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BNDX vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDX vs. QUAL

Last updated Jun 12, 2026

BNDX (Vanguard Total International Bond ETF) and QUAL (iShares MSCI USA Quality Factor 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 QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, BNDX returned 1.69%/yr vs 14.39%/yr for QUAL. At a 0.04 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.15%/yr for QUAL.

Performance

BNDX vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and iShares MSCI USA Quality Factor ETF (QUAL). 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 0.85% return, which is significantly lower than QUAL's 8.93% return. Over the past 10 years, BNDX has underperformed QUAL with an annualized return of 1.69%, while QUAL has yielded a comparatively higher 14.39% annualized return.

BNDX

1D
0.58%
1M
1.01%
YTD
0.85%
6M
0.99%
1Y
1.99%
3Y*
4.13%
5Y*
0.29%
10Y*
1.69%

QUAL

1D
1.68%
1M
2.62%
YTD
8.93%
6M
7.97%
1Y
20.75%
3Y*
19.36%
5Y*
11.86%
10Y*
14.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDX vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNDX
Vanguard Total International Bond ETF		0.85%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%
QUAL
iShares MSCI USA Quality Factor ETF		8.93%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between BNDX and QUAL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.24

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

0.19

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

0.09

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.04

Over the past year, BNDX and QUAL have become more correlated (0.39) than their long-term average of 0.04, meaning their price movements have been converging.

BNDX vs. QUAL - Sectors Allocation Comparison

Sectors
BNDX
QUAL

Real Estate

0.0%
1.8%

Financial Services

0.0%
11.5%

Industrials

0.0%
8.2%

Energy

0.0%
4.0%

Communication Services

0.0%
11.1%

Utilities

0.0%
1.9%

Healthcare

0.0%
9.0%

Basic Materials

-

1.7%

Consumer Cyclical

-

9.3%

Consumer Defensive

-

4.9%

Technology

-

36.5%

Real Estate

BNDX
0.0%
QUAL
1.8%

Financial Services

BNDX
0.0%
QUAL
11.5%

Industrials

BNDX
0.0%
QUAL
8.2%

Energy

BNDX
0.0%
QUAL
4.0%

Communication Services

BNDX
0.0%
QUAL
11.1%

Utilities

BNDX
0.0%
QUAL
1.9%

Healthcare

BNDX
0.0%
QUAL
9.0%

Basic Materials

BNDX

-

QUAL
1.7%

Consumer Cyclical

BNDX

-

QUAL
9.3%

Consumer Defensive

BNDX

-

QUAL
4.9%

Technology

BNDX

-

QUAL
36.5%

Compare stocks, funds, or ETFs

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Vanguard Total International Bond ETF

iShares MSCI USA Quality Factor ETF

Often compared with BNDX:
BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

BNDX vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNDX
BNDX Risk / Return Rank: 2020
Overall Rank
BNDX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1919
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1919
Omega Ratio Rank
BNDX Calmar Ratio Rank: 2020
Calmar Ratio Rank
BNDX Martin Ratio Rank: 2020
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6464
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5656
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6969
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. QUAL - Risk-Adjusted Trends Comparison

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

BNDXQUALDifference
Sharpe ratioReturn per unit of total volatility
0.58
1.72

-1.15

Sortino ratioReturn per unit of downside risk
0.84
2.45

-1.60

Omega ratioGain probability vs. loss probability

1.10

1.30

-0.20

Calmar ratioReturn relative to maximum drawdown

0.68

2.31

-1.62

Martin ratioReturn relative to average drawdown

1.90

10.45

-8.55

BNDX vs. QUAL - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.58, which is lower than the QUAL Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of BNDX and QUAL, 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. QUAL - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for BNDX and QUAL.

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Drawdown Indicators

BNDXQUALDifference

Max Drawdown

Largest peak-to-trough decline

-16.23%

-34.06%

+17.83%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-9.03%

+6.10%

Max Drawdown (3Y)

Largest decline over 3 years

-2.93%

-18.00%

+15.07%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-28.23%

+12.37%

Max Drawdown (10Y)

Largest decline over 10 years

-16.23%

-34.06%

+17.83%

Current Drawdown

Current decline from peak

-1.18%

-0.66%

-0.52%

Average Drawdown

Average peak-to-trough decline

-3.10%

-4.10%

+1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

1.99%

-0.94%

Volatility

BNDX vs. QUAL - Volatility Comparison

The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.50%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 3.61%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDXQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.50%

3.61%

-2.11%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

9.43%

-6.47%

Volatility (1Y)

Calculated over the trailing 1-year period

3.47%

12.10%

-8.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.89%

17.37%

-12.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.10%

18.11%

-14.01%

BNDX vs. QUAL - Expense Ratio Comparison

BNDX has a 0.07% expense ratio, which is lower than QUAL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BNDX vs. QUAL - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.48%, more than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.48%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

BNDX and QUAL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.61%) compared to BNDX (1.50%). In terms of maximum drawdown, BNDX dropped -16.23% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.39% vs 1.69% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.39% return vs 1.69%. 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 0.15% for QUAL.

BNDX has the higher dividend yield at 4.48%, compared with 0.87% for QUAL.

BNDX is categorized as Global Bonds, while QUAL is Large Cap Blend Equities. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.72 vs 0.58), 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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