PRIV vs. BNDW

Last updated Jun 24, 2026

PRIV (State Street IG Public & Private Credit ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - PRIV is a Intermediate Core-Plus Bond fund actively managed by State Street, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. PRIV is actively managed, while BNDW is passively managed. Over the past year, PRIV returned 5.17% vs 3.23% for BNDW. Their correlation of 0.85 suggests significant overlap in exposure. PRIV charges 0.55%/yr vs 0.05%/yr for BNDW.

Performance

PRIV vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street IG Public & Private Credit ETF (PRIV) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRIV achieves a 0.69% return, which is significantly lower than BNDW's 0.88% return.

PRIV

• 1D: 0.18%
• 1M: 0.85%
• YTD: 0.69%
• 6M: 0.85%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDW

• 1D: 0.15%
• 1M: 0.77%
• YTD: 0.88%
• 6M: 0.88%
• 1Y: 3.23%
• 3Y*: 4.10%
• 5Y*: 0.27%
• 10Y*: —

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

PRIV vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025
PRIV State Street IG Public & Private Credit ETF	0.69%	5.07%
BNDW Vanguard Total World Bond ETF	0.88%	3.25%

Correlation

The correlation between PRIV and BNDW is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.85

The correlation between PRIV and BNDW has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

PRIV vs. BNDW — Risk / Return Rank

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

PRIV

PRIV Risk / Return Rank: 44
PRIV Sharpe Ratio Rank: 44
PRIV Sortino Ratio Rank: 47
PRIV Omega Ratio Rank: 42
PRIV Calmar Ratio Rank: 45
PRIV Martin Ratio Rank: 42

BNDW

BNDW Risk / Return Rank: 26
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 26
BNDW Omega Ratio Rank: 25
BNDW Calmar Ratio Rank: 25
BNDW Martin Ratio Rank: 25

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.

PRIV vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street IG Public & Private Credit ETF (PRIV) and Vanguard Total World Bond ETF (BNDW). 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.

	PRIV	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.97	+0.45
Sortino ratio: Return per unit of downside risk	2.15	1.40	+0.75
Omega ratio: Gain probability vs. loss probability	1.25	1.17	+0.09
Calmar ratio: Return relative to maximum drawdown	2.04	1.20	+0.84
Martin ratio: Return relative to average drawdown	6.32	3.24	+3.08

PRIV vs. BNDW - Sharpe Ratio Comparison

The current PRIV Sharpe Ratio is 1.41, which is higher than the BNDW Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PRIV and BNDW, 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

PRIV vs. BNDW - Drawdown Comparison

The maximum PRIV drawdown since its inception was -2.75%, smaller than the maximum BNDW drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for PRIV and BNDW.

Drawdown Indicators

	PRIV	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-2.75%	-17.22%	+14.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-2.70%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.93%	—
Current Drawdown Current decline from peak	-1.02%	-1.08%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.68%	-4.95%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.00%	-0.18%

Volatility

PRIV vs. BNDW - Volatility Comparison

State Street IG Public & Private Credit ETF (PRIV) has a higher volatility of 1.17% compared to Vanguard Total World Bond ETF (BNDW) at 0.92%. This indicates that PRIV's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRIV	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.92%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	2.70%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	3.35%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	5.22%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	4.89%	-0.75%

PRIV vs. BNDW - Expense Ratio Comparison

PRIV has a 0.55% expense ratio, which is higher than BNDW's 0.05% expense ratio.

Dividends

PRIV vs. BNDW - Dividend Comparison

PRIV's dividend yield for the trailing twelve months is around 4.59%, more than BNDW's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	4.19%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%
PRIV State Street IG Public & Private Credit ETF	4.59%	3.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRIV and BNDW in my portfolio?

PRIV and BNDW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRIV or BNDW?

PRIV has higher volatility (1.17%) compared to BNDW (0.92%). In terms of maximum drawdown, PRIV dropped -2.75% vs BNDW's -17.22%.

Which ETF is better, PRIV or BNDW?

On 1-year performance, PRIV leads with 5.17% vs 3.23% for BNDW. On fees, BNDW is cheaper at 0.05% per year. On volatility, BNDW has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRIV or BNDW?

Over the 1-year period, PRIV has performed better with a 5.17% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRIV or BNDW?

BNDW is cheaper with a 0.05% expense ratio, compared with 0.55% for PRIV.

Which ETF pays a higher dividend yield, PRIV or BNDW?

PRIV has the higher dividend yield at 4.59%, compared with 4.19% for BNDW.

What is the main difference between PRIV and BNDW?

PRIV is categorized as Intermediate Core-Plus Bond, while BNDW is Global Bonds. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.55% for PRIV and 0.05% for BNDW.

Which has better risk-adjusted returns?

PRIV currently has the higher Sharpe Ratio (1.41 vs 0.97), 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.