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QUAL vs. BNDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. BNDX

Last updated Jun 12, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality 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, QUAL returned 14.39%/yr vs 1.69%/yr for BNDX. At a 0.04 correlation, their price movements are largely independent. QUAL charges 0.15%/yr vs 0.07%/yr for BNDX.

Performance

QUAL vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QUAL achieves a 8.93% return, which is significantly higher than BNDX's 0.85% return. Over the past 10 years, QUAL has outperformed BNDX with an annualized return of 14.39%, while BNDX has yielded a comparatively lower 1.69% annualized return.

QUAL

1D
1.68%
1M
2.62%
YTD
8.93%
6M
7.97%
1Y
20.75%
3Y*
19.36%
5Y*
11.86%
10Y*
14.39%

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

QUAL vs. BNDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		8.93%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
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 QUAL and BNDX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.04

Over the past year, QUAL and BNDX have become more correlated (0.39) than their long-term average of 0.04, meaning their price movements have been converging.

QUAL vs. BNDX - Sectors Allocation Comparison

Sectors
QUAL
BNDX

Technology

36.5%

-

Financial Services

11.5%
0.0%

Communication Services

11.1%
0.0%

Consumer Cyclical

9.3%

-

Healthcare

9.0%
0.0%

Industrials

8.2%
0.0%

Consumer Defensive

4.9%

-

Energy

4.0%
0.0%

Utilities

1.9%
0.0%

Real Estate

1.8%
0.0%

Basic Materials

1.7%

-

Technology

QUAL
36.5%
BNDX

-

Financial Services

QUAL
11.5%
BNDX
0.0%

Communication Services

QUAL
11.1%
BNDX
0.0%

Consumer Cyclical

QUAL
9.3%
BNDX

-

Healthcare

QUAL
9.0%
BNDX
0.0%

Industrials

QUAL
8.2%
BNDX
0.0%

Consumer Defensive

QUAL
4.9%
BNDX

-

Energy

QUAL
4.0%
BNDX
0.0%

Utilities

QUAL
1.9%
BNDX
0.0%

Real Estate

QUAL
1.8%
BNDX
0.0%

Basic Materials

QUAL
1.7%
BNDX

-

Compare stocks, funds, or ETFs

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iShares MSCI USA Quality Factor ETF

Vanguard Total International Bond ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with BNDX:
BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB

Return for Risk

QUAL vs. BNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6464
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5656
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6969
Martin Ratio Rank
BNDX
BNDX Risk / Return Rank: 2020
Overall Rank
BNDX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1919
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1919
Omega Ratio Rank
BNDX Calmar Ratio Rank: 2020
Calmar Ratio Rank
BNDX Martin Ratio Rank: 2020
Martin Ratio Rank
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.

QUAL vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.

QUALBNDXDifference
Sharpe ratioReturn per unit of total volatility
1.72
0.58

+1.15

Sortino ratioReturn per unit of downside risk
2.45
0.84

+1.60

Omega ratioGain probability vs. loss probability

1.30

1.10

+0.20

Calmar ratioReturn relative to maximum drawdown

2.31

0.68

+1.62

Martin ratioReturn relative to average drawdown

10.45

1.90

+8.55

QUAL vs. BNDX - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.72, which is higher than the BNDX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of QUAL and BNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QUAL vs. BNDX - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for QUAL and BNDX.

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Drawdown Indicators

QUALBNDXDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-16.23%

-17.83%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-2.93%

-6.10%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-2.93%

-15.07%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-15.86%

-12.37%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-16.23%

-17.83%

Current Drawdown

Current decline from peak

-0.66%

-1.18%

+0.52%

Average Drawdown

Average peak-to-trough decline

-4.10%

-3.10%

-1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

1.05%

+0.94%

Volatility

QUAL vs. BNDX - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.61% compared to Vanguard Total International Bond ETF (BNDX) at 1.50%. This indicates that QUAL's price experiences larger fluctuations and is considered to be riskier 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

QUALBNDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

1.50%

+2.11%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

2.96%

+6.47%

Volatility (1Y)

Calculated over the trailing 1-year period

12.10%

3.47%

+8.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.37%

4.89%

+12.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.11%

4.10%

+14.01%

QUAL vs. BNDX - Expense Ratio Comparison

QUAL has a 0.15% 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

QUAL vs. BNDX - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.87%, less than BNDX's 4.48% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

QUAL and BNDX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.61%) compared to BNDX (1.50%). In terms of maximum drawdown, QUAL dropped -34.06% vs BNDX's -16.23%.

On 10-year performance, QUAL leads with 14.39% vs 1.69% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.39% 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 0.15% for QUAL.

BNDX has the higher dividend yield at 4.48%, compared with 0.87% for QUAL.

QUAL is categorized as Large Cap Blend Equities, while BNDX is Global Bonds. QUAL tracks MSCI USA Sector Neutral Quality 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: 0.15% for QUAL and 0.07% for BNDX.

QUAL currently has the higher Sharpe Ratio (1.72 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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