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BND vs. CPER
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BND vs. CPER

Last updated Jun 9, 2026

BND (Vanguard Total Bond Market ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while CPER is a Metals fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, BND returned 1.53%/yr vs 11.08%/yr for CPER. At a correlation of -0.02, they often move in opposite directions. BND charges 0.03%/yr vs 1.06%/yr for CPER.

Performance

BND vs. CPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market ETF (BND) and United States Copper Index Fund (CPER). 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 -0.07% return, which is significantly lower than CPER's 10.27% return. Over the past 10 years, BND has underperformed CPER with an annualized return of 1.53%, while CPER has yielded a comparatively higher 11.08% annualized return.

BND

1D
-0.03%
1M
-0.67%
YTD
-0.07%
6M
0.23%
1Y
4.87%
3Y*
3.89%
5Y*
-0.05%
10Y*
1.53%

CPER

1D
1.23%
1M
0.73%
YTD
10.27%
6M
15.97%
1Y
27.52%
3Y*
18.31%
5Y*
6.72%
10Y*
11.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BND vs. CPER - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BND
Vanguard Total Bond Market ETF		-0.07%7.08%1.38%5.65%-13.11%-1.86%7.71%8.84%-0.12%3.57%
CPER
United States Copper Index Fund		10.27%38.95%4.23%4.55%-15.14%25.21%23.90%6.66%-21.91%28.80%

Correlation

The correlation between BND and CPER is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2011

-0.02

The correlation between BND and CPER shifts across timeframes, from -0.02 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Total Bond Market ETF

United States Copper Index Fund

Often compared with BND:
BND vs. BNDXBND vs. FXNAXBND vs. AGGBND vs. FBNDBND vs. BNDWBND vs. TLTBND vs. VBTLX
Often compared with CPER:
CPER vs. COPXCPER vs. COPPCPER vs. ICOPCPER vs. GLDCPER vs. COPA.LCPER vs. COPJCPER vs. SPY

Return for Risk

BND vs. CPER — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BND
BND Risk / Return Rank: 4040
Overall Rank
BND Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
BND Sortino Ratio Rank: 4343
Sortino Ratio Rank
BND Omega Ratio Rank: 3838
Omega Ratio Rank
BND Calmar Ratio Rank: 4040
Calmar Ratio Rank
BND Martin Ratio Rank: 3838
Martin Ratio Rank
CPER
CPER Risk / Return Rank: 2525
Overall Rank
CPER Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
CPER Sortino Ratio Rank: 2323
Sortino Ratio Rank
CPER Omega Ratio Rank: 3131
Omega Ratio Rank
CPER Calmar Ratio Rank: 2626
Calmar Ratio Rank
CPER Martin Ratio Rank: 2121
Martin Ratio Rank
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. CPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and United States Copper Index Fund (CPER). 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.

BNDCPERDifference
Sharpe ratioReturn per unit of total volatility
1.32
0.80

+0.52

Sortino ratioReturn per unit of downside risk
1.96
1.15

+0.81

Omega ratioGain probability vs. loss probability

1.23

1.19

+0.04

Calmar ratioReturn relative to maximum drawdown

1.83

1.12

+0.71

Martin ratioReturn relative to average drawdown

5.43

2.31

+3.12

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. CPER - Sharpe Ratio Comparison

The current BND Sharpe Ratio is 1.32, which is higher than the CPER Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of BND and CPER, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BNDCPERDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

0.80

+0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.01

0.25

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.46

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.13

+0.46

Drawdowns

BND vs. CPER - Drawdown Comparison

The maximum BND drawdown since its inception was -18.58%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for BND and CPER.

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Drawdown Indicators

BNDCPERDifference

Max Drawdown

Largest peak-to-trough decline

-18.58%

-54.04%

+35.46%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

-24.77%

+22.09%

Max Drawdown (3Y)

Largest decline over 3 years

-5.92%

-24.77%

+18.85%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-34.75%

+16.84%

Max Drawdown (10Y)

Largest decline over 10 years

-18.58%

-38.42%

+19.84%

Current Drawdown

Current decline from peak

-2.70%

-5.05%

+2.35%

Average Drawdown

Average peak-to-trough decline

-3.06%

-25.39%

+22.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.90%

11.94%

-11.04%

Volatility

BND vs. CPER - Volatility Comparison

The current volatility for Vanguard Total Bond Market ETF (BND) is 1.20%, while United States Copper Index Fund (CPER) has a volatility of 10.22%. This indicates that BND experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDCPERDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

10.22%

-9.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.69%

23.14%

-20.45%

Volatility (1Y)

Calculated over the trailing 1-year period

3.72%

34.78%

-31.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.02%

27.04%

-21.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.53%

24.07%

-18.54%

BND vs. CPER - Expense Ratio Comparison

BND has a 0.03% expense ratio, which is lower than CPER's 1.06% expense ratio.

Dividends

BND vs. CPER - Dividend Comparison

BND's dividend yield for the trailing twelve months is around 3.98%, while CPER has not paid dividends to shareholders.

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%
CPER
United States Copper Index Fund		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

BND and CPER have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CPER has higher volatility (10.22%) compared to BND (1.20%). In terms of maximum drawdown, BND dropped -18.58% vs CPER's -54.04%.

On 10-year performance, CPER leads with 11.08% vs 1.53% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CPER has performed better with a 11.08% return vs 1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BND is cheaper with a 0.03% expense ratio, compared with 1.06% for CPER.

BND has the higher dividend yield at 3.98%, compared with 0.00% for CPER.

BND is categorized as Total Bond Market, while CPER is Metals. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.03% for BND and 1.06% for CPER.

BND currently has the higher Sharpe Ratio (1.32 vs 0.80), 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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