BNDX vs. IBND
BNDX (Vanguard Total International Bond ETF) and IBND (SPDR Bloomberg Barclays International Corporate 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 IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Both are passively managed. Over the past 10 years, BNDX returned 1.55%/yr vs 0.56%/yr for IBND. At a 0.34 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.50%/yr for IBND.
Performance
BNDX vs. IBND - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.62% return, which is significantly higher than IBND's -2.40% return. Over the past 10 years, BNDX has outperformed IBND with an annualized return of 1.55%, while IBND has yielded a comparatively lower 0.56% annualized return.
BNDX
- 1D
- -0.15%
- 1M
- -0.54%
- 6M
- 0.06%
- YTD
- 0.62%
- 1Y
- 1.82%
- 3Y*
- 4.06%
- 5Y*
- 0.11%
- 10Y*
- 1.55%
IBND
- 1D
- -0.61%
- 1M
- -1.77%
- 6M
- -1.75%
- YTD
- -2.40%
- 1Y
- -0.83%
- 3Y*
- 4.55%
- 5Y*
- -1.37%
- 10Y*
- 0.56%
BNDX vs. IBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.62% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.40% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
Correlation
The correlation between BNDX and IBND is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.34 |
Over the past year, BNDX and IBND have become more correlated (0.58) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
BNDX vs. IBND — Risk / Return Rank
BNDX
IBND
BNDX vs. IBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND). 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 | IBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.12 | +0.75 |
| Martin ratioReturn relative to average drawdown | 1.67 | -0.29 | +1.96 |
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Drawdowns
BNDX vs. IBND - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum IBND drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for BNDX and IBND.
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Drawdown Indicators
| BNDX | IBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -35.62% | +19.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -6.75% | +3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -9.18% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -33.49% | +17.63% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -35.62% | +19.39% |
Current DrawdownCurrent decline from peak | -1.41% | -10.66% | +9.25% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -10.63% | +7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 2.89% | -1.80% |
Volatility
BNDX vs. IBND - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 0.99%, while SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a volatility of 2.17%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than IBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDX | IBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 2.17% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 6.43% | -3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 8.02% | -4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 9.76% | -4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 8.92% | -4.83% |
BNDX vs. IBND - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than IBND's 0.50% expense ratio.
Dividends
BNDX vs. IBND - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.51%, more than IBND's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.51% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.80% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
BNDX and IBND have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.17%) compared to BNDX (0.99%). In terms of maximum drawdown, BNDX dropped -16.23% vs IBND's -35.62%.
On 10-year performance, BNDX leads with 1.55% vs 0.56% for IBND. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 0.99%. 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 1.55% return vs 0.56%. 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 0.50% for IBND.
BNDX has the higher dividend yield at 4.51%, compared with 2.80% for IBND.
BNDX is categorized as Global Bonds, while IBND is Corporate Bonds. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.07% for BNDX and 0.50% for IBND.
BNDX currently has the higher Sharpe Ratio (0.52 vs -0.10), 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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