BNDC vs. OVB

Last updated Jun 5, 2026

BNDC (FlexShares Core Select Bond Fund) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, BNDC returned -0.19%/yr vs 0.79%/yr for OVB. A 0.79 correlation means they provide meaningful diversification when combined. BNDC charges 0.35%/yr vs 0.79%/yr for OVB.

Performance

BNDC vs. OVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Core Select Bond Fund (BNDC) and Overlay Shares Core Bond ETF (OVB). 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 lower than OVB's 2.84% return.

BNDC

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

OVB

• 1D: 0.25%
• 1M: 0.65%
• YTD: 2.84%
• 6M: 2.85%
• 1Y: 9.22%
• 3Y*: 5.93%
• 5Y*: 0.79%
• 10Y*: —

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

BNDC vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BNDC FlexShares Core Select Bond Fund	0.07%	7.29%	0.86%	5.36%	-13.54%	-2.01%	8.66%	0.20%
OVB Overlay Shares Core Bond ETF	2.84%	7.72%	4.03%	6.89%	-16.96%	0.71%	9.40%	1.22%

Correlation

The correlation between BNDC and OVB is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.79

The correlation between BNDC and OVB has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

BNDC vs. OVB - Sectors Allocation Comparison

Sectors	BNDC	OVB
Financial Services	100.0%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

BNDC vs. OVB — 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

OVB

OVB Risk / Return Rank: 58
OVB Sharpe Ratio Rank: 47
OVB Sortino Ratio Rank: 49
OVB Omega Ratio Rank: 51
OVB Calmar Ratio Rank: 75
OVB Martin Ratio Rank: 67

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. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Core Select Bond Fund (BNDC) and Overlay Shares Core Bond ETF (OVB). 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	OVB	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.60	-0.51
Sortino ratio: Return per unit of downside risk	1.62	2.36	-0.75
Omega ratio: Gain probability vs. loss probability	1.19	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	1.49	3.72	-2.23
Martin ratio: Return relative to average drawdown	4.39	12.12	-7.73
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. OVB - Sharpe Ratio Comparison

The current BNDC Sharpe Ratio is 1.09, which is lower than the OVB Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of BNDC and OVB, 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	OVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.60	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.11	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.26	-0.05

Drawdowns

BNDC vs. OVB - Drawdown Comparison

The maximum BNDC drawdown since its inception was -18.80%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for BNDC and OVB.

Drawdown Indicators

	BNDC	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-18.80%	-21.69%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-2.49%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	-8.18%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-18.60%	-21.69%	+3.09%
Current Drawdown Current decline from peak	-3.34%	-0.12%	-3.22%
Average Drawdown Average peak-to-trough decline	-7.35%	-7.04%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.76%	+0.21%

Volatility

BNDC vs. OVB - Volatility Comparison

The current volatility for FlexShares Core Select Bond Fund (BNDC) is 1.23%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 1.48%. This indicates that BNDC experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDC	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.48%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	4.69%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	5.81%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	7.31%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.05%	7.58%	+0.47%

BNDC vs. OVB - Expense Ratio Comparison

BNDC has a 0.35% expense ratio, which is lower than OVB's 0.79% expense ratio.

Dividends

BNDC vs. OVB - Dividend Comparison

BNDC's dividend yield for the trailing twelve months is around 4.15%, less than OVB's 6.94% 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%
OVB Overlay Shares Core Bond ETF	6.94%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDC and OVB in my portfolio?

BNDC and OVB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDC or OVB?

OVB has higher volatility (1.48%) compared to BNDC (1.23%). In terms of maximum drawdown, BNDC dropped -18.80% vs OVB's -21.69%.

Which ETF is better, BNDC or OVB?

On 5-year performance, OVB leads with 0.79% vs -0.19% for BNDC. On fees, BNDC is cheaper at 0.35% 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 OVB?

Over the 5-year period, OVB has performed better with a 0.79% return vs -0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDC or OVB?

BNDC is cheaper with a 0.35% expense ratio, compared with 0.79% for OVB.

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

OVB has the higher dividend yield at 6.94%, compared with 4.15% for BNDC.

What is the main difference between BNDC and OVB?

They also come from different issuers: Northern Trust and Liquid Strategies. Their fees differ too: 0.35% for BNDC and 0.79% for OVB.

Which has better risk-adjusted returns?

OVB currently has the higher Sharpe Ratio (1.60 vs 1.09), 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.