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BND vs. BTOT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BND vs. BTOT

Last updated Jun 6, 2026

BND (Vanguard Total Bond Market ETF) and BTOT (iShares Total USD Fixed Income Market ETF) are both Total Bond Market funds - BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index while BTOT tracks the Bloomberg US Total Fixed Income Market Index. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. BND charges 0.03%/yr vs 0.09%/yr for BTOT.

Performance

BND vs. BTOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market ETF (BND) and iShares Total USD Fixed Income Market ETF (BTOT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BND achieves a -0.05% return, which is significantly lower than BTOT's 0.12% return.

BND

1D
-0.45%
1M
-0.64%
YTD
-0.05%
6M
0.11%
1Y
4.33%
3Y*
3.80%
5Y*
0.02%
10Y*
1.56%

BTOT

1D
-0.40%
1M
-0.57%
YTD
0.12%
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BND vs. BTOT - Yearly Performance Comparison

2026 (YTD)2025
BND
Vanguard Total Bond Market ETF		-0.05%0.08%
BTOT
iShares Total USD Fixed Income Market ETF		0.12%0.31%

Correlation

The correlation between BND and BTOT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (All Time)
Calculated using the full available price history since Dec 12, 2025

0.97

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Vanguard Total Bond Market ETF

iShares Total USD Fixed Income Market ETF

Often compared with BND:
BND vs. BNDXBND vs. FXNAXBND vs. AGGBND vs. FBNDBND vs. BNDWBND vs. TLTBND vs. VBTLX
Often compared with BTOT:
BTOT vs. AGGBTOT vs. SPABBTOT vs. XAGG.TOBTOT vs. SCHZBTOT vs. BKAGBTOT vs. TLTBTOT vs. IBIT

Return for Risk

BND vs. BTOT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BND
BND Risk / Return Rank: 3333
Overall Rank
BND Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
BND Sortino Ratio Rank: 3333
Sortino Ratio Rank
BND Omega Ratio Rank: 3030
Omega Ratio Rank
BND Calmar Ratio Rank: 3434
Calmar Ratio Rank
BND Martin Ratio Rank: 3333
Martin Ratio Rank
BTOT
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. BTOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and iShares Total USD Fixed Income Market ETF (BTOT). 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.

BNDBTOTDifference
Sharpe ratioReturn per unit of total volatility
1.16

—

—

Sortino ratioReturn per unit of downside risk
1.71

—

—

Omega ratioGain probability vs. loss probability

1.20

—

—

Calmar ratioReturn relative to maximum drawdown

1.62

—

—

Martin ratioReturn relative to average drawdown

4.86

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BND vs. BTOT - Sharpe Ratio Comparison

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Sharpe Ratios by Period

BNDBTOTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.00

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.25

+0.33

Drawdowns

BND vs. BTOT - Drawdown Comparison

The maximum BND drawdown since its inception was -18.58%, which is greater than BTOT's maximum drawdown of -2.36%. Use the drawdown chart below to compare losses from any high point for BND and BTOT.

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Drawdown Indicators

BNDBTOTDifference

Max Drawdown

Largest peak-to-trough decline

-18.58%

-2.36%

-16.22%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

—

—

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

-2.67%

-1.45%

-1.22%

Average Drawdown

Average peak-to-trough decline

-3.06%

-0.77%

-2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.89%

—

—

Volatility

BND vs. BTOT - Volatility Comparison

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Volatility by Period

BNDBTOTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.23%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

2.70%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

3.76%

3.72%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.02%

3.72%

+2.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.53%

3.72%

+1.81%

BND vs. BTOT - Expense Ratio Comparison

BND has a 0.03% expense ratio, which is lower than BTOT's 0.09% 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. BTOT - Dividend Comparison

BND's dividend yield for the trailing twelve months is around 3.98%, more than BTOT's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
BND
Vanguard Total Bond Market ETF		3.98%3.86%3.67%3.09%2.60%2.12%2.38%2.72%2.81%2.54%2.51%2.57%
BTOT
iShares Total USD Fixed Income Market ETF		2.13%0.22%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.97, BND and BTOT 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.

On fees, BND is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

BND is cheaper with a 0.03% expense ratio, compared with 0.09% for BTOT.

BND has the higher dividend yield at 3.98%, compared with 2.13% for BTOT.

BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while BTOT tracks Bloomberg US Total Fixed Income Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BND and 0.09% for BTOT.

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