IWP vs. BNDX

Last updated Jun 9, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, IWP returned 12.22%/yr vs 1.65%/yr for BNDX. At a 0.05 correlation, their price movements are largely independent. IWP charges 0.23%/yr vs 0.07%/yr for BNDX.

Performance

IWP vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Growth ETF (IWP) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWP achieves a 1.66% return, which is significantly higher than BNDX's 0.37% return. Over the past 10 years, IWP has outperformed BNDX with an annualized return of 12.22%, while BNDX has yielded a comparatively lower 1.65% annualized return.

IWP

• 1D: -0.06%
• 1M: 1.28%
• YTD: 1.66%
• 6M: 0.18%
• 1Y: 2.82%
• 3Y*: 15.01%
• 5Y*: 5.99%
• 10Y*: 12.22%

BNDX

• 1D: -0.12%
• 1M: -0.16%
• YTD: 0.37%
• 6M: 0.55%
• 1Y: 1.86%
• 3Y*: 4.01%
• 5Y*: 0.25%
• 10Y*: 1.65%

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

IWP vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWP iShares Russell Mid-Cap Growth ETF	1.66%	8.45%	21.86%	25.70%	-26.90%	12.60%	35.25%	35.04%	-4.89%	24.93%
BNDX Vanguard Total International Bond ETF	0.37%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%

Correlation

The correlation between IWP and BNDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013	0.05

Over the past year, IWP and BNDX have become more correlated (0.34) than their long-term average of 0.05, meaning their price movements have been converging.

IWP vs. BNDX - Sectors Allocation Comparison

Sectors	IWP	BNDX
Industrials	24.2%	0.0%
Consumer Cyclical	21.1%	-
Technology	20.0%	-
Healthcare	13.5%	0.0%
Financial Services	6.9%	0.0%
Communication Services	4.2%	0.0%
Energy	3.8%	0.0%
Utilities	2.9%	0.0%
Consumer Defensive	1.5%	-
Real Estate	1.4%	0.0%
Basic Materials	0.4%	-

Return for Risk

IWP vs. BNDX — Risk / Return Rank

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

IWP

IWP Risk / Return Rank: 12
IWP Sharpe Ratio Rank: 12
IWP Sortino Ratio Rank: 12
IWP Omega Ratio Rank: 11
IWP Calmar Ratio Rank: 12
IWP Martin Ratio Rank: 12

BNDX

BNDX Risk / Return Rank: 18
BNDX Sharpe Ratio Rank: 19
BNDX Sortino Ratio Rank: 17
BNDX Omega Ratio Rank: 17
BNDX Calmar Ratio Rank: 18
BNDX Martin Ratio Rank: 18

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.

IWP vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) and Vanguard Total International Bond ETF (BNDX). 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.

	IWP	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	0.54	-0.37
Sortino ratio: Return per unit of downside risk	0.36	0.79	-0.43
Omega ratio: Gain probability vs. loss probability	1.04	1.10	-0.06
Calmar ratio: Return relative to maximum drawdown	0.19	0.64	-0.44
Martin ratio: Return relative to average drawdown	0.56	1.79	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWP vs. BNDX - Sharpe Ratio Comparison

The current IWP Sharpe Ratio is 0.17, which is lower than the BNDX Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of IWP and BNDX, 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

	IWP	BNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	0.54	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.05	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.41	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.60	-0.18

Drawdowns

IWP vs. BNDX - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for IWP and BNDX.

Drawdown Indicators

	IWP	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-16.23%	-40.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-2.93%	-11.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.20%	-2.93%	-22.27%
Max Drawdown (5Y) Largest decline over 5 years	-38.62%	-15.86%	-22.76%
Max Drawdown (10Y) Largest decline over 10 years	-38.62%	-16.23%	-22.39%
Current Drawdown Current decline from peak	-4.08%	-1.65%	-2.43%
Average Drawdown Average peak-to-trough decline	-9.68%	-3.08%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	1.04%	+4.04%

Volatility

IWP vs. BNDX - Volatility Comparison

iShares Russell Mid-Cap Growth ETF (IWP) has a higher volatility of 4.62% compared to Vanguard Total International Bond ETF (BNDX) at 1.47%. This indicates that IWP's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWP	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	1.47%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	2.91%	+10.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	3.43%	+13.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	4.88%	+17.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.70%	4.09%	+17.61%

IWP vs. BNDX - Expense Ratio Comparison

IWP has a 0.23% expense ratio, which is higher than BNDX's 0.07% 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

IWP vs. BNDX - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.33%, less than BNDX's 4.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.50%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
IWP iShares Russell Mid-Cap Growth ETF	0.33%	0.37%	0.40%	0.54%	0.77%	0.30%	0.38%	0.59%	1.02%	0.78%	1.16%	0.98%

Frequently Asked Questions

Can I hold both IWP and BNDX in my portfolio?

IWP and BNDX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWP or BNDX?

IWP has higher volatility (4.62%) compared to BNDX (1.47%). In terms of maximum drawdown, IWP dropped -56.92% vs BNDX's -16.23%.

Which ETF is better, IWP or BNDX?

On 10-year performance, IWP leads with 12.22% vs 1.65% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWP or BNDX?

Over the 10-year period, IWP has performed better with a 12.22% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWP or BNDX?

BNDX is cheaper with a 0.07% expense ratio, compared with 0.23% for IWP.

Which ETF pays a higher dividend yield, IWP or BNDX?

BNDX has the higher dividend yield at 4.50%, compared with 0.33% for IWP.

What is the main difference between IWP and BNDX?

IWP is categorized as Mid Cap Growth Equities, while BNDX is Global Bonds. IWP tracks Russell Midcap Growth Index, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.23% for IWP and 0.07% for BNDX.

Which has better risk-adjusted returns?

BNDX currently has the higher Sharpe Ratio (0.54 vs 0.17), 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.