BND vs. ALLW

Last updated Jun 14, 2026

BND (Vanguard Total Bond Market ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while ALLW is a Tactical Allocation fund actively managed by State Street. BND is passively managed, while ALLW is actively managed. Over the past year, BND returned 4.77% vs 19.67% for ALLW. A 0.61 correlation means they provide meaningful diversification when combined. BND charges 0.03%/yr vs 0.85%/yr for ALLW.

Performance

BND vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market ETF (BND) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BND achieves a 0.52% return, which is significantly lower than ALLW's 7.24% return.

BND

• 1D: -0.12%
• 1M: 1.03%
• YTD: 0.52%
• 6M: 0.91%
• 1Y: 4.77%
• 3Y*: 4.17%
• 5Y*: 0.03%
• 10Y*: 1.58%

ALLW

• 1D: 0.10%
• 1M: -0.30%
• YTD: 7.24%
• 6M: 7.64%
• 1Y: 19.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BND vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
BND Vanguard Total Bond Market ETF	0.52%	4.63%
ALLW State Street Bridgewater All Weather ETF	7.24%	15.44%

Correlation

The correlation between BND and ALLW is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.61

The correlation between BND and ALLW has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

BND vs. ALLW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BND

BND Risk / Return Rank: 37
BND Sharpe Ratio Rank: 38
BND Sortino Ratio Rank: 38
BND Omega Ratio Rank: 35
BND Calmar Ratio Rank: 37
BND Martin Ratio Rank: 35

ALLW

ALLW Risk / Return Rank: 62
ALLW Sharpe Ratio Rank: 61
ALLW Sortino Ratio Rank: 57
ALLW Omega Ratio Rank: 62
ALLW Calmar Ratio Rank: 61
ALLW Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BND vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and State Street Bridgewater All Weather ETF (ALLW). 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.

	BND	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.77	-0.58
Sortino ratio: Return per unit of downside risk	1.77	2.38	-0.61
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	1.65	2.67	-1.02
Martin ratio: Return relative to average drawdown	4.81	10.87	-6.06

BND vs. ALLW - Sharpe Ratio Comparison

The current BND Sharpe Ratio is 1.18, which is lower than the ALLW Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of BND and ALLW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BND vs. ALLW - Drawdown Comparison

The maximum BND drawdown since its inception was -18.58%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for BND and ALLW.

Drawdown Indicators

	BND	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-18.58%	-8.78%	-9.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-7.23%	+4.55%
Max Drawdown (3Y) Largest decline over 3 years	-5.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.58%	—	—
Current Drawdown Current decline from peak	-2.12%	-2.58%	+0.46%
Average Drawdown Average peak-to-trough decline	-3.06%	-1.23%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.77%	-0.85%

Volatility

BND vs. ALLW - Volatility Comparison

The current volatility for Vanguard Total Bond Market ETF (BND) is 1.28%, while State Street Bridgewater All Weather ETF (ALLW) has a volatility of 4.39%. This indicates that BND experiences smaller price fluctuations and is considered to be less risky than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BND	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	4.39%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	9.23%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	10.93%	-7.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	12.72%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.53%	12.72%	-7.19%

BND vs. ALLW - Expense Ratio Comparison

BND has a 0.03% expense ratio, which is lower than ALLW's 0.85% expense ratio.

Dividends

BND vs. ALLW - Dividend Comparison

BND's dividend yield for the trailing twelve months is around 3.96%, less than ALLW's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALLW State Street Bridgewater All Weather ETF	4.36%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BND Vanguard Total Bond Market ETF	3.96%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%

Frequently Asked Questions

Can I hold both BND and ALLW in my portfolio?

BND and ALLW have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BND or ALLW?

ALLW has higher volatility (4.39%) compared to BND (1.28%). In terms of maximum drawdown, BND dropped -18.58% vs ALLW's -8.78%.

Which ETF is better, BND or ALLW?

On 1-year performance, ALLW leads with 19.67% vs 4.77% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BND or ALLW?

Over the 1-year period, ALLW has performed better with a 19.67% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BND or ALLW?

BND is cheaper with a 0.03% expense ratio, compared with 0.85% for ALLW.

Which ETF pays a higher dividend yield, BND or ALLW?

ALLW has the higher dividend yield at 4.36%, compared with 3.96% for BND.

What is the main difference between BND and ALLW?

BND is categorized as Total Bond Market, while ALLW is Tactical Allocation. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for BND and 0.85% for ALLW.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.77 vs 1.18), 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.