BGRN vs. BNDC
BGRN (iShares USD Green Bond ETF) and BNDC (FlexShares Core Select Bond Fund) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while BNDC is a Intermediate Core Bond fund actively managed by Northern Trust. BGRN is passively managed, while BNDC is actively managed. Over the past 5 years, BGRN returned 0.66%/yr vs -0.15%/yr for BNDC. Their correlation of 0.83 suggests significant overlap in exposure. BGRN charges 0.20%/yr vs 0.35%/yr for BNDC.
Performance
BGRN vs. BNDC - Performance Comparison
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Returns By Period
In the year-to-date period, BGRN achieves a 0.92% return, which is significantly higher than BNDC's 0.65% return.
BGRN
- 1D
- -0.00%
- 1M
- 0.61%
- YTD
- 0.92%
- 6M
- 0.88%
- 1Y
- 4.48%
- 3Y*
- 4.84%
- 5Y*
- 0.66%
- 10Y*
- —
BNDC
- 1D
- 0.07%
- 1M
- 0.79%
- YTD
- 0.65%
- 6M
- 0.30%
- 1Y
- 4.00%
- 3Y*
- 3.86%
- 5Y*
- -0.15%
- 10Y*
- —
BGRN vs. BNDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.92% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
BNDC FlexShares Core Select Bond Fund | 0.65% | 7.29% | 0.86% | 5.36% | -13.54% | -2.01% | 8.66% | 9.57% | 1.15% |
Correlation
The correlation between BGRN and BNDC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2018 | 0.84 |
The correlation between BGRN and BNDC has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
BGRN vs. BNDC — Risk / Return Rank
BGRN
BNDC
BGRN vs. BNDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and FlexShares Core Select Bond Fund (BNDC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BGRN | BNDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.18 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.40 | +0.62 |
| Martin ratioReturn relative to average drawdown | 6.56 | 3.84 | +2.72 |
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Drawdowns
BGRN vs. BNDC - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, roughly equal to the maximum BNDC drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for BGRN and BNDC.
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Drawdown Indicators
| BGRN | BNDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -18.80% | -0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.87% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -6.30% | +1.75% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -18.60% | -0.13% |
Current DrawdownCurrent decline from peak | -0.35% | -2.79% | +2.44% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -7.33% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.04% | -0.36% |
Volatility
BGRN vs. BNDC - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 0.87%, while FlexShares Core Select Bond Fund (BNDC) has a volatility of 1.03%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than BNDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | BNDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.03% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 2.86% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 3.84% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 6.08% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 8.03% | -3.04% |
BGRN vs. BNDC - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than BNDC's 0.35% expense ratio.
Dividends
BGRN vs. BNDC - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.27%, more than BNDC's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.27% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% | 0.00% | 0.00% |
BNDC FlexShares Core Select Bond Fund | 4.12% | 4.16% | 3.81% | 3.19% | 2.64% | 1.72% | 2.61% | 2.89% | 2.86% | 2.50% | 0.64% |
Frequently Asked Questions
BGRN and BNDC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDC has higher volatility (1.03%) compared to BGRN (0.87%). In terms of maximum drawdown, BGRN dropped -19.16% vs BNDC's -18.80%.
On 5-year performance, BGRN leads with 0.66% vs -0.15% for BNDC. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BGRN has performed better with a 0.66% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.35% for BNDC.
BGRN has the higher dividend yield at 4.27%, compared with 4.12% for BNDC.
BGRN is categorized as Global Bonds, while BNDC is Intermediate Core Bond. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.20% for BGRN and 0.35% for BNDC.
BGRN currently has the higher Sharpe Ratio (1.52 vs 1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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