BND vs. BTC

Last updated Jun 13, 2026

BND (Vanguard Total Bond Market ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while BTC is a Cryptocurrency fund actively managed by Grayscale. BND is passively managed, while BTC is actively managed. Over the past year, BND returned 4.40% vs -40.53% for BTC. At a 0.08 correlation, their price movements are largely independent. BND charges 0.03%/yr vs 0.15%/yr for BTC.

Performance

BND vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market ETF (BND) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 higher than BTC's -27.37% return.

BND

• 1D: -0.12%
• 1M: 0.42%
• YTD: 0.52%
• 6M: 0.91%
• 1Y: 4.40%
• 3Y*: 4.17%
• 5Y*: 0.03%
• 10Y*: 1.58%

BTC

• 1D: 0.07%
• 1M: -20.09%
• YTD: -27.37%
• 6M: -29.59%
• 1Y: -40.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BND vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BND Vanguard Total Bond Market ETF	0.52%	7.08%	0.17%
BTC Grayscale Bitcoin Mini Trust ETF	-27.37%	-7.50%	41.93%

Correlation

The correlation between BND and BTC is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.08

Return for Risk

BND vs. BTC — 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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 3
BTC Omega Ratio Rank: 3
BTC Calmar Ratio Rank: 3
BTC Martin Ratio Rank: 2

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. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and Grayscale Bitcoin Mini Trust ETF (BTC). 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	BTC	Difference
Sharpe ratio: Return per unit of total volatility	1.18	-0.92	+2.11
Sortino ratio: Return per unit of downside risk	1.77	-1.30	+3.07
Omega ratio: Gain probability vs. loss probability	1.21	0.85	+0.35
Calmar ratio: Return relative to maximum drawdown	1.65	-0.78	+2.43
Martin ratio: Return relative to average drawdown	4.81	-1.37	+6.18

BND vs. BTC - Sharpe Ratio Comparison

The current BND Sharpe Ratio is 1.18, which is higher than the BTC Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of BND and BTC, 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. BTC - Drawdown Comparison

The maximum BND drawdown since its inception was -18.58%, smaller than the maximum BTC drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for BND and BTC.

Drawdown Indicators

	BND	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-18.58%	-51.97%	+33.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-51.97%	+49.29%
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%	-49.38%	+47.26%
Average Drawdown Average peak-to-trough decline	-3.06%	-17.26%	+14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	29.58%	-28.66%

Volatility

BND vs. BTC - Volatility Comparison

The current volatility for Vanguard Total Bond Market ETF (BND) is 1.28%, while Grayscale Bitcoin Mini Trust ETF (BTC) has a volatility of 11.89%. This indicates that BND experiences smaller price fluctuations and is considered to be less risky than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BND	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	11.89%	-10.61%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	34.43%	-31.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	44.03%	-40.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	48.30%	-42.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.53%	48.30%	-42.77%

BND vs. BTC - Expense Ratio Comparison

BND has a 0.03% expense ratio, which is lower than BTC's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BND vs. BTC - Dividend Comparison

BND's dividend yield for the trailing twelve months is around 3.96%, while BTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BND and BTC in my portfolio?

BND and BTC have a correlation of 0.13, 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 BTC?

BTC has higher volatility (11.89%) compared to BND (1.28%). In terms of maximum drawdown, BND dropped -18.58% vs BTC's -51.97%.

Which ETF is better, BND or BTC?

On 1-year performance, BND leads with 4.40% vs -40.53% for BTC. 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 BTC?

Over the 1-year period, BND has performed better with a 4.40% return vs -40.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BND or BTC?

BND is cheaper with a 0.03% expense ratio, compared with 0.15% for BTC.

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

BND has the higher dividend yield at 3.96%, compared with 0.00% for BTC.

What is the main difference between BND and BTC?

BND is categorized as Total Bond Market, while BTC is Cryptocurrency. They also come from different issuers: Vanguard and Grayscale. Their fees differ too: 0.03% for BND and 0.15% for BTC.

Which has better risk-adjusted returns?

BND currently has the higher Sharpe Ratio (1.18 vs -0.92), 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.