BGRN vs. BNDW
BGRN (iShares USD Green Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both Global Bonds funds - BGRN tracks the Bloomberg MSCI USD Green Bond Select Index while BNDW tracks the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, BGRN returned 0.56%/yr vs 0.25%/yr for BNDW. Their correlation of 0.87 suggests significant overlap in exposure. BGRN charges 0.20%/yr vs 0.05%/yr for BNDW.
Performance
BGRN vs. BNDW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BGRN having a 0.56% return and BNDW slightly lower at 0.54%.
BGRN
- 1D
- 0.13%
- 1M
- 0.28%
- YTD
- 0.56%
- 6M
- 0.69%
- 1Y
- 4.85%
- 3Y*
- 4.82%
- 5Y*
- 0.56%
- 10Y*
- —
BNDW
- 1D
- 0.12%
- 1M
- 0.42%
- YTD
- 0.54%
- 6M
- 0.44%
- 1Y
- 3.25%
- 3Y*
- 4.07%
- 5Y*
- 0.25%
- 10Y*
- —
BGRN vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.56% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
BNDW Vanguard Total World Bond ETF | 0.54% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.60% |
Correlation
The correlation between BGRN and BNDW is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | 0.87 |
The correlation between BGRN and BNDW has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
BGRN vs. BNDW — Risk / Return Rank
BGRN
BNDW
BGRN vs. BNDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and Vanguard Total World Bond ETF (BNDW). 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.
| BGRN | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.21 | +0.98 |
| Martin ratioReturn relative to average drawdown | 7.33 | 3.42 | +3.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BGRN | BNDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 0.98 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.05 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.38 | +0.08 |
Drawdowns
BGRN vs. BNDW - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for BGRN and BNDW.
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Drawdown Indicators
| BGRN | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -17.22% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.70% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -4.27% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -16.93% | -1.80% |
Current DrawdownCurrent decline from peak | -0.71% | -1.42% | +0.71% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -4.98% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.96% | -0.30% |
Volatility
BGRN vs. BNDW - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 1.05%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.31%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.31% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 2.63% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 3.36% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 5.21% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 4.90% | +0.10% |
BGRN vs. BNDW - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is higher than BNDW's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BGRN vs. BNDW - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.28%, more than BNDW's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.28% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
BNDW Vanguard Total World Bond ETF | 4.21% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% |
Frequently Asked Questions
With a correlation of 0.91, BGRN and BNDW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNDW has higher volatility (1.31%) compared to BGRN (1.05%). In terms of maximum drawdown, BGRN dropped -19.16% vs BNDW's -17.22%.
On 5-year performance, BGRN leads with 0.56% vs 0.25% for BNDW. On fees, BNDW is cheaper at 0.05% per year. On volatility, BGRN has been the lower-risk option at 1.05%. 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 0.56% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.20% for BGRN.
BGRN has the higher dividend yield at 4.28%, compared with 4.21% for BNDW.
BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for BGRN and 0.05% for BNDW.
BGRN currently has the higher Sharpe Ratio (1.66 vs 0.98), 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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