BNDW vs. WIP
BNDW (Vanguard Total World Bond ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both exchange-traded funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index, while WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD). Both are passively managed. Over the past 5 years, BNDW returned -0.24%/yr vs -0.93%/yr for WIP. Their 0.49 correlation means their historical movements had little consistent relationship. BNDW charges 0.05%/yr vs 0.50%/yr for WIP.
Performance
BNDW vs. WIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BNDW achieves a 0.16% return, which is significantly lower than WIP's 3.08% return.
BNDW
- 1D
- 0.37%
- 1M
- -0.72%
- 6M
- -0.13%
- YTD
- 0.16%
- 1Y
- 1.63%
- 3Y*
- 4.09%
- 5Y*
- -0.24%
- 10Y*
- —
- ALL TIME*
- 1.76%
WIP
- 1D
- -0.46%
- 1M
- 0.67%
- 6M
- -0.20%
- YTD
- 3.08%
- 1Y
- 8.01%
- 3Y*
- 3.95%
- 5Y*
- -0.93%
- 10Y*
- 1.22%
- ALL TIME*
- 1.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.66M | $6.09M | $6.94M | |
| $1.39M | $2.40M | $4.36M |
BNDW vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 0.16% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.27% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 3.08% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | 1.97% |
Correlation
The correlation between BNDW and WIP is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2018 | 0.49 |
The correlation between BNDW and WIP has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BNDW vs. WIP — Risk / Return Rank
BNDW
WIP
BNDW vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.16 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 1.56 | -0.95 |
| Martin ratioReturn relative to average drawdown | 1.46 | 4.81 | -3.35 |
Loading charts...
Drawdowns
BNDW vs. WIP - Drawdown Comparison
The maximum BNDW drawdown since its inception was -17.22%, smaller than the maximum WIP drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for BNDW and WIP.
Loading charts...
Drawdown Indicators
| BNDW | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.22% | -29.60% | +12.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -5.16% | +2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | -11.16% | +7.59% |
Max Drawdown (5Y)Largest decline over 5 years | -16.82% | -28.66% | +11.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.84% | — |
Current DrawdownCurrent decline from peak | -1.78% | -5.00% | +3.22% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -8.55% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.67% | -0.55% |
Volatility
BNDW vs. WIP - Volatility Comparison
The current volatility for Vanguard Total World Bond ETF (BNDW) is 1.04%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.26%. This indicates that BNDW experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BNDW | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 2.26% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 7.00% | -4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 8.55% | -5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.23% | 11.45% | -6.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 10.14% | -5.26% |
BNDW vs. WIP - Expense Ratio Comparison
BNDW has a 0.05% expense ratio, which is lower than WIP's 0.50% expense ratio.
Dividends
BNDW vs. WIP - Dividend Comparison
BNDW's dividend yield for the trailing twelve months is around 4.28%, less than WIP's 6.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.28% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 6.12% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
BNDW and WIP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.26%) compared to BNDW (1.04%). In terms of maximum drawdown, BNDW dropped -17.22% vs WIP's -29.60%.
On 5-year performance, BNDW leads with -0.24% vs -0.93% for WIP. On fees, BNDW is cheaper at 0.05% per year. On volatility, BNDW has been the lower-risk option at 1.04%. 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 -0.24% return vs -0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.50% for WIP.
WIP has the higher dividend yield at 6.12%, compared with 4.28% for BNDW.
BNDW is categorized as Global Bonds, while WIP is Inflation-Protected Bonds. BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index, while WIP tracks FTSE International Inflation-Linked Securities Select (USD). They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for BNDW and 0.50% for WIP.
WIP currently has the higher Sharpe Ratio (0.94 vs 0.49), 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.
Find the right allocation for BNDW and WIP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer