BNDP vs. CAAA

Last updated Jun 24, 2026

BNDP (Vanguard Core-Plus Bond Index ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. BNDP is passively managed, while CAAA is actively managed. A 0.69 correlation means they provide meaningful diversification when combined. BNDP charges 0.05%/yr vs 0.55%/yr for CAAA.

Performance

BNDP vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core-Plus Bond Index ETF (BNDP) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDP achieves a 0.52% return, which is significantly lower than CAAA's 0.74% return.

BNDP

• 1D: 0.10%
• 1M: 0.84%
• YTD: 0.52%
• 6M: 0.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDP vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025
BNDP Vanguard Core-Plus Bond Index ETF	0.52%	0.08%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	-0.02%

Correlation

The correlation between BNDP and CAAA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.69

Return for Risk

BNDP vs. CAAA — Risk / Return Rank

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

BNDP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

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.

BNDP vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond Index ETF (BNDP) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	BNDP	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.20	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.17	—
Martin ratio: Return relative to average drawdown	—	6.45	—

Drawdowns

BNDP vs. CAAA - Drawdown Comparison

The maximum BNDP drawdown since its inception was -2.60%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for BNDP and CAAA.

Drawdown Indicators

	BNDP	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.60%	-2.24%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.08%	—
Current Drawdown Current decline from peak	-1.13%	-0.87%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.89%	-0.56%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.70%	—

Volatility

Volatility by Period

	BNDP	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	3.10%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	3.21%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	3.21%	+0.49%

BNDP vs. CAAA - Expense Ratio Comparison

BNDP has a 0.05% expense ratio, which is lower than CAAA's 0.55% expense ratio.

Dividends

BNDP vs. CAAA - Dividend Comparison

BNDP's dividend yield for the trailing twelve months is around 2.07%, less than CAAA's 5.29% yield.

Position	TTM	2025	2024
BNDP Vanguard Core-Plus Bond Index ETF	2.07%	0.24%	0.00%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%

Frequently Asked Questions

Can I hold both BNDP and CAAA in my portfolio?

BNDP and CAAA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNDP or CAAA?

On fees, BNDP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNDP or CAAA?

BNDP is cheaper with a 0.05% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, BNDP or CAAA?

CAAA has the higher dividend yield at 5.29%, compared with 2.07% for BNDP.

What is the main difference between BNDP and CAAA?

They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.05% for BNDP and 0.55% for CAAA.