BNDW vs. WINC.AS

Last updated Jul 21, 2026

BNDW (Vanguard Total World Bond ETF) and WINC.AS (iShares World Equity High Income UCITS ETF USD Inc) are both exchange-traded funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index, while WINC.AS is a Global Equity Income fund actively managed by iShares. BNDW is passively managed, while WINC.AS is actively managed. Over the past year, BNDW returned 2.74% vs 21.61% for WINC.AS. At a 0.10 correlation, their price movements are largely independent. BNDW charges 0.05%/yr vs 0.35%/yr for WINC.AS.

Performance

BNDW vs. WINC.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Bond ETF (BNDW) and iShares World Equity High Income UCITS ETF USD Inc (WINC.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDW achieves a 0.24% return, which is significantly lower than WINC.AS's 9.43% return.

BNDW

• 1D: -0.18%
• 1M: -0.67%
• 6M: -0.09%
• YTD: 0.24%
• 1Y: 2.74%
• 3Y*: 3.85%
• 5Y*: -0.09%
• 10Y*: —
• ALL TIME*: 1.78%

WINC.AS

• 1D: 0.00%
• 1M: 0.82%
• 6M: 9.67%
• YTD: 9.43%
• 1Y: 21.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.13%

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

BNDW vs. WINC.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDW Vanguard Total World Bond ETF	0.24%	5.02%	3.40%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	9.43%	21.56%	8.10%

Correlation

The correlation between BNDW and WINC.AS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.10

The correlation between BNDW and WINC.AS shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BNDW vs. WINC.AS — 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: 29
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 28
BNDW Martin Ratio Rank: 26

WINC.AS

WINC.AS Risk / Return Rank: 83
WINC.AS Sharpe Ratio Rank: 82
WINC.AS Sortino Ratio Rank: 86
WINC.AS Omega Ratio Rank: 80
WINC.AS Calmar Ratio Rank: 81
WINC.AS Martin Ratio Rank: 86

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. WINC.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and iShares World Equity High Income UCITS ETF USD Inc (WINC.AS). 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	WINC.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.97	-1.16
Sortino ratio: Return per unit of downside risk	1.16	3.03	-1.86
Omega ratio: Gain probability vs. loss probability	1.14	1.36	-0.22
Calmar ratio: Return relative to maximum drawdown	1.02	3.15	-2.13
Martin ratio: Return relative to average drawdown	2.62	12.97	-10.36

BNDW vs. WINC.AS - Sharpe Ratio Comparison

The current BNDW Sharpe Ratio is 0.81, which is lower than the WINC.AS Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BNDW and WINC.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNDW vs. WINC.AS - Drawdown Comparison

The maximum BNDW drawdown since its inception was -17.22%, which is greater than WINC.AS's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for BNDW and WINC.AS.

Drawdown Indicators

	BNDW	WINC.AS	Difference
Max Drawdown Largest peak-to-trough decline	-17.22%	-14.81%	-2.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-6.77%	+4.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.93%	—	—
Current Drawdown Current decline from peak	-1.71%	-1.03%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.92%	-1.45%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.65%	-0.60%

Volatility

BNDW vs. WINC.AS - Volatility Comparison

The current volatility for Vanguard Total World Bond ETF (BNDW) is 0.95%, while iShares World Equity High Income UCITS ETF USD Inc (WINC.AS) has a volatility of 2.63%. This indicates that BNDW experiences smaller price fluctuations and is considered to be less risky than WINC.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDW	WINC.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.63%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	8.87%	-6.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	10.87%	-7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	12.52%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	12.52%	-7.64%

BNDW vs. WINC.AS - Expense Ratio Comparison

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

Dividends

BNDW vs. WINC.AS - Dividend Comparison

BNDW's dividend yield for the trailing twelve months is around 4.25%, less than WINC.AS's 9.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	4.25%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	9.88%	9.38%	4.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDW and WINC.AS in my portfolio?

BNDW and WINC.AS have a correlation of 0.22, 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 WINC.AS?

On fees, BNDW 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, BNDW or WINC.AS?

BNDW is cheaper with a 0.05% expense ratio, compared with 0.35% for WINC.AS.

What is the main difference between BNDW and WINC.AS?

BNDW is categorized as Global Bonds, while WINC.AS is Global Equity Income. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for BNDW and 0.35% for WINC.AS.