BNDW vs. VGCIX

Last updated Jun 4, 2026

BNDW (Vanguard Total World Bond ETF) and VGCIX (Vanguard Global Credit Bond Fund Investor Shares) are both funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index, while VGCIX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, BNDW returned 0.22%/yr vs 1.38%/yr for VGCIX. Their correlation of 0.91 suggests significant overlap in exposure. BNDW charges 0.05%/yr vs 0.35%/yr for VGCIX.

Performance

BNDW vs. VGCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Bond ETF (BNDW) and Vanguard Global Credit Bond Fund Investor Shares (VGCIX). 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 VGCIX's 0.97% return.

BNDW

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

VGCIX

• 1D: -0.10%
• 1M: 0.63%
• YTD: 0.97%
• 6M: 1.04%
• 1Y: 5.84%
• 3Y*: 6.13%
• 5Y*: 1.38%
• 10Y*: —

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

BNDW vs. VGCIX - 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%	1.90%
VGCIX Vanguard Global Credit Bond Fund Investor Shares	0.97%	7.26%	3.82%	9.17%	-13.61%	-0.70%	10.70%	12.93%	0.95%

Correlation

The correlation between BNDW and VGCIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018	0.91

The correlation between BNDW and VGCIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

BNDW vs. VGCIX - Sectors Allocation Comparison

Sectors	BNDW	VGCIX
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.0%
Utilities	-	-

Return for Risk

BNDW vs. VGCIX — 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

VGCIX

VGCIX Risk / Return Rank: 31
VGCIX Sharpe Ratio Rank: 33
VGCIX Sortino Ratio Rank: 35
VGCIX Omega Ratio Rank: 32
VGCIX Calmar Ratio Rank: 27
VGCIX Martin Ratio Rank: 27

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. VGCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and Vanguard Global Credit Bond Fund Investor Shares (VGCIX). 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	VGCIX	Difference
Sharpe ratio Return per unit of total volatility	1.05	1.68	-0.63
Sortino ratio Return per unit of downside risk	1.50	2.47	-0.97
Omega ratio Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio Return relative to maximum drawdown	1.31	1.98	-0.67
Martin ratio Return relative to average drawdown	3.70	6.71	-3.02
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. VGCIX - Sharpe Ratio Comparison

The current BNDW Sharpe Ratio is 1.05, which is lower than the VGCIX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of BNDW and VGCIX, 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	VGCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.68	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.27	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.79	-0.41

Drawdowns

BNDW vs. VGCIX - Drawdown Comparison

The maximum BNDW drawdown since its inception was -17.22%, smaller than the maximum VGCIX drawdown of -18.69%. Use the drawdown chart below to compare losses from any high point for BNDW and VGCIX.

Drawdown Indicators

	BNDW	VGCIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.22%	-18.69%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.95%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-4.13%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.93%	-18.69%	+1.76%
Current Drawdown Current decline from peak	-1.53%	-0.77%	-0.76%
Average Drawdown Average peak-to-trough decline	-4.98%	-4.45%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.87%	+0.08%

Volatility

BNDW vs. VGCIX - Volatility Comparison

Vanguard Total World Bond ETF (BNDW) and Vanguard Global Credit Bond Fund Investor Shares (VGCIX) have volatilities of 1.31% and 1.35%, 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.

Volatility by Period

	BNDW	VGCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.35%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.64%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	3.43%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	5.14%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	4.91%	-0.01%

BNDW vs. VGCIX - Expense Ratio Comparison

BNDW has a 0.05% expense ratio, which is lower than VGCIX's 0.35% expense ratio.

Dividends

BNDW vs. VGCIX - Dividend Comparison

BNDW's dividend yield for the trailing twelve months is around 4.21%, less than VGCIX's 4.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	4.21%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%
VGCIX Vanguard Global Credit Bond Fund Investor Shares	4.85%	4.82%	4.54%	4.38%	2.61%	3.05%	4.55%	6.77%	0.35%

Frequently Asked Questions

Can I hold both BNDW and VGCIX in my portfolio?

With a correlation of 0.92, BNDW and VGCIX 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.

Which is riskier, BNDW or VGCIX?

VGCIX has higher volatility (1.35%) compared to BNDW (1.31%). In terms of maximum drawdown, BNDW dropped -17.22% vs VGCIX's -18.69%.

Which has better risk-adjusted returns?

VGCIX currently has the higher Sharpe Ratio (1.68 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.