BNDW vs. 4GLD.DE

Last updated Jun 9, 2026

BNDW (Vanguard Total World Bond ETF) and 4GLD.DE (Xetra-Gold) are both exchange-traded funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index, while 4GLD.DE is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, BNDW returned 0.10%/yr vs 18.74%/yr for 4GLD.DE. At a 0.30 correlation, their price movements are largely independent. BNDW charges 0.05%/yr vs 0.00%/yr for 4GLD.DE.

Performance

BNDW vs. 4GLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Bond ETF (BNDW) and Xetra-Gold (4GLD.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BNDW is traded in USD, while 4GLD.DE is traded in EUR. To make them comparable, the 4GLD.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BNDW achieves a 0.15% return, which is significantly lower than 4GLD.DE's 1.60% return.

BNDW

• 1D: -0.09%
• 1M: -0.41%
• YTD: 0.15%
• 6M: 0.41%
• 1Y: 3.40%
• 3Y*: 3.95%
• 5Y*: 0.10%
• 10Y*: —

4GLD.DE

• 1D: 0.68%
• 1M: -5.28%
• YTD: 1.60%
• 6M: 6.41%
• 1Y: 34.00%
• 3Y*: 31.67%
• 5Y*: 18.74%
• 10Y*: 13.61%

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

BNDW vs. 4GLD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	0.15%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%
4GLD.DE Xetra-Gold	1.60%	68.58%	26.88%	12.77%	1.22%	-4.18%	24.10%	18.68%	6.45%

Correlation

The correlation between BNDW and 4GLD.DE is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.30

Return for Risk

BNDW vs. 4GLD.DE — Risk / Return Rank

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

BNDW

BNDW Risk / Return Rank: 29
BNDW Sharpe Ratio Rank: 31
BNDW Sortino Ratio Rank: 29
BNDW Omega Ratio Rank: 29
BNDW Calmar Ratio Rank: 29
BNDW Martin Ratio Rank: 27

4GLD.DE

4GLD.DE Risk / Return Rank: 36
4GLD.DE Sharpe Ratio Rank: 37
4GLD.DE Sortino Ratio Rank: 34
4GLD.DE Omega Ratio Rank: 40
4GLD.DE Calmar Ratio Rank: 38
4GLD.DE Martin Ratio Rank: 32

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.

BNDW vs. 4GLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and Xetra-Gold (4GLD.DE). 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.

	BNDW	4GLD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.33	-0.31
Sortino ratio: Return per unit of downside risk	1.46	1.78	-0.32
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.26	1.89	-0.62
Martin ratio: Return relative to average drawdown	3.52	4.81	-1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDW vs. 4GLD.DE - Sharpe Ratio Comparison

The current BNDW Sharpe Ratio is 1.02, which is comparable to the 4GLD.DE Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of BNDW and 4GLD.DE, 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

	BNDW	4GLD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.33	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	1.07	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.52	-0.16

Drawdowns

BNDW vs. 4GLD.DE - Drawdown Comparison

The maximum BNDW drawdown since its inception was -17.22%, smaller than the maximum 4GLD.DE drawdown of -44.57%. Use the drawdown chart below to compare losses from any high point for BNDW and 4GLD.DE.

Drawdown Indicators

	BNDW	4GLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-17.22%	-44.57%	+27.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-17.15%	+14.45%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-17.15%	+12.88%
Max Drawdown (5Y) Largest decline over 5 years	-16.93%	-21.18%	+4.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.18%	—
Current Drawdown Current decline from peak	-1.80%	-15.57%	+13.77%
Average Drawdown Average peak-to-trough decline	-4.97%	-16.99%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	6.73%	-5.76%

Volatility

BNDW vs. 4GLD.DE - Volatility Comparison

The current volatility for Vanguard Total World Bond ETF (BNDW) is 1.25%, while Xetra-Gold (4GLD.DE) has a volatility of 5.65%. This indicates that BNDW experiences smaller price fluctuations and is considered to be less risky than 4GLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDW	4GLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	5.65%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	20.99%	-18.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	24.25%	-20.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	17.29%	-12.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	15.56%	-10.66%

BNDW vs. 4GLD.DE - Expense Ratio Comparison

BNDW has a 0.05% expense ratio, which is higher than 4GLD.DE's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BNDW vs. 4GLD.DE - Dividend Comparison

BNDW's dividend yield for the trailing twelve months is around 4.23%, while 4GLD.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
4GLD.DE Xetra-Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BNDW Vanguard Total World Bond ETF	4.23%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%

Frequently Asked Questions

Can I hold both BNDW and 4GLD.DE in my portfolio?

BNDW and 4GLD.DE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNDW or 4GLD.DE?

On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNDW or 4GLD.DE?

4GLD.DE is cheaper with a 0.00% expense ratio, compared with 0.05% for BNDW.

What is the main difference between BNDW and 4GLD.DE?

BNDW is categorized as Global Bonds, while 4GLD.DE is Gold. BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index, while 4GLD.DE tracks LBMA Gold Price. They also come from different issuers: Vanguard and Deutsche Börse Commodities. Their fees differ too: 0.05% for BNDW and 0.00% for 4GLD.DE.