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BNDX vs. MCHI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDX vs. MCHI

Last updated Jun 13, 2026

BNDX (Vanguard Total International Bond ETF) and MCHI (iShares MSCI China 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 MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, BNDX returned 1.72%/yr vs 4.76%/yr for MCHI. At a correlation of -0.02, they often move in opposite directions. BNDX charges 0.07%/yr vs 0.59%/yr for MCHI.

Performance

BNDX vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and iShares MSCI China ETF (MCHI). 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 1.02% return, which is significantly higher than MCHI's -8.72% return. Over the past 10 years, BNDX has underperformed MCHI with an annualized return of 1.72%, while MCHI has yielded a comparatively higher 4.76% annualized return.

BNDX

1D
0.17%
1M
0.85%
YTD
1.02%
6M
1.22%
1Y
2.27%
3Y*
4.32%
5Y*
0.32%
10Y*
1.72%

MCHI

1D
0.90%
1M
-5.63%
YTD
-8.72%
6M
-9.79%
1Y
2.33%
3Y*
8.42%
5Y*
-5.82%
10Y*
4.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDX vs. MCHI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNDX
Vanguard Total International Bond ETF		1.02%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%
MCHI
iShares MSCI China ETF		-8.72%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%

Correlation

The correlation between BNDX and MCHI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.21

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

0.10

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

0.05

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

0.01

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2013

-0.02

The correlation between BNDX and MCHI shifts across timeframes, from -0.02 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

BNDX vs. MCHI - Sectors Allocation Comparison

Sectors
BNDX
MCHI

Real Estate

0.0%
1.5%

Financial Services

0.0%
19.1%

Industrials

0.0%
5.0%

Energy

0.0%
3.7%

Communication Services

0.0%
18.8%

Utilities

0.0%
1.7%

Healthcare

0.0%
5.4%

Basic Materials

-

5.5%

Consumer Cyclical

-

26.4%

Consumer Defensive

-

3.2%

Technology

-

9.6%

Real Estate

BNDX
0.0%
MCHI
1.5%

Financial Services

BNDX
0.0%
MCHI
19.1%

Industrials

BNDX
0.0%
MCHI
5.0%

Energy

BNDX
0.0%
MCHI
3.7%

Communication Services

BNDX
0.0%
MCHI
18.8%

Utilities

BNDX
0.0%
MCHI
1.7%

Healthcare

BNDX
0.0%
MCHI
5.4%

Basic Materials

BNDX

-

MCHI
5.5%

Consumer Cyclical

BNDX

-

MCHI
26.4%

Consumer Defensive

BNDX

-

MCHI
3.2%

Technology

BNDX

-

MCHI
9.6%

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

iShares MSCI China ETF

Often compared with BNDX:
BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB
Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA

Return for Risk

BNDX vs. MCHI — 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: 1818
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1818
Omega Ratio Rank
BNDX Calmar Ratio Rank: 1818
Calmar Ratio Rank
BNDX Martin Ratio Rank: 1919
Martin Ratio Rank
MCHI
MCHI Risk / Return Rank: 1010
Overall Rank
MCHI Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1010
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1010
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1010
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1010
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. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and iShares MSCI China ETF (MCHI). 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.

BNDXMCHIDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.02

+0.54

Sortino ratioReturn per unit of downside risk
0.82
0.18

+0.64

Omega ratioGain probability vs. loss probability

1.10

1.02

+0.08

Calmar ratioReturn relative to maximum drawdown

0.66

0.03

+0.64

Martin ratioReturn relative to average drawdown

1.84

0.05

+1.79

BNDX vs. MCHI - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.56, which is higher than the MCHI Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of BNDX and MCHI, 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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Drawdowns

BNDX vs. MCHI - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for BNDX and MCHI.

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Drawdown Indicators

BNDXMCHIDifference

Max Drawdown

Largest peak-to-trough decline

-16.23%

-62.95%

+46.72%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-18.51%

+15.58%

Max Drawdown (3Y)

Largest decline over 3 years

-2.93%

-25.85%

+22.92%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-56.98%

+41.12%

Max Drawdown (10Y)

Largest decline over 10 years

-16.23%

-62.95%

+46.72%

Current Drawdown

Current decline from peak

-1.02%

-37.76%

+36.74%

Average Drawdown

Average peak-to-trough decline

-3.10%

-24.54%

+21.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

8.81%

-7.76%

Volatility

BNDX vs. MCHI - Volatility Comparison

The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.49%, while iShares MSCI China ETF (MCHI) has a volatility of 6.46%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDXMCHIDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.49%

6.46%

-4.97%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

14.62%

-11.66%

Volatility (1Y)

Calculated over the trailing 1-year period

3.47%

20.23%

-16.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.89%

30.72%

-25.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.10%

27.38%

-23.28%

BNDX vs. MCHI - Expense Ratio Comparison

BNDX has a 0.07% expense ratio, which is lower than MCHI's 0.59% expense ratio.

Dividends

BNDX vs. MCHI - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.47%, more than MCHI's 2.32% yield.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.47%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
MCHI
iShares MSCI China ETF		2.32%2.12%2.31%2.66%1.78%1.04%1.04%1.45%1.60%1.56%1.66%2.76%

Frequently Asked Questions

BNDX and MCHI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCHI has higher volatility (6.46%) compared to BNDX (1.49%). In terms of maximum drawdown, BNDX dropped -16.23% vs MCHI's -62.95%.

On 10-year performance, MCHI leads with 4.76% vs 1.72% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MCHI has performed better with a 4.76% return vs 1.72%. 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 0.59% for MCHI.

BNDX has the higher dividend yield at 4.47%, compared with 2.32% for MCHI.

BNDX is categorized as Global Bonds, while MCHI is China Equities. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while MCHI tracks MSCI China Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.59% for MCHI.

BNDX currently has the higher Sharpe Ratio (0.56 vs 0.02), 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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