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BNDX vs. FXB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDX vs. FXB

Last updated Jun 9, 2026

BNDX (Vanguard Total International Bond ETF) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) 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 FXB is a Currency fund tracking the British Pound. Both are passively managed. Over the past 10 years, BNDX returned 1.65%/yr vs 0.13%/yr for FXB. At a 0.06 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.40%/yr for FXB.

Performance

BNDX vs. FXB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BNDX achieves a 0.37% return, which is significantly higher than FXB's -0.17% return. Over the past 10 years, BNDX has outperformed FXB with an annualized return of 1.65%, while FXB has yielded a comparatively lower 0.13% annualized return.

BNDX

1D
-0.12%
1M
-0.16%
YTD
0.37%
6M
0.55%
1Y
1.86%
3Y*
4.01%
5Y*
0.25%
10Y*
1.65%

FXB

1D
0.06%
1M
-1.95%
YTD
-0.17%
6M
1.16%
1Y
0.76%
3Y*
4.83%
5Y*
0.74%
10Y*
0.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDX vs. FXB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNDX
Vanguard Total International Bond ETF		0.37%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%
FXB
Invesco CurrencyShares® British Pound Sterling Trust		-0.17%10.37%1.35%8.58%-10.45%-1.54%2.87%3.87%-5.75%9.10%

Correlation

The correlation between BNDX and FXB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2013

0.06

Over the past year, BNDX and FXB have become more correlated (0.37) than their long-term average of 0.06, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Total International Bond ETF

Invesco CurrencyShares® British Pound Sterling Trust

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Often compared with FXB:
FXB vs. FXEFXB vs. FXAFXB vs. FXCFXB vs. BRK-BFXB vs. SPYFXB vs. VOOFXB vs. XLK

Return for Risk

BNDX vs. FXB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNDX
BNDX Risk / Return Rank: 1818
Overall Rank
BNDX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1717
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1717
Omega Ratio Rank
BNDX Calmar Ratio Rank: 1818
Calmar Ratio Rank
BNDX Martin Ratio Rank: 1818
Martin Ratio Rank
FXB
FXB Risk / Return Rank: 1111
Overall Rank
FXB Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXB Sortino Ratio Rank: 1010
Sortino Ratio Rank
FXB Omega Ratio Rank: 1010
Omega Ratio Rank
FXB Calmar Ratio Rank: 1111
Calmar Ratio Rank
FXB Martin Ratio Rank: 1111
Martin Ratio Rank
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.

BNDX vs. FXB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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.

BNDXFXBDifference
Sharpe ratioReturn per unit of total volatility
0.54
0.12

+0.43

Sortino ratioReturn per unit of downside risk
0.79
0.21

+0.58

Omega ratioGain probability vs. loss probability

1.10

1.02

+0.07

Calmar ratioReturn relative to maximum drawdown

0.64

0.17

+0.47

Martin ratioReturn relative to average drawdown

1.79

0.35

+1.45

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDX vs. FXB - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.54, which is higher than the FXB Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of BNDX and FXB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BNDXFXBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.54

0.12

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.05

0.09

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.01

+0.39

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

-0.08

+0.68

Drawdowns

BNDX vs. FXB - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum FXB drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for BNDX and FXB.

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Drawdown Indicators

BNDXFXBDifference

Max Drawdown

Largest peak-to-trough decline

-16.23%

-48.99%

+32.76%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-4.53%

+1.60%

Max Drawdown (3Y)

Largest decline over 3 years

-2.93%

-8.44%

+5.51%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-24.75%

+8.89%

Max Drawdown (10Y)

Largest decline over 10 years

-16.23%

-29.30%

+13.07%

Current Drawdown

Current decline from peak

-1.65%

-29.94%

+28.29%

Average Drawdown

Average peak-to-trough decline

-3.08%

-27.54%

+24.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

2.18%

-1.14%

Volatility

BNDX vs. FXB - Volatility Comparison

The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.47%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.84%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than FXB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDXFXBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.47%

1.84%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

2.91%

4.77%

-1.86%

Volatility (1Y)

Calculated over the trailing 1-year period

3.43%

6.57%

-3.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.88%

8.48%

-3.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.09%

9.31%

-5.22%

BNDX vs. FXB - Expense Ratio Comparison

BNDX has a 0.07% expense ratio, which is lower than FXB's 0.40% expense ratio.

Dividends

BNDX vs. FXB - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.50%, more than FXB's 2.22% yield.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.50%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
FXB
Invesco CurrencyShares® British Pound Sterling Trust		2.22%2.44%3.25%2.59%0.29%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

BNDX and FXB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXB has higher volatility (1.84%) compared to BNDX (1.47%). In terms of maximum drawdown, BNDX dropped -16.23% vs FXB's -48.99%.

On 10-year performance, BNDX leads with 1.65% vs 0.13% for FXB. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNDX has performed better with a 1.65% return vs 0.13%. 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 0.40% for FXB.

BNDX has the higher dividend yield at 4.50%, compared with 2.22% for FXB.

BNDX is categorized as Global Bonds, while FXB is Currency. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while FXB tracks British Pound. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for BNDX and 0.40% for FXB.

BNDX currently has the higher Sharpe Ratio (0.54 vs 0.12), 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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