NTFIX vs. BND

Last updated Jun 4, 2026

NTFIX (Dupree North Carolina Tax-Free Income Series) and BND (Vanguard Total Bond Market ETF) are both funds - NTFIX is a Municipal Bonds fund managed by Dupree, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, NTFIX returned 2.56%/yr vs 1.58%/yr for BND. At a 0.44 correlation, their price movements are largely independent. NTFIX charges 0.68%/yr vs 0.03%/yr for BND.

Performance

NTFIX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dupree North Carolina Tax-Free Income Series (NTFIX) 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, NTFIX achieves a 1.42% return, which is significantly higher than BND's 0.27% return. Over the past 10 years, NTFIX has outperformed BND with an annualized return of 2.56%, while BND has yielded a comparatively lower 1.58% annualized return.

NTFIX

• 1D: 0.09%
• 1M: 0.37%
• YTD: 1.42%
• 6M: 2.10%
• 1Y: 6.82%
• 3Y*: 3.90%
• 5Y*: 1.18%
• 10Y*: 2.56%

BND

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.27%
• 6M: 0.12%
• 1Y: 5.11%
• 3Y*: 3.96%
• 5Y*: 0.09%
• 10Y*: 1.58%

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

NTFIX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTFIX Dupree North Carolina Tax-Free Income Series	1.42%	4.53%	2.25%	5.48%	-8.44%	2.06%	5.81%	7.38%	2.05%	6.09%
BND Vanguard Total Bond Market ETF	0.27%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between NTFIX and BND is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007	0.44

Return for Risk

NTFIX vs. BND — Risk / Return Rank

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

NTFIX

NTFIX Risk / Return Rank: 78
NTFIX Sharpe Ratio Rank: 78
NTFIX Sortino Ratio Rank: 93
NTFIX Omega Ratio Rank: 96
NTFIX Calmar Ratio Rank: 60
NTFIX Martin Ratio Rank: 63

BND

BND Risk / Return Rank: 37
BND Sharpe Ratio Rank: 37
BND Sortino Ratio Rank: 39
BND Omega Ratio Rank: 35
BND Calmar Ratio Rank: 38
BND Martin Ratio Rank: 36

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.

NTFIX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dupree North Carolina Tax-Free Income Series (NTFIX) 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.

	NTFIX	BND	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.36	+1.21
Sortino ratio: Return per unit of downside risk	4.70	2.03	+2.66
Omega ratio: Gain probability vs. loss probability	1.88	1.24	+0.64
Calmar ratio: Return relative to maximum drawdown	2.99	1.92	+1.07
Martin ratio: Return relative to average drawdown	12.33	5.80	+6.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NTFIX vs. BND - Sharpe Ratio Comparison

The current NTFIX Sharpe Ratio is 2.57, which is higher than the BND Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of NTFIX 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.

Sharpe Ratios by Period

	NTFIX	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	1.36	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.01	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.29	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.59	+0.45

Drawdowns

NTFIX vs. BND - Drawdown Comparison

The maximum NTFIX drawdown since its inception was -13.11%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for NTFIX and BND.

Drawdown Indicators

	NTFIX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-18.58%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.68%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-5.92%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-13.11%	-17.91%	+4.80%
Max Drawdown (10Y) Largest decline over 10 years	-13.11%	-18.58%	+5.47%
Current Drawdown Current decline from peak	-0.00%	-2.37%	+2.37%
Average Drawdown Average peak-to-trough decline	-1.74%	-3.06%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.88%	-0.33%

Volatility

NTFIX vs. BND - Volatility Comparison

The current volatility for Dupree North Carolina Tax-Free Income Series (NTFIX) is 0.90%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.23%. This indicates that NTFIX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTFIX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	1.23%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	2.66%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	3.78%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	6.02%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.11%	5.53%	-1.42%

NTFIX vs. BND - Expense Ratio Comparison

NTFIX has a 0.68% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

NTFIX vs. BND - Dividend Comparison

NTFIX's dividend yield for the trailing twelve months is around 2.96%, less than BND's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.97%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
NTFIX Dupree North Carolina Tax-Free Income Series	2.96%	3.61%	4.11%	2.93%	3.27%	2.87%	2.84%	3.36%	4.45%	4.04%	2.82%	2.95%

Frequently Asked Questions

Can I hold both NTFIX and BND in my portfolio?

NTFIX and BND have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTFIX or BND?

BND has higher volatility (1.23%) compared to NTFIX (0.90%). In terms of maximum drawdown, NTFIX dropped -13.11% vs BND's -18.58%.

Which has better risk-adjusted returns?

NTFIX currently has the higher Sharpe Ratio (2.57 vs 1.36), 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.