NOBOX vs. BND

Last updated Aug 1, 2026

NOBOX (Northern Bond Index Fund) and BND (Vanguard Total Bond Market ETF) are both funds - NOBOX is a Intermediate Core Bond fund managed by Northern Trust, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, NOBOX returned 0.88%/yr vs 1.36%/yr for BND. Their correlation of 0.87 means they have usually moved in the same direction. NOBOX charges 0.07%/yr vs 0.03%/yr for BND.

Performance

NOBOX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Bond Index Fund (NOBOX) 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, NOBOX achieves a -1.04% return, which is significantly lower than BND's -0.54% return. Over the past 10 years, NOBOX has underperformed BND with an annualized return of 0.88%, while BND has yielded a comparatively higher 1.36% annualized return.

NOBOX

• 1D: 0.00%
• 1M: -0.87%
• 6M: -1.25%
• YTD: -1.04%
• 1Y: 2.29%
• 3Y*: 2.97%
• 5Y*: -1.16%
• 10Y*: 0.88%
• ALL TIME*: 2.60%

BND

• 1D: -0.26%
• 1M: -1.20%
• 6M: -0.75%
• YTD: -0.54%
• 1Y: 1.75%
• 3Y*: 3.92%
• 5Y*: -0.42%
• 10Y*: 1.36%
• ALL TIME*: 2.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BND Vanguard Total Bond Market ETF	$451.00M	$507.49M	$592.68M
NOBOX Northern Bond Index Fund	$0.00	$0.00	$0.00

NOBOX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOBOX Northern Bond Index Fund	-1.04%	6.14%	0.82%	4.86%	-13.84%	-2.10%	7.20%	8.73%	-0.17%	3.60%
BND Vanguard Total Bond Market ETF	-0.54%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between NOBOX and BND is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	0.87

The correlation between NOBOX and BND shifts across timeframes, from 0.83 (1 year) to 0.94 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NOBOX vs. BND — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOBOX

NOBOX Risk / Return Rank: 13
NOBOX Sharpe Ratio Rank: 13
NOBOX Sortino Ratio Rank: 13
NOBOX Omega Ratio Rank: 12
NOBOX Calmar Ratio Rank: 13
NOBOX Martin Ratio Rank: 11

BND

BND Risk / Return Rank: 29
BND Sharpe Ratio Rank: 30
BND Sortino Ratio Rank: 28
BND Omega Ratio Rank: 26
BND Calmar Ratio Rank: 30
BND Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOBOX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Bond Index Fund (NOBOX) 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.

	NOBOX	BND	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.72	-0.20
Sortino ratio: Return per unit of downside risk	0.80	1.06	-0.25
Omega ratio: Gain probability vs. loss probability	1.10	1.12	-0.03
Calmar ratio: Return relative to maximum drawdown	0.64	0.99	-0.35
Martin ratio: Return relative to average drawdown	1.50	2.48	-0.98

NOBOX vs. BND - Sharpe Ratio Comparison

The current NOBOX Sharpe Ratio is 0.52, which is comparable to the BND Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of NOBOX 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

NOBOX vs. BND - Drawdown Comparison

The maximum NOBOX drawdown since its inception was -20.03%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for NOBOX and BND.

Drawdown Indicators

	NOBOX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-20.03%	-18.58%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-2.68%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-5.20%	-4.81%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-19.15%	-17.91%	-1.24%
Max Drawdown (10Y) Largest decline over 10 years	-20.03%	-18.58%	-1.45%
Current Drawdown Current decline from peak	-6.94%	-3.15%	-3.79%
Average Drawdown Average peak-to-trough decline	-3.57%	-3.06%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.07%	+0.32%

Volatility

NOBOX vs. BND - Volatility Comparison

Northern Bond Index Fund (NOBOX) and Vanguard Total Bond Market ETF (BND) have volatilities of 0.96% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBOX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.98%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	2.90%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.03%	3.70%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.10%	6.03%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	5.53%	-0.49%

NOBOX vs. BND - Expense Ratio Comparison

NOBOX has a 0.07% expense ratio, which is higher than BND's 0.03% 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

NOBOX vs. BND - Dividend Comparison

NOBOX's dividend yield for the trailing twelve months is around 3.43%, less than BND's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.69%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
NOBOX Northern Bond Index Fund	3.43%	2.88%	3.46%	2.63%	1.53%	2.10%	3.12%	3.18%	2.80%	2.77%	2.45%	2.61%

Frequently Asked Questions

Can I hold both NOBOX and BND in my portfolio?

NOBOX and BND have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOBOX or BND?

BND has higher volatility (0.98%) compared to NOBOX (0.96%). In terms of maximum drawdown, NOBOX dropped -20.03% vs BND's -18.58%.

Which has better risk-adjusted returns?

BND currently has the higher Sharpe Ratio (0.72 vs 0.52), 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.