CAAA vs. BNDP

Last updated Jun 24, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and BNDP (Vanguard Core-Plus Bond Index ETF) are both Intermediate Core-Plus Bond funds. CAAA is actively managed, while BNDP is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.05%/yr for BNDP.

Performance

CAAA vs. BNDP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and Vanguard Core-Plus Bond Index ETF (BNDP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.74% return, which is significantly higher than BNDP's 0.52% return.

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDP

• 1D: 0.10%
• 1M: 0.84%
• YTD: 0.52%
• 6M: 0.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAAA vs. BNDP - Yearly Performance Comparison

	2026 (YTD)	2025
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	-0.02%
BNDP Vanguard Core-Plus Bond Index ETF	0.52%	0.08%

Correlation

The correlation between CAAA and BNDP is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.69

Return for Risk

CAAA vs. BNDP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

BNDP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CAAA vs. BNDP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and Vanguard Core-Plus Bond Index ETF (BNDP). 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.

	CAAA	BNDP	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.20	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.17	—	—
Martin ratio: Return relative to average drawdown	6.45	—	—

Drawdowns

CAAA vs. BNDP - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum BNDP drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for CAAA and BNDP.

Drawdown Indicators

	CAAA	BNDP	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-2.60%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	—	—
Current Drawdown Current decline from peak	-0.87%	-1.13%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.89%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	—	—

Volatility

Volatility by Period

	CAAA	BNDP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	3.70%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	3.70%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	3.70%	-0.49%

CAAA vs. BNDP - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than BNDP's 0.05% expense ratio.

Dividends

CAAA vs. BNDP - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.29%, more than BNDP's 2.07% yield.

Position	TTM	2025	2024
BNDP Vanguard Core-Plus Bond Index ETF	2.07%	0.24%	0.00%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%

Frequently Asked Questions

Can I hold both CAAA and BNDP in my portfolio?

CAAA and BNDP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAAA or BNDP?

On fees, BNDP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAAA or BNDP?

BNDP is cheaper with a 0.05% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, CAAA or BNDP?

CAAA has the higher dividend yield at 5.29%, compared with 2.07% for BNDP.

What is the main difference between CAAA and BNDP?

They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.55% for CAAA and 0.05% for BNDP.