TLT vs FBND: Holdings Overlap
TLTiShares 20+ Year Treasury Bond ETF
iShares · 46 holdings · $41.6B · as of 2026-05-31
Fidelity · 4503 holdings · $27.3B · as of 2026-05-31
How similar are TLT and FBND?
iShares 20+ Year Treasury Bond ETF (TLT, by iShares) holds 46 positions; Fidelity Total Bond ETF (FBND, by Fidelity) holds 4503. They have 26 holdings in common, and by portfolio weight the two funds are 11.6% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 11.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 26TLT holds 46 · FBND holds 4503
- Weight in Shared Holdings
- TLT 70%·FBND 12%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 TLT
20 of 46 positions (28.1% of the fund) are not held by FBND.
- U.S. Treasury Bonds3.86%
- U.S. Treasury Bonds2.81%
- U.S. Treasury Bonds2.73%
- U.S. Treasury Bonds2.63%
- U.S. Treasury Bonds2.55%
- U.S. Treasury Bonds2.42%
Only in FBND
4477 of 4503 positions (93.8% of the fund) are not held by TLT. Showing the top 30 by weight.
- U.S. Treasury Notes2.34%
- U.S. Treasury Notes2.21%
- U.S. Treasury Notes2.17%
- U.S. Treasury Notes1.81%
- U.S. Treasury Notes1.49%
- U.S. Treasury Notes1.20%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| TLT | -1.7% | -2.5% | -1.3% | -0.6% | -7.8% | -2.3% | 4.72% |
| FBND | -0.2% | +0.3% | +2.8% | +4.9% | +0.5% | +2.3% | 4.74% |
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 TLT vs FBND →
Shared Holdings(26)
The top 10 shared positions account for 84% of the overlap, led by U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds.
| U.S. Treasury Bonds | 4.03% | 1.53% | 1.53% |
|---|---|---|---|
| U.S. Treasury Bonds | 3.46% | 1.26% | 1.26% |
| U.S. Treasury Bonds | 2.90% | 1.12% | 1.12% |
| U.S. Treasury Bonds | 4.46% | 1.04% | 1.04% |
| U.S. Treasury Bonds | 3.95% | 0.96% | 0.96% |
| U.S. Treasury Bonds | 3.62% | 0.84% | 0.84% |
| U.S. Treasury Bonds | 2.54% | 0.83% | 0.83% |
| U.S. Treasury Bonds | 4.40% | 0.82% | 0.82% |
| U.S. Treasury Bonds | 3.94% | 0.75% | 0.75% |
| U.S. Treasury Bonds | 2.97% | 0.60% | 0.60% |
| U.S. Treasury Bonds | 4.58% | 0.47% | 0.47% |
| U.S. Treasury Bonds | 3.80% | 0.39% | 0.39% |
| U.S. Treasury Bonds | 1.86% | 0.26% | 0.26% |
| U.S. Treasury Bonds | 1.33% | 0.15% | 0.15% |
| U.S. Treasury Bonds | 0.54% | 0.13% | 0.13% |
| U.S. Treasury Bonds | 1.06% | 0.10% | 0.10% |
| U.S. Treasury Bonds | 1.09% | 0.07% | 0.07% |
| U.S. Treasury Bonds | 4.04% | 0.07% | 0.07% |
| U.S. Treasury Bonds | 4.50% | 0.06% | 0.06% |
| U.S. Treasury Bonds | 1.03% | 0.03% | 0.03% |
| U.S. Treasury Bonds | 2.14% | 0.03% | 0.03% |
| U.S. Treasury Bonds | 2.73% | 0.03% | 0.03% |
| U.S. Treasury Bonds | 0.94% | 0.02% | 0.02% |
| U.S. Treasury Bonds | 4.15% | 0.01% | 0.01% |
| U.S. Treasury Bonds | 0.00% | 0.03% | 0.00% |
Frequently Asked Questions
How much do TLT and FBND overlap?
TLT and FBND overlap by 11.6% of portfolio weight. They share 26 holdings (TLT holds 46 positions and FBND holds 4503), based on each fund's latest SEC-reported holdings.
Is it redundant to own both TLT and FBND?
The two portfolios are 11.6% 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 TLT and FBND?
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 84% of the total overlap.
What does TLT own that FBND doesn't?
20 positions (28.1% of TLT) are unique to TLT, led by U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds. In the other direction, 4477 positions (93.8% of FBND) are unique to FBND.