FLCB vs VMBS: Holdings Overlap
FLCBFranklin U.S. Core Bond ETF
Franklin Templeton · 523 holdings · $3.0B · 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 (FLCB: 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 FLCB and VMBS?
Franklin U.S. Core Bond ETF (FLCB, by Franklin Templeton) holds 523 positions; Vanguard Mortgage-backed Securities Index Fund (VMBS, by Vanguard) holds 5112. They have 67 holdings in common, and by portfolio weight the two funds are 4.7% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 67FLCB holds 523 · VMBS holds 5112
- Weight in Shared Holdings
- FLCB 13%·VMBS 5%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 FLCB
456 of 523 positions (87.0% of the fund) are not held by VMBS. Showing the top 30 by weight.
- T 1.25 12/31/266.01%
- U.S. Treasury Notes4.27%
- Uniform Mortgage-Backed Security, TBA2.38%
- U.S. Treasury Notes2.18%
- U.S. Treasury Notes2.07%
- U.S. Treasury Notes1.49%
Only in VMBS
5045 of 5112 positions (93.9% of the fund) are not held by FLCB. Showing the top 30 by weight.
- Uniform Mortgage-Backed Security, TBA0.52%
- G2SF 5.5 7/260.36%
- Ginnie Mae II Pool0.31%
- FN CC27620.29%
- Government National Mortgage Association0.29%
- Ginnie Mae0.29%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FLCB | -0.2% | +0.1% | +2.6% | +4.3% | -0.3% | — | 4.38% |
| 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 FLCB vs VMBS →
Shared Holdings(67)
The top 10 shared positions account for 36% of the overlap, led by Uniform Mortgage-Backed Securities, Government National Mortgage Association and Government National Mortgage Association.
| Uniform Mortgage-Backed Securities | 0.27% | 0.26% | 0.26% |
|---|---|---|---|
| Government National Mortgage Association | 0.26% | 0.20% | 0.20% |
| Government National Mortgage Association | 0.19% | 0.32% | 0.19% |
| Uniform Mortgage-Backed Securities | 0.52% | 0.18% | 0.18% |
| Uniform Mortgage-Backed Securities | 0.52% | 0.17% | 0.17% |
| Freddie Mac Pool | 0.17% | 0.24% | 0.17% |
| Uniform Mortgage-Backed Securities | 0.47% | 0.15% | 0.15% |
| Ginnie Mae II Pool | 0.30% | 0.14% | 0.14% |
| Uniform Mortgage-Backed Securities | 0.34% | 0.14% | 0.14% |
| Freddie Mac Pool | 0.29% | 0.13% | 0.13% |
| Uniform Mortgage-Backed Securities | 0.13% | 0.13% | 0.13% |
| Ginnie Mae II Pool | 0.37% | 0.12% | 0.12% |
| Government National Mortgage Association | 0.14% | 0.12% | 0.12% |
| Government National Mortgage Association | 0.50% | 0.12% | 0.12% |
| Uniform Mortgage-Backed Securities | 0.17% | 0.12% | 0.12% |
| Ginnie Mae II Pool | 0.16% | 0.10% | 0.10% |
| Uniform Mortgage-Backed Securities | 0.38% | 0.10% | 0.10% |
| Uniform Mortgage-Backed Securities | 0.11% | 0.09% | 0.09% |
| Government National Mortgage Association | 0.19% | 0.09% | 0.09% |
| Fannie Mae Pool | 0.64% | 0.09% | 0.09% |
| Government National Mortgage Association | 0.15% | 0.09% | 0.09% |
| Ginnie Mae II Pool | 0.08% | 0.14% | 0.08% |
| Freddie Mac Pool | 0.27% | 0.08% | 0.08% |
| Uniform Mortgage-Backed Securities | 0.33% | 0.08% | 0.08% |
| Fannie Mae Pool | 0.28% | 0.08% | 0.08% |
Frequently Asked Questions
How much do FLCB and VMBS overlap?
FLCB and VMBS overlap by 4.7% of portfolio weight. They share 67 holdings (FLCB holds 523 positions and VMBS holds 5112), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FLCB and VMBS?
The two portfolios are 4.7% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of FLCB and VMBS?
The largest positions held by both funds are Uniform Mortgage-Backed Securities, Government National Mortgage Association, Government National Mortgage Association, Uniform Mortgage-Backed Securities and Uniform Mortgage-Backed Securities. Together the top 10 shared positions account for 36% of the total overlap.
What does FLCB own that VMBS doesn't?
456 positions (87.0% of FLCB) are unique to FLCB, led by T 1.25 12/31/26, U.S. Treasury Notes and Uniform Mortgage-Backed Security, TBA. In the other direction, 5045 positions (93.9% of VMBS) are unique to VMBS.