PSP vs. BND
PSP (Invesco Global Listed Private Equity ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, PSP returned 7.95%/yr vs 1.60%/yr for BND. At a correlation of -0.08, they often move in opposite directions. PSP charges 1.44%/yr vs 0.03%/yr for BND.
Performance
PSP vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -12.54% return, which is significantly lower than BND's 0.64% return. Over the past 10 years, PSP has outperformed BND with an annualized return of 7.95%, while BND has yielded a comparatively lower 1.60% annualized return.
PSP
- 1D
- 1.16%
- 1M
- -4.02%
- YTD
- -12.54%
- 6M
- -12.47%
- 1Y
- -8.70%
- 3Y*
- 9.46%
- 5Y*
- -0.03%
- 10Y*
- 7.95%
BND
- 1D
- 0.58%
- 1M
- 0.58%
- YTD
- 0.64%
- 6M
- 0.72%
- 1Y
- 4.91%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.60%
PSP vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -12.54% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
BND Vanguard Total Bond Market ETF | 0.64% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between PSP and BND is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.08 |
The correlation between PSP and BND shifts across timeframes, from -0.08 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. BND — Risk / Return Rank
PSP
BND
PSP vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.23 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.84 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.87 | 5.38 | -6.25 |
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Drawdowns
PSP vs. BND - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for PSP and BND.
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Drawdown Indicators
| PSP | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -18.58% | -66.82% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -2.68% | -19.69% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -5.92% | -17.02% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -17.91% | -29.25% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -18.58% | -28.58% |
Current DrawdownCurrent decline from peak | -16.81% | -2.00% | -14.81% |
Average DrawdownAverage peak-to-trough decline | -30.67% | -3.06% | -27.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.03% | 0.91% | +9.12% |
Volatility
PSP vs. BND - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 7.36% compared to Vanguard Total Bond Market ETF (BND) at 1.27%. This indicates that PSP's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSP | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 1.27% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.50% | 2.75% | +13.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 3.75% | +16.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.85% | 6.03% | +17.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.47% | 5.53% | +16.94% |
PSP vs. BND - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
PSP vs. BND - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.61%, more than BND's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
PSP Invesco Global Listed Private Equity ETF | 6.61% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and BND have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (7.36%) compared to BND (1.27%). In terms of maximum drawdown, PSP dropped -85.40% vs BND's -18.58%.
On 10-year performance, PSP leads with 7.95% vs 1.60% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSP has performed better with a 7.95% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 1.44% for PSP.
PSP has the higher dividend yield at 6.61%, compared with 3.95% for BND.
PSP is categorized as Global Equities, while BND is Total Bond Market. PSP tracks Red Rocks Global Listed Private Equity Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 1.44% for PSP and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.32 vs -0.43), 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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