BNDX vs. FBND
BNDX (Vanguard Total International Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. BNDX is passively managed, while FBND is actively managed. Over the past 10 years, BNDX returned 1.74%/yr vs 2.54%/yr for FBND. A 0.69 correlation means they provide meaningful diversification when combined. BNDX charges 0.07%/yr vs 0.36%/yr for FBND.
Performance
BNDX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 1.27% return, which is significantly higher than FBND's 0.72% return. Over the past 10 years, BNDX has underperformed FBND with an annualized return of 1.74%, while FBND has yielded a comparatively higher 2.54% annualized return.
BNDX
- 1D
- 0.23%
- 1M
- 0.90%
- YTD
- 1.27%
- 6M
- 1.25%
- 1Y
- 2.23%
- 3Y*
- 4.22%
- 5Y*
- 0.46%
- 10Y*
- 1.74%
FBND
- 1D
- 0.11%
- 1M
- 0.69%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 4.71%
- 3Y*
- 4.73%
- 5Y*
- 0.79%
- 10Y*
- 2.54%
BNDX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 1.27% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
FBND Fidelity Total Bond ETF | 0.72% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between BNDX and FBND is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.69 |
The correlation between BNDX and FBND shifts across timeframes, from 0.69 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNDX vs. FBND — Risk / Return Rank
BNDX
FBND
BNDX vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and Fidelity Total Bond ETF (FBND). 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.
| BNDX | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.21 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 1.77 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.11 | 5.07 | -2.97 |
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Drawdowns
BNDX vs. FBND - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for BNDX and FBND.
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Drawdown Indicators
| BNDX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -17.25% | +1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.66% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -5.94% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -17.25% | +1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -17.25% | +1.02% |
Current DrawdownCurrent decline from peak | -0.77% | -1.21% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -3.34% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.93% | +0.13% |
Volatility
BNDX vs. FBND - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 0.97%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.13%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.13% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 2.84% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 3.83% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.89% | 5.93% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 6.10% | -2.01% |
BNDX vs. FBND - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
BNDX vs. FBND - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.46%, less than FBND's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.46% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
FBND Fidelity Total Bond ETF | 4.69% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
Frequently Asked Questions
BNDX and FBND have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.13%) compared to BNDX (0.97%). In terms of maximum drawdown, BNDX dropped -16.23% vs FBND's -17.25%.
On 10-year performance, FBND leads with 2.54% vs 1.74% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FBND has performed better with a 2.54% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.69%, compared with 4.46% for BNDX.
BNDX is categorized as Global Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.07% for BNDX and 0.36% for FBND.
FBND currently has the higher Sharpe Ratio (1.24 vs 0.65), 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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