BNDW vs. GRNB

Last updated Jun 4, 2026

BNDW (Vanguard Total World Bond ETF) and GRNB (VanEck Green Bond ETF) are both Global Bonds funds - BNDW tracks the Bloomberg Global Aggregate Float Adjusted Composite Index while GRNB tracks the S&P Green Bond U.S. Dollar Select Index. Both are passively managed. Over the past 5 years, BNDW returned 0.22%/yr vs 0.89%/yr for GRNB. A 0.80 correlation means they provide meaningful diversification when combined. BNDW charges 0.05%/yr vs 0.20%/yr for GRNB.

Performance

BNDW vs. GRNB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Bond ETF (BNDW) and VanEck Green Bond ETF (GRNB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDW achieves a 0.42% return, which is significantly lower than GRNB's 0.61% return.

BNDW

• 1D: -0.26%
• 1M: 0.44%
• YTD: 0.42%
• 6M: 0.18%
• 1Y: 3.51%
• 3Y*: 3.99%
• 5Y*: 0.22%
• 10Y*: —

GRNB

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.61%
• 6M: 0.76%
• 1Y: 5.18%
• 3Y*: 5.13%
• 5Y*: 0.89%
• 10Y*: —

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

BNDW vs. GRNB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	0.42%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%
GRNB VanEck Green Bond ETF	0.61%	7.09%	3.31%	7.08%	-11.93%	-2.36%	7.98%	5.40%	-0.74%

Correlation

The correlation between BNDW and GRNB is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.80

The correlation between BNDW and GRNB has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

BNDW vs. GRNB - Sectors Allocation Comparison

Sectors	BNDW	GRNB
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

BNDW vs. GRNB — Risk / Return Rank

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

BNDW

BNDW Risk / Return Rank: 27
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 26

GRNB

GRNB Risk / Return Rank: 49
GRNB Sharpe Ratio Rank: 51
GRNB Sortino Ratio Rank: 53
GRNB Omega Ratio Rank: 54
GRNB Calmar Ratio Rank: 40
GRNB Martin Ratio Rank: 47

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. GRNB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and VanEck Green Bond ETF (GRNB). 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	GRNB	Difference
Sharpe ratio Return per unit of total volatility	1.05	1.76	-0.71
Sortino ratio Return per unit of downside risk	1.50	2.58	-1.08
Omega ratio Gain probability vs. loss probability	1.18	1.34	-0.16
Calmar ratio Return relative to maximum drawdown	1.31	2.03	-0.72
Martin ratio Return relative to average drawdown	3.70	7.96	-4.27
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. GRNB - Sharpe Ratio Comparison

The current BNDW Sharpe Ratio is 1.05, which is lower than the GRNB Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of BNDW and GRNB, 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	GRNB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.76	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.18	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.46	-0.09

Drawdowns

BNDW vs. GRNB - Drawdown Comparison

The maximum BNDW drawdown since its inception was -17.22%, roughly equal to the maximum GRNB drawdown of -18.08%. Use the drawdown chart below to compare losses from any high point for BNDW and GRNB.

Drawdown Indicators

	BNDW	GRNB	Difference
Max Drawdown Largest peak-to-trough decline	-17.22%	-18.08%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.51%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-4.24%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-16.93%	-17.94%	+1.01%
Current Drawdown Current decline from peak	-1.53%	-0.39%	-1.14%
Average Drawdown Average peak-to-trough decline	-4.98%	-4.58%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.64%	+0.31%

Volatility

BNDW vs. GRNB - Volatility Comparison

Vanguard Total World Bond ETF (BNDW) has a higher volatility of 1.31% compared to VanEck Green Bond ETF (GRNB) at 0.98%. This indicates that BNDW's price experiences larger fluctuations and is considered to be riskier than GRNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDW	GRNB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	0.98%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.35%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.96%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	4.92%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	4.88%	+0.02%

BNDW vs. GRNB - Expense Ratio Comparison

BNDW has a 0.05% expense ratio, which is lower than GRNB's 0.20% expense ratio. Despite the difference, 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. GRNB - Dividend Comparison

BNDW's dividend yield for the trailing twelve months is around 4.21%, which matches GRNB's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNDW Vanguard Total World Bond ETF	4.21%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%	0.00%
GRNB VanEck Green Bond ETF	4.23%	4.18%	3.83%	3.17%	2.60%	1.97%	2.24%	1.79%	1.21%	1.09%

Frequently Asked Questions

Can I hold both BNDW and GRNB in my portfolio?

BNDW and GRNB have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDW or GRNB?

BNDW has higher volatility (1.31%) compared to GRNB (0.98%). In terms of maximum drawdown, BNDW dropped -17.22% vs GRNB's -18.08%.

Which ETF is better, BNDW or GRNB?

On 5-year performance, GRNB leads with 0.89% vs 0.22% for BNDW. On fees, BNDW is cheaper at 0.05% per year. On volatility, GRNB has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDW or GRNB?

Over the 5-year period, GRNB has performed better with a 0.89% return vs 0.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDW or GRNB?

BNDW is cheaper with a 0.05% expense ratio, compared with 0.20% for GRNB.

Which ETF pays a higher dividend yield, BNDW or GRNB?

GRNB has the higher dividend yield at 4.23%, compared with 4.21% for BNDW.

What is the main difference between BNDW and GRNB?

BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index, while GRNB tracks S&P Green Bond U.S. Dollar Select Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.05% for BNDW and 0.20% for GRNB.

Which has better risk-adjusted returns?

GRNB currently has the higher Sharpe Ratio (1.76 vs 1.05), 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.