SPAB vs. BND
SPAB (SPDR Portfolio Aggregate Bond ETF) and BND (Vanguard Total Bond Market ETF) are both Total Bond Market funds - SPAB tracks the Bloomberg U.S. Aggregate Bond Index while BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, SPAB returned 1.50%/yr vs 1.55%/yr for BND. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SPAB vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.41% return, which is significantly higher than BND's 0.38% return. Both investments have delivered pretty close results over the past 10 years, with SPAB having a 1.50% annualized return and BND not far ahead at 1.55%.
SPAB
- 1D
- -0.27%
- 1M
- 0.58%
- YTD
- 0.41%
- 6M
- 0.45%
- 1Y
- 4.54%
- 3Y*
- 3.95%
- 5Y*
- 0.04%
- 10Y*
- 1.50%
BND
- 1D
- -0.27%
- 1M
- 0.53%
- YTD
- 0.38%
- 6M
- 0.45%
- 1Y
- 4.37%
- 3Y*
- 3.92%
- 5Y*
- 0.04%
- 10Y*
- 1.55%
SPAB vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.41% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
BND Vanguard Total Bond Market ETF | 0.38% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SPAB and BND is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.86 |
The correlation between SPAB and BND shifts across timeframes, from 0.86 (all time) to 0.99 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPAB vs. BND — Risk / Return Rank
SPAB
BND
SPAB vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) 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.
| SPAB | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.64 | +0.02 |
| Martin ratioReturn relative to average drawdown | 4.66 | 4.69 | -0.03 |
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Drawdowns
SPAB vs. BND - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SPAB and BND.
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Drawdown Indicators
| SPAB | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -18.58% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.68% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -5.92% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -17.91% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | -18.58% | +0.02% |
Current DrawdownCurrent decline from peak | -2.15% | -2.26% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -3.06% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.93% | +0.04% |
Volatility
SPAB vs. BND - Volatility Comparison
SPDR Portfolio Aggregate Bond ETF (SPAB) and Vanguard Total Bond Market ETF (BND) have volatilities of 1.09% and 1.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAB | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.08% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 2.77% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.74% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 6.03% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 5.54% | +0.01% |
SPAB vs. BND - Expense Ratio Comparison
Both SPAB and BND have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPAB vs. BND - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, more than BND's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
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 0.99, SPAB and BND 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.
SPAB has higher volatility (1.09%) compared to BND (1.08%). In terms of maximum drawdown, SPAB dropped -18.56% vs BND's -18.58%.
On 10-year performance, BND leads with 1.55% vs 1.50% for SPAB. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.55% return vs 1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB and BND have the same expense ratio: 0.03% per year.
SPAB has the higher dividend yield at 4.05%, compared with 3.96% for BND.
SPAB tracks Bloomberg U.S. Aggregate Bond Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: State Street and Vanguard.
SPAB currently has the higher Sharpe Ratio (1.22 vs 1.18), 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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