GRNB vs. BNDW

Last updated Jun 4, 2026

GRNB (VanEck Green Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both Global Bonds funds - GRNB tracks the S&P Green Bond U.S. Dollar Select Index while BNDW tracks the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, GRNB returned 0.77%/yr vs 0.22%/yr for BNDW. A 0.80 correlation means they provide meaningful diversification when combined. GRNB charges 0.20%/yr vs 0.05%/yr for BNDW.

Performance

GRNB vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Green Bond ETF (GRNB) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GRNB having a 0.43% return and BNDW slightly lower at 0.42%.

GRNB

• 1D: -0.19%
• 1M: 0.45%
• YTD: 0.43%
• 6M: 0.57%
• 1Y: 4.99%
• 3Y*: 5.07%
• 5Y*: 0.77%
• 10Y*: —

BNDW

• 1D: -0.26%
• 1M: 0.44%
• YTD: 0.42%
• 6M: 0.18%
• 1Y: 3.51%
• 3Y*: 3.99%
• 5Y*: 0.22%
• 10Y*: —

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

GRNB vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GRNB VanEck Green Bond ETF	0.43%	7.09%	3.31%	7.08%	-11.93%	-2.36%	7.98%	5.40%	-0.74%
BNDW Vanguard Total World Bond ETF	0.42%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%

Correlation

The correlation between GRNB and BNDW is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.80

The correlation between GRNB and BNDW has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

GRNB vs. BNDW - Sectors Allocation Comparison

Sectors	GRNB	BNDW
Financial Services	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

GRNB vs. BNDW — Risk / Return Rank

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

GRNB

GRNB Risk / Return Rank: 47
GRNB Sharpe Ratio Rank: 49
GRNB Sortino Ratio Rank: 50
GRNB Omega Ratio Rank: 51
GRNB Calmar Ratio Rank: 40
GRNB Martin Ratio Rank: 47

BNDW

BNDW Risk / Return Rank: 27
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 26

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.

GRNB vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Green Bond ETF (GRNB) 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.

	GRNB	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.05	+0.64
Sortino ratio: Return per unit of downside risk	2.47	1.50	+0.97
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	2.00	1.31	+0.69
Martin ratio: Return relative to average drawdown	7.82	3.70	+4.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRNB vs. BNDW - Sharpe Ratio Comparison

The current GRNB Sharpe Ratio is 1.69, which is higher than the BNDW Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of GRNB and BNDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GRNB	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.05	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.04	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.37	+0.09

Drawdowns

GRNB vs. BNDW - Drawdown Comparison

The maximum GRNB drawdown since its inception was -18.08%, roughly equal to the maximum BNDW drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for GRNB and BNDW.

Drawdown Indicators

	GRNB	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-18.08%	-17.22%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-2.70%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-4.27%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-17.94%	-16.93%	-1.01%
Current Drawdown Current decline from peak	-0.57%	-1.53%	+0.96%
Average Drawdown Average peak-to-trough decline	-4.58%	-4.98%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.95%	-0.31%

Volatility

GRNB vs. BNDW - Volatility Comparison

The current volatility for VanEck Green Bond ETF (GRNB) is 0.93%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.31%. This indicates that GRNB 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.

Volatility by Period

	GRNB	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.31%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	2.62%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	3.36%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	5.21%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	4.90%	-0.02%

GRNB vs. BNDW - Expense Ratio Comparison

GRNB 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

GRNB vs. BNDW - Dividend Comparison

GRNB's dividend yield for the trailing twelve months is around 4.24%, which matches BNDW's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GRNB VanEck Green Bond ETF	4.24%	4.18%	3.83%	3.17%	2.60%	1.97%	2.24%	1.79%	1.21%	1.09%

Frequently Asked Questions

Can I hold both GRNB and BNDW in my portfolio?

GRNB and BNDW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRNB or BNDW?

BNDW has higher volatility (1.31%) compared to GRNB (0.93%). In terms of maximum drawdown, GRNB dropped -18.08% vs BNDW's -17.22%.

Which ETF is better, GRNB or BNDW?

On 5-year performance, GRNB leads with 0.77% vs 0.22% for BNDW. On fees, BNDW is cheaper at 0.05% per year. On volatility, GRNB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRNB or BNDW?

Over the 5-year period, GRNB has performed better with a 0.77% return vs 0.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRNB or BNDW?

BNDW is cheaper with a 0.05% expense ratio, compared with 0.20% for GRNB.

Which ETF pays a higher dividend yield, GRNB or BNDW?

GRNB has the higher dividend yield at 4.24%, compared with 4.21% for BNDW.

What is the main difference between GRNB and BNDW?

GRNB tracks S&P Green Bond U.S. Dollar Select Index, while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.20% for GRNB and 0.05% for BNDW.

Which has better risk-adjusted returns?

GRNB currently has the higher Sharpe Ratio (1.69 vs 1.05), 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.