BNDW vs. BND
BNDW (Vanguard Total World Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 5 years, BNDW returned -0.19%/yr vs -0.37%/yr for BND. Their correlation of 0.94 means they have usually moved in the same direction. BNDW charges 0.05%/yr vs 0.03%/yr for BND.
Performance
BNDW vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, BNDW achieves a 0.08% return, which is significantly higher than BND's -0.28% return.
BNDW
- 1D
- 0.10%
- 1M
- -1.00%
- 6M
- -0.40%
- YTD
- 0.08%
- 1Y
- 2.22%
- 3Y*
- 3.90%
- 5Y*
- -0.19%
- 10Y*
- —
- ALL TIME*
- 1.75%
BND
- 1D
- 0.06%
- 1M
- -1.02%
- 6M
- -0.53%
- YTD
- -0.28%
- 1Y
- 2.92%
- 3Y*
- 3.79%
- 5Y*
- -0.37%
- 10Y*
- 1.38%
- ALL TIME*
- 3.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $447.57M | $557.69M | $594.86M | |
| $6.01M | $5.99M | $7.00M |
BNDW vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 0.08% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.27% |
BND Vanguard Total Bond Market ETF | -0.28% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | 1.22% |
Correlation
The correlation between BNDW and BND is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2018 | 0.94 |
The correlation between BNDW and BND has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
BNDW vs. BND — Risk / Return Rank
BNDW
BND
BNDW vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and Vanguard Total Bond Market ETF (BND). 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.
| BNDW | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.14 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 1.10 | -0.27 |
| Martin ratioReturn relative to average drawdown | 2.02 | 2.77 | -0.75 |
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Drawdowns
BNDW vs. BND - Drawdown Comparison
The maximum BNDW drawdown since its inception was -17.22%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BNDW and BND.
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Drawdown Indicators
| BNDW | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.22% | -18.58% | +1.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.68% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | -4.81% | +1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -16.93% | -17.91% | +0.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -1.87% | -2.90% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -3.06% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.06% | +0.04% |
Volatility
BNDW vs. BND - Volatility Comparison
Vanguard Total World Bond ETF (BNDW) and Vanguard Total Bond Market ETF (BND) have volatilities of 0.93% and 0.96%, 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
| BNDW | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.96% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.88% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 3.70% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.22% | 6.03% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 5.53% | -0.65% |
BNDW vs. BND - Expense Ratio Comparison
BNDW has a 0.05% expense ratio, which is higher than BND's 0.03% 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. BND - Dividend Comparison
BNDW's dividend yield for the trailing twelve months is around 4.25%, more than BND's 4.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.01% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
BNDW Vanguard Total World Bond ETF | 4.25% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, BNDW and BND 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.
BND has higher volatility (0.96%) compared to BNDW (0.93%). In terms of maximum drawdown, BNDW dropped -17.22% vs BND's -18.58%.
On 5-year performance, BNDW leads with -0.19% vs -0.37% for BND. On fees, BND is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a -0.19% return vs -0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.05% for BNDW.
BNDW has the higher dividend yield at 4.25%, compared with 4.01% for BND.
BNDW is categorized as Global Bonds, while BND is Total Bond Market. BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. Their fees differ too: 0.05% for BNDW and 0.03% for BND.
BND currently has the higher Sharpe Ratio (0.79 vs 0.66), 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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