BND vs. VBTIX
BND (Vanguard Total Bond Market ETF) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both Total Bond Market funds from Vanguard. Over the past 10 years, BND returned 1.58%/yr vs 1.54%/yr for VBTIX. Their correlation of 0.89 suggests significant overlap in exposure. BND charges 0.03%/yr vs 0.04%/yr for VBTIX.
Performance
BND vs. VBTIX - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a 0.52% return, which is significantly higher than VBTIX's 0.43% return. Both investments have delivered pretty close results over the past 10 years, with BND having a 1.58% annualized return and VBTIX not far behind at 1.54%.
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%
VBTIX
- 1D
- 0.52%
- 1M
- 0.55%
- YTD
- 0.43%
- 6M
- 0.97%
- 1Y
- 4.48%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.54%
BND vs. VBTIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 0.52% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.43% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
Correlation
The correlation between BND and VBTIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.89 |
The correlation between BND and VBTIX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
BND vs. VBTIX — Risk / Return Rank
BND
VBTIX
BND vs. VBTIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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 | VBTIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.71 | -0.06 |
| Martin ratioReturn relative to average drawdown | 4.81 | 4.95 | -0.14 |
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Drawdowns
BND vs. VBTIX - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, roughly equal to the maximum VBTIX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for BND and VBTIX.
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Drawdown Indicators
| BND | VBTIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -18.90% | +0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.89% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -5.99% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -18.13% | +0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -18.90% | +0.32% |
Current DrawdownCurrent decline from peak | -2.12% | -2.25% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -2.32% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.00% | -0.08% |
Volatility
BND vs. VBTIX - Volatility Comparison
Vanguard Total Bond Market ETF (BND) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) have volatilities of 1.28% and 1.33%, 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 | VBTIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.33% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.85% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 3.93% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 6.02% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 4.99% | +0.54% |
BND vs. VBTIX - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than VBTIX's 0.04% 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. VBTIX - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.96%, which matches VBTIX's 3.99% yield.
| 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% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 3.99% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
Frequently Asked Questions
With a correlation of 0.92, BND and VBTIX 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.
VBTIX has higher volatility (1.33%) compared to BND (1.28%). In terms of maximum drawdown, BND dropped -18.58% vs VBTIX's -18.90%.
VBTIX currently has the higher Sharpe Ratio (1.26 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.
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