DOXIX vs. BND

Last updated Jun 23, 2026

DOXIX (Dodge & Cox Income Fund Class X) and BND (Vanguard Total Bond Market ETF) are both funds - DOXIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. DOXIX is actively managed, while BND is passively managed. Over the past 3 years, DOXIX returned 5.28%/yr vs 3.92%/yr for BND. With a 0.97 correlation, they move nearly in lockstep. DOXIX charges 0.33%/yr vs 0.03%/yr for BND.

Performance

DOXIX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Income Fund Class X (DOXIX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOXIX achieves a 0.69% return, which is significantly higher than BND's 0.38% return.

DOXIX

• 1D: 0.23%
• 1M: 0.95%
• YTD: 0.69%
• 6M: 0.85%
• 1Y: 5.82%
• 3Y*: 5.28%
• 5Y*: —
• 10Y*: —

BND

• 1D: -0.27%
• 1M: 0.53%
• YTD: 0.38%
• 6M: 0.45%
• 1Y: 4.37%
• 3Y*: 3.92%
• 5Y*: 0.04%
• 10Y*: 1.55%

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

DOXIX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DOXIX Dodge & Cox Income Fund Class X	0.69%	8.39%	2.33%	7.75%	-2.35%
BND Vanguard Total Bond Market ETF	0.38%	7.08%	1.38%	5.65%	-3.41%

Correlation

The correlation between DOXIX and BND is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 3, 2022	0.97

The correlation between DOXIX and BND has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

DOXIX vs. BND — Risk / Return Rank

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

DOXIX

DOXIX Risk / Return Rank: 28
DOXIX Sharpe Ratio Rank: 30
DOXIX Sortino Ratio Rank: 31
DOXIX Omega Ratio Rank: 29
DOXIX Calmar Ratio Rank: 28
DOXIX Martin Ratio Rank: 24

BND

BND Risk / Return Rank: 33
BND Sharpe Ratio Rank: 33
BND Sortino Ratio Rank: 34
BND Omega Ratio Rank: 31
BND Calmar Ratio Rank: 33
BND Martin Ratio Rank: 33

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.

DOXIX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Income Fund Class X (DOXIX) and Vanguard Total Bond Market ETF (BND). 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.

	DOXIX	BND	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.18	+0.29
Sortino ratio: Return per unit of downside risk	2.16	1.76	+0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.06
Calmar ratio: Return relative to maximum drawdown	1.86	1.64	+0.22
Martin ratio: Return relative to average drawdown	5.37	4.69	+0.68

DOXIX vs. BND - Sharpe Ratio Comparison

The current DOXIX Sharpe Ratio is 1.46, which is comparable to the BND Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of DOXIX and BND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DOXIX vs. BND - Drawdown Comparison

The maximum DOXIX drawdown since its inception was -8.83%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for DOXIX and BND.

Drawdown Indicators

	DOXIX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-18.58%	+9.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-2.68%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.66%	-5.92%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.58%	—
Current Drawdown Current decline from peak	-1.46%	-2.26%	+0.80%
Average Drawdown Average peak-to-trough decline	-1.86%	-3.06%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.93%	+0.16%

Volatility

DOXIX vs. BND - Volatility Comparison

Dodge & Cox Income Fund Class X (DOXIX) has a higher volatility of 1.25% compared to Vanguard Total Bond Market ETF (BND) at 1.08%. This indicates that DOXIX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOXIX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.08%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.77%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	3.74%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.84%	6.03%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	5.54%	+0.30%

DOXIX vs. BND - Expense Ratio Comparison

DOXIX has a 0.33% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

DOXIX vs. BND - Dividend Comparison

DOXIX's dividend yield for the trailing twelve months is around 4.32%, more than BND's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.96%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
DOXIX Dodge & Cox Income Fund Class X	4.32%	4.30%	4.32%	3.92%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DOXIX and BND in my portfolio?

With a correlation of 0.97, DOXIX and BND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DOXIX or BND?

DOXIX has higher volatility (1.25%) compared to BND (1.08%). In terms of maximum drawdown, DOXIX dropped -8.83% vs BND's -18.58%.

Which has better risk-adjusted returns?

DOXIX currently has the higher Sharpe Ratio (1.46 vs 1.18), 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.