0.16% | 0.03% |
| Fannie Mae Pool | 0.03% | 0.11% | 0.03% |
| Uniform Mortgage-Backed Securities | 0.03% | 0.21% | 0.03% |
| Uniform Mortgage-Backed Securities | 0.03% | 0.48% | 0.03% |
| Uniform Mortgage-Backed Securities | 0.02% | 0.07% | 0.02% |
| Alphabet, Inc. | 0.02% | 0.08% | 0.02% |
| JPMORGAN CHASE and CO 4.946%/VAR 10/22/2035 | 0.02% | 0.09% | 0.02% |
| Freddie Mac Pool | 0.02% | 0.08% | 0.02% |
| Fannie Mae Pool | 0.02% | 0.08% | 0.02% |
| Bank of America Corp. | 0.02% | 0.30% | 0.02% |
| Wells Fargo & Co. | 0.01% | 0.16% | 0.01% |
| Oracle Corp. | 0.01% | 0.14% | 0.01% |
| Alphabet, Inc. | 0.01% | 0.08% | 0.01% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.01% | 0.05% | 0.01% |
| Salesforce, Inc. | 0.01% | 0.27% | 0.01% |
| WELLS FARGO and CO NEW 5.499%/VAR 01/23/2035 | 0.01% | 0.14% | 0.01% |
| Oracle Corp. | 0.01% | 0.15% | 0.01% |
| WELLS FARGO and CO NEW 5.605%/VAR 04/23/2036 | 0.01% | 0.20% | 0.01% |
| U.S. Treasury Notes | 0.15% | 0.01% | 0.01% |
Frequently Asked Questions
How much do BND and UCON overlap?
BND and UCON overlap by 1.5% of portfolio weight. They share 128 holdings (BND holds 17360 positions and UCON holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both BND and UCON?
The two portfolios are 1.5% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of BND and UCON?
The largest positions held by both funds are U.S. Treasury Notes/Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Notes/Bonds. Together the top 10 shared positions account for 55% of the total overlap.
What does BND own that UCON doesn't?
17232 positions (97.0% 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, 376 positions (68.6% of UCON) are unique to UCON.