SPAB vs. BKAG
SPAB (SPDR Portfolio Aggregate Bond ETF) and BKAG (BNY Mellon Core Bond ETF) are both Total Bond Market funds - SPAB tracks the Bloomberg U.S. Aggregate Bond Index while BKAG tracks the Bloomberg US Aggregate Total Return Index. Both are passively managed. Over the past 5 years, SPAB returned 0.07%/yr vs 0.07%/yr for BKAG. With a 0.96 correlation, they move nearly in lockstep. SPAB charges 0.03%/yr vs 0.00%/yr for BKAG.
Performance
SPAB vs. BKAG - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with SPAB at 0.29% and BKAG at 0.29%.
SPAB
- 1D
- -0.12%
- 1M
- 0.31%
- YTD
- 0.29%
- 6M
- 0.14%
- 1Y
- 5.24%
- 3Y*
- 3.93%
- 5Y*
- 0.07%
- 10Y*
- 1.54%
BKAG
- 1D
- -0.19%
- 1M
- 0.27%
- YTD
- 0.29%
- 6M
- 0.12%
- 1Y
- 5.10%
- 3Y*
- 3.95%
- 5Y*
- 0.07%
- 10Y*
- —
SPAB vs. BKAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.29% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 2.52% |
BKAG BNY Mellon Core Bond ETF | 0.29% | 7.23% | 1.17% | 5.67% | -13.29% | -1.46% | 2.15% |
Correlation
The correlation between SPAB and BKAG is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.96 |
The correlation between SPAB and BKAG has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
SPAB vs. BKAG — Risk / Return Rank
SPAB
BKAG
SPAB vs. BKAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) and BNY Mellon Core Bond ETF (BKAG). 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.
| SPAB | BKAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.86 | +0.06 |
| Martin ratioReturn relative to average drawdown | 5.72 | 5.49 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAB | BKAG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.32 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.01 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.01 | +0.49 |
Drawdowns
SPAB vs. BKAG - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, roughly equal to the maximum BKAG drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for SPAB and BKAG.
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Drawdown Indicators
| SPAB | BKAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -18.53% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.76% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -6.04% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -18.00% | +0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -2.32% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -7.12% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.93% | -0.01% |
Volatility
SPAB vs. BKAG - Volatility Comparison
The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.15%, while BNY Mellon Core Bond ETF (BKAG) has a volatility of 1.22%. This indicates that SPAB experiences smaller price fluctuations and is considered to be less risky than BKAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAB | BKAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.22% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.74% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.87% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 6.01% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 5.55% | -0.01% |
SPAB vs. BKAG - Expense Ratio Comparison
SPAB has a 0.03% expense ratio, which is higher than BKAG's 0.00% 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
SPAB vs. BKAG - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, less than BKAG's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKAG BNY Mellon Core Bond ETF | 4.24% | 4.17% | 4.26% | 3.33% | 2.49% | 1.55% | 1.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.96, SPAB and BKAG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BKAG has higher volatility (1.22%) compared to SPAB (1.15%). In terms of maximum drawdown, SPAB dropped -18.56% vs BKAG's -18.53%.
On 5-year performance, BKAG leads with 0.07% vs 0.07% for SPAB. On fees, BKAG is cheaper at 0.00% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKAG has performed better with a 0.07% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKAG is cheaper with a 0.00% expense ratio, compared with 0.03% for SPAB.
BKAG has the higher dividend yield at 4.24%, compared with 4.05% for SPAB.
SPAB tracks Bloomberg U.S. Aggregate Bond Index, while BKAG tracks Bloomberg US Aggregate Total Return Index. They also come from different issuers: State Street and BNY Mellon. Their fees differ too: 0.03% for SPAB and 0.00% for BKAG.
SPAB currently has the higher Sharpe Ratio (1.40 vs 1.32), 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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