BNDC vs. IBGA

Last updated Jun 5, 2026

BNDC (FlexShares Core Select Bond Fund) and IBGA (iShares iBonds Dec 2044 Term Treasury ETF) are both Intermediate Core Bond funds. BNDC is actively managed, while IBGA is passively managed. Over the past year, BNDC returned 4.25% vs 4.03% for IBGA. Their correlation of 0.94 suggests significant overlap in exposure. BNDC charges 0.35%/yr vs 0.07%/yr for IBGA.

Performance

BNDC vs. IBGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Core Select Bond Fund (BNDC) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDC achieves a 0.07% return, which is significantly higher than IBGA's -0.17% return.

BNDC

• 1D: 0.13%
• 1M: 0.12%
• YTD: 0.07%
• 6M: 0.16%
• 1Y: 4.25%
• 3Y*: 3.76%
• 5Y*: -0.19%
• 10Y*: —

IBGA

• 1D: 0.20%
• 1M: 0.37%
• YTD: -0.17%
• 6M: -0.81%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDC vs. IBGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDC FlexShares Core Select Bond Fund	0.07%	7.29%	1.25%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	-0.17%	6.09%	-1.41%

Correlation

The correlation between BNDC and IBGA 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 (All Time) Calculated using the full available price history since Jun 13, 2024	0.94

The correlation between BNDC and IBGA has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

BNDC vs. IBGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNDC

BNDC Risk / Return Rank: 30
BNDC Sharpe Ratio Rank: 31
BNDC Sortino Ratio Rank: 31
BNDC Omega Ratio Rank: 28
BNDC Calmar Ratio Rank: 31
BNDC Martin Ratio Rank: 30

IBGA

IBGA Risk / Return Rank: 17
IBGA Sharpe Ratio Rank: 17
IBGA Sortino Ratio Rank: 16
IBGA Omega Ratio Rank: 16
IBGA Calmar Ratio Rank: 17
IBGA Martin Ratio Rank: 17

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.

BNDC vs. IBGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Core Select Bond Fund (BNDC) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). 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.

	BNDC	IBGA	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.50	+0.59
Sortino ratio: Return per unit of downside risk	1.62	0.77	+0.85
Omega ratio: Gain probability vs. loss probability	1.19	1.09	+0.10
Calmar ratio: Return relative to maximum drawdown	1.49	0.61	+0.87
Martin ratio: Return relative to average drawdown	4.39	1.68	+2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDC vs. IBGA - Sharpe Ratio Comparison

The current BNDC Sharpe Ratio is 1.09, which is higher than the IBGA Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of BNDC and IBGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNDC	IBGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	0.50	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.23	-0.02

Drawdowns

BNDC vs. IBGA - Drawdown Comparison

The maximum BNDC drawdown since its inception was -18.80%, which is greater than IBGA's maximum drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for BNDC and IBGA.

Drawdown Indicators

	BNDC	IBGA	Difference
Max Drawdown Largest peak-to-trough decline	-18.80%	-11.69%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-6.60%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.60%	—	—
Current Drawdown Current decline from peak	-3.34%	-4.47%	+1.13%
Average Drawdown Average peak-to-trough decline	-7.35%	-5.05%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.41%	-1.44%

Volatility

BNDC vs. IBGA - Volatility Comparison

The current volatility for FlexShares Core Select Bond Fund (BNDC) is 1.23%, while iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a volatility of 2.56%. This indicates that BNDC experiences smaller price fluctuations and is considered to be less risky than IBGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDC	IBGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	2.56%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	5.68%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	8.21%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	9.86%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.05%	9.86%	-1.81%

BNDC vs. IBGA - Expense Ratio Comparison

BNDC has a 0.35% expense ratio, which is higher than IBGA's 0.07% expense ratio.

Dividends

BNDC vs. IBGA - Dividend Comparison

BNDC's dividend yield for the trailing twelve months is around 4.15%, less than IBGA's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BNDC FlexShares Core Select Bond Fund	4.15%	4.16%	3.81%	3.19%	2.64%	1.72%	2.61%	2.89%	2.86%	2.50%	0.64%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.65%	4.49%	2.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDC and IBGA in my portfolio?

With a correlation of 0.92, BNDC and IBGA 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.

Which is riskier, BNDC or IBGA?

IBGA has higher volatility (2.56%) compared to BNDC (1.23%). In terms of maximum drawdown, BNDC dropped -18.80% vs IBGA's -11.69%.

Which ETF is better, BNDC or IBGA?

On 1-year performance, BNDC leads with 4.25% vs 4.03% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, BNDC has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDC or IBGA?

Over the 1-year period, BNDC has performed better with a 4.25% return vs 4.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDC or IBGA?

IBGA is cheaper with a 0.07% expense ratio, compared with 0.35% for BNDC.

Which ETF pays a higher dividend yield, BNDC or IBGA?

IBGA has the higher dividend yield at 4.65%, compared with 4.15% for BNDC.

What is the main difference between BNDC and IBGA?

They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.35% for BNDC and 0.07% for IBGA.

Which has better risk-adjusted returns?

BNDC currently has the higher Sharpe Ratio (1.09 vs 0.50), 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.