BND vs VMBS: Holdings Overlap
BNDVanguard Total Bond Market Index Fund
Vanguard · 17360 holdings · $161.4B · as of 2026-03-31
VMBSVanguard Mortgage-backed Securities Index Fund
Vanguard · 5112 holdings · $15.6B · as of 2026-05-31
Holdings snapshots are 61 days apart (BND: 2026-03-31, VMBS: 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 VMBS?
Vanguard Total Bond Market Index Fund (BND, by Vanguard) holds 17360 positions; Vanguard Mortgage-backed Securities Index Fund (VMBS, by Vanguard) holds 5112. They have 3555 holdings in common, and by portfolio weight the two funds are 15.8% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 15.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 3555BND holds 17360 · VMBS holds 5112
- Weight in Shared Holdings
- BND 16%·VMBS 75%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
13805 of 17360 positions (82.8% of the fund) are not held by VMBS. 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 VMBS
1557 of 5112 positions (23.9% of the fund) are not held by BND. Showing the top 30 by weight.
- Uniform Mortgage-Backed Security, TBA0.52%
- G2SF 5.5 7/260.36%
- FN CC27620.29%
- Ginnie Mae0.29%
- FR SD41550.27%
- FR RQ01180.27%
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% |
| VMBS | -0.1% | +0.6% | +4.1% | +4.9% | +0.4% | +1.3% | 4.23% |
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 VMBS →
Shared Holdings(3555)
The top 10 shared positions account for 4% of the overlap, led by Government National Mortgage Association, Fannie Mae Pool and Uniform Mortgage-Backed Securities.
| Government National Mortgage Association | 0.07% | 0.08% | 0.07% |
|---|---|---|---|
| Fannie Mae Pool | 0.07% | 0.17% | 0.07% |
| Uniform Mortgage-Backed Securities | 0.06% | 0.23% | 0.06% |
| Government National Mortgage Association | 0.06% | 0.29% | 0.06% |
| Ginnie Mae II Pool | 0.06% | 0.22% | 0.06% |
| Freddie Mac Pool | 0.06% | 0.23% | 0.06% |
| Fannie Mae Pool | 0.06% | 0.07% | 0.06% |
| Freddie Mac Pool | 0.06% | 0.14% | 0.06% |
| Uniform Mortgage-Backed Securities | 0.05% | 0.18% | 0.05% |
| Ginnie Mae II Pool | 0.05% | 0.14% | 0.05% |
| Freddie Mac Pool | 0.05% | 0.24% | 0.05% |
| Fannie Mae Pool | 0.05% | 0.17% | 0.05% |
| Fannie Mae Pool | 0.05% | 0.11% | 0.05% |
| Government National Mortgage Association | 0.05% | 0.20% | 0.05% |
| Freddie Mac Pool | 0.05% | 0.20% | 0.05% |
| Government National Mortgage Association | 0.04% | 0.32% | 0.04% |
| Ginnie Mae II Pool | 0.04% | 0.14% | 0.04% |
| Uniform Mortgage-Backed Securities | 0.04% | 0.26% | 0.04% |
| Fannie Mae Pool | 0.04% | 0.10% | 0.04% |
| Ginnie Mae II Pool | 0.04% | 0.21% | 0.04% |
| Government National Mortgage Association | 0.04% | 0.13% | 0.04% |
| Uniform Mortgage-Backed Securities | 0.04% | 0.11% | 0.04% |
| Freddie Mac Pool | 0.04% | 0.06% | 0.04% |
| Ginnie Mae II Pool | 0.04% | 0.12% | 0.04% |
| Government National Mortgage Association | 0.04% | 0.07% | 0.04% |
Showing the top 250 of 3555 shared holdings by overlap weight.
Frequently Asked Questions
How much do BND and VMBS overlap?
BND and VMBS overlap by 15.8% of portfolio weight. They share 3555 holdings (BND holds 17360 positions and VMBS holds 5112), based on each fund's latest SEC-reported holdings.
Is it redundant to own both BND and VMBS?
The two portfolios are 15.8% 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 VMBS?
The largest positions held by both funds are Government National Mortgage Association, Fannie Mae Pool, Uniform Mortgage-Backed Securities, Government National Mortgage Association and Ginnie Mae II Pool. Together the top 10 shared positions account for 4% of the total overlap.
What does BND own that VMBS doesn't?
13805 positions (82.8% 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, 1557 positions (23.9% of VMBS) are unique to VMBS.