LIRAX vs. BNDX

Last updated Jun 13, 2026

LIRAX (BlackRock LifePath Index Retirement Fund Investor A Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - LIRAX is a Target Retirement Date fund managed by BlackRock, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Over the past 10 years, LIRAX returned 5.66%/yr vs 1.72%/yr for BNDX. At a 0.30 correlation, their price movements are largely independent. LIRAX charges 0.44%/yr vs 0.07%/yr for BNDX.

Performance

LIRAX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) 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, LIRAX achieves a 4.83% return, which is significantly higher than BNDX's 1.02% return. Over the past 10 years, LIRAX has outperformed BNDX with an annualized return of 5.66%, while BNDX has yielded a comparatively lower 1.72% annualized return.

LIRAX

• 1D: 1.17%
• 1M: -0.00%
• YTD: 4.83%
• 6M: 5.33%
• 1Y: 12.84%
• 3Y*: 9.39%
• 5Y*: 3.57%
• 10Y*: 5.66%

BNDX

• 1D: 0.17%
• 1M: 0.85%
• YTD: 1.02%
• 6M: 1.22%
• 1Y: 2.27%
• 3Y*: 4.32%
• 5Y*: 0.32%
• 10Y*: 1.72%

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

LIRAX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	4.83%	12.09%	5.84%	11.22%	-15.49%	6.42%	11.05%	15.60%	-3.79%	10.43%
BNDX Vanguard Total International Bond ETF	1.02%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%

Correlation

The correlation between LIRAX and BNDX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013	0.30

Over the past year, LIRAX and BNDX have become more correlated (0.59) than their long-term average of 0.30, meaning their price movements have been converging.

Return for Risk

LIRAX vs. BNDX — Risk / Return Rank

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

LIRAX

LIRAX Risk / Return Rank: 79
LIRAX Sharpe Ratio Rank: 78
LIRAX Sortino Ratio Rank: 78
LIRAX Omega Ratio Rank: 78
LIRAX Calmar Ratio Rank: 77
LIRAX Martin Ratio Rank: 84

BNDX

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

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.

LIRAX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) 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.

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.

	LIRAX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.56	+1.59
Sortino ratio: Return per unit of downside risk	3.06	0.82	+2.24
Omega ratio: Gain probability vs. loss probability	1.42	1.10	+0.32
Calmar ratio: Return relative to maximum drawdown	2.95	0.66	+2.28
Martin ratio: Return relative to average drawdown	12.83	1.84	+10.98

LIRAX vs. BNDX - Sharpe Ratio Comparison

The current LIRAX Sharpe Ratio is 2.15, which is higher than the BNDX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of LIRAX 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.

Drawdowns

LIRAX vs. BNDX - Drawdown Comparison

The maximum LIRAX drawdown since its inception was -20.67%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for LIRAX and BNDX.

Drawdown Indicators

	LIRAX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.67%	-16.23%	-4.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.29%	-2.93%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-7.63%	-2.93%	-4.70%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-15.86%	-4.81%
Max Drawdown (10Y) Largest decline over 10 years	-20.67%	-16.23%	-4.44%
Current Drawdown Current decline from peak	-0.83%	-1.02%	+0.19%
Average Drawdown Average peak-to-trough decline	-2.94%	-3.10%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.05%	-0.07%

Volatility

LIRAX vs. BNDX - Volatility Comparison

BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) has a higher volatility of 2.57% compared to Vanguard Total International Bond ETF (BNDX) at 1.49%. This indicates that LIRAX'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

	LIRAX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	1.49%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	4.92%	2.96%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	3.47%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.87%	4.89%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.53%	4.10%	+3.43%

LIRAX vs. BNDX - Expense Ratio Comparison

LIRAX has a 0.44% expense ratio, which is higher than BNDX's 0.07% expense ratio.

Dividends

LIRAX vs. BNDX - Dividend Comparison

LIRAX's dividend yield for the trailing twelve months is around 3.37%, less than BNDX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.47%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	3.37%	3.53%	1.82%	2.37%	2.42%	2.42%	1.70%	2.22%	2.18%	1.99%	2.23%	2.67%

Frequently Asked Questions

Can I hold both LIRAX and BNDX in my portfolio?

LIRAX and BNDX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIRAX or BNDX?

LIRAX has higher volatility (2.57%) compared to BNDX (1.49%). In terms of maximum drawdown, LIRAX dropped -20.67% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

LIRAX currently has the higher Sharpe Ratio (2.15 vs 0.56), 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.