GBF vs. BNDW
GBF (iShares Government/Credit Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, GBF returned -0.19%/yr vs 0.25%/yr for BNDW. Their correlation of 0.92 suggests significant overlap in exposure. GBF charges 0.20%/yr vs 0.05%/yr for BNDW.
Performance
GBF vs. BNDW - Performance Comparison
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Returns By Period
In the year-to-date period, GBF achieves a 0.35% return, which is significantly lower than BNDW's 0.54% return.
GBF
- 1D
- 0.13%
- 1M
- 0.21%
- YTD
- 0.35%
- 6M
- 0.18%
- 1Y
- 4.02%
- 3Y*
- 3.64%
- 5Y*
- -0.19%
- 10Y*
- 1.51%
BNDW
- 1D
- 0.12%
- 1M
- 0.42%
- YTD
- 0.54%
- 6M
- 0.44%
- 1Y
- 3.25%
- 3Y*
- 4.07%
- 5Y*
- 0.25%
- 10Y*
- —
GBF vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 0.35% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | 0.98% |
BNDW Vanguard Total World Bond ETF | 0.54% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.21% |
Correlation
The correlation between GBF and BNDW is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.92 |
The correlation between GBF and BNDW has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
GBF vs. BNDW — Risk / Return Rank
GBF
BNDW
GBF vs. BNDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and Vanguard Total World Bond ETF (BNDW). 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.
| GBF | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.21 | +0.27 |
| Martin ratioReturn relative to average drawdown | 4.37 | 3.42 | +0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBF | BNDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 0.98 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.05 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.38 | +0.20 |
Drawdowns
GBF vs. BNDW - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for GBF and BNDW.
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Drawdown Indicators
| GBF | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -17.22% | -2.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.70% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.78% | -4.27% | -1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | -16.93% | -1.52% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | — | — |
Current DrawdownCurrent decline from peak | -4.71% | -1.42% | -3.29% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -4.98% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.96% | -0.04% |
Volatility
GBF vs. BNDW - Volatility Comparison
The current volatility for iShares Government/Credit Bond ETF (GBF) is 1.21%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.31%. This indicates that GBF experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.31% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 2.63% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 3.36% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 5.21% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 4.90% | +0.38% |
GBF vs. BNDW - Expense Ratio Comparison
GBF has a 0.20% expense ratio, which is higher than BNDW's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBF vs. BNDW - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.78%, less than BNDW's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.21% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% | 0.00% | 0.00% |
GBF iShares Government/Credit Bond ETF | 3.78% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
With a correlation of 0.94, GBF and BNDW 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.
BNDW has higher volatility (1.31%) compared to GBF (1.21%). In terms of maximum drawdown, GBF dropped -19.67% vs BNDW's -17.22%.
On 5-year performance, BNDW leads with 0.25% vs -0.19% for GBF. On fees, BNDW is cheaper at 0.05% per year. On volatility, GBF has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a 0.25% return vs -0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.20% for GBF.
BNDW has the higher dividend yield at 4.21%, compared with 3.78% for GBF.
GBF is categorized as Intermediate Core Bond, while BNDW is Global Bonds. GBF tracks Bloomberg U.S. Government/Credit Bond Index, while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for GBF and 0.05% for BNDW.
GBF currently has the higher Sharpe Ratio (1.09 vs 0.98), 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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