NYF vs. BNDX
NYF (iShares New York Muni Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond 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, NYF returned 1.76%/yr vs 1.69%/yr for BNDX. At a 0.48 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.07%/yr for BNDX.
Performance
NYF vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 1.58% return, which is significantly higher than BNDX's 0.85% return. Both investments have delivered pretty close results over the past 10 years, with NYF having a 1.76% annualized return and BNDX not far behind at 1.69%.
NYF
- 1D
- 0.17%
- 1M
- 0.63%
- YTD
- 1.58%
- 6M
- 1.84%
- 1Y
- 6.63%
- 3Y*
- 3.28%
- 5Y*
- 0.76%
- 10Y*
- 1.76%
BNDX
- 1D
- 0.58%
- 1M
- 1.01%
- YTD
- 0.85%
- 6M
- 0.99%
- 1Y
- 1.99%
- 3Y*
- 4.13%
- 5Y*
- 0.29%
- 10Y*
- 1.69%
NYF vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.58% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
BNDX Vanguard Total International Bond ETF | 0.85% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between NYF and BNDX is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.48 |
The correlation between NYF and BNDX shifts across timeframes, from 0.48 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NYF vs. BNDX — Risk / Return Rank
NYF
BNDX
NYF vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.10 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 0.68 | +1.73 |
| Martin ratioReturn relative to average drawdown | 8.60 | 1.90 | +6.70 |
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Drawdowns
NYF vs. BNDX - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for NYF and BNDX.
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Drawdown Indicators
| NYF | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -16.23% | +3.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.93% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -2.93% | -2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -15.86% | +3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -16.23% | +3.11% |
Current DrawdownCurrent decline from peak | -0.50% | -1.18% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -3.10% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 1.05% | -0.28% |
Volatility
NYF vs. BNDX - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.97%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 1.50%. This indicates that NYF experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.50% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 2.96% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 3.47% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 4.89% | -0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 4.10% | +0.38% |
NYF vs. BNDX - Expense Ratio Comparison
NYF has a 0.25% 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
NYF vs. BNDX - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.09%, less than BNDX's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.48% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
NYF iShares New York Muni Bond ETF | 3.09% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
NYF and BNDX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDX has higher volatility (1.50%) compared to NYF (0.97%). In terms of maximum drawdown, NYF dropped -13.12% vs BNDX's -16.23%.
On 10-year performance, NYF leads with 1.76% vs 1.69% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, NYF has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NYF has performed better with a 1.76% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.25% for NYF.
BNDX has the higher dividend yield at 4.48%, compared with 3.09% for NYF.
NYF is categorized as Municipal Bonds, while BNDX is Global Bonds. NYF tracks S&P New York AMT-Free Municipal Bond 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: 0.25% for NYF and 0.07% for BNDX.
NYF currently has the higher Sharpe Ratio (2.41 vs 0.58), 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.
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