BND vs. SPAB
BND (Vanguard Total Bond Market ETF) and SPAB (SPDR Portfolio Aggregate Bond ETF) are both Total Bond Market funds - BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index while SPAB tracks the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, BND returned 1.44%/yr vs 1.40%/yr for SPAB. Their correlation of 0.86 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
BND vs. SPAB - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a 0.13% return, which is significantly higher than SPAB's 0.08% return. Both investments have delivered pretty close results over the past 10 years, with BND having a 1.44% annualized return and SPAB not far behind at 1.40%.
BND
- 1D
- 0.03%
- 1M
- -0.58%
- 6M
- 0.02%
- YTD
- 0.13%
- 1Y
- 2.32%
- 3Y*
- 4.19%
- 5Y*
- -0.20%
- 10Y*
- 1.44%
- ALL TIME*
- 3.02%
SPAB
- 1D
- 0.04%
- 1M
- -0.67%
- 6M
- 0.00%
- YTD
- 0.08%
- 1Y
- 2.41%
- 3Y*
- 4.21%
- 5Y*
- -0.22%
- 10Y*
- 1.40%
- ALL TIME*
- 3.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $518.24M | $512.19M | $593.29M | |
| $62.78M | $60.39M | $61.35M |
BND vs. SPAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 0.13% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
SPAB SPDR Portfolio Aggregate Bond ETF | 0.08% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
Correlation
The correlation between BND and SPAB is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.86 |
The correlation between BND and SPAB shifts across timeframes, from 0.86 (all time) to 0.99 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BND vs. SPAB — Risk / Return Rank
BND
SPAB
BND vs. SPAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and SPDR Portfolio Aggregate Bond ETF (SPAB). 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 | SPAB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.88 | -0.01 |
| Martin ratioReturn relative to average drawdown | 2.15 | 2.12 | +0.02 |
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Drawdowns
BND vs. SPAB - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, roughly equal to the maximum SPAB drawdown of -18.56%. Use the drawdown chart below to compare losses from any high point for BND and SPAB.
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Drawdown Indicators
| BND | SPAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -18.56% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.74% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -4.93% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | -17.86% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -18.56% | -0.02% |
Current DrawdownCurrent decline from peak | -2.50% | -2.47% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -3.07% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.14% | -0.06% |
Volatility
BND vs. SPAB - Volatility Comparison
Vanguard Total Bond Market ETF (BND) and SPDR Portfolio Aggregate Bond ETF (SPAB) have volatilities of 1.04% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BND | SPAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.02% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 2.88% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.63% | 3.61% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 5.94% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 5.55% | -0.02% |
BND vs. SPAB - Expense Ratio Comparison
Both BND and SPAB have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BND vs. SPAB - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 4.03%, less than SPAB's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.03% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.11% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.98, BND and SPAB 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.
BND has higher volatility (1.04%) compared to SPAB (1.02%). In terms of maximum drawdown, BND dropped -18.58% vs SPAB's -18.56%.
On 10-year performance, BND leads with 1.44% vs 1.40% for SPAB. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.44% return vs 1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND and SPAB have the same expense ratio: 0.03% per year.
SPAB has the higher dividend yield at 4.11%, compared with 4.03% for BND.
BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while SPAB tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Vanguard and State Street.
SPAB currently has the higher Sharpe Ratio (0.67 vs 0.64), 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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