SPAB vs. BNDW
SPAB (SPDR Portfolio Aggregate Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, SPAB returned 0.07%/yr vs 0.22%/yr for BNDW. Their correlation of 0.92 suggests significant overlap in exposure. SPAB charges 0.03%/yr vs 0.05%/yr for BNDW.
Performance
SPAB vs. BNDW - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.29% return, which is significantly lower than BNDW's 0.42% return.
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%
BNDW
- 1D
- -0.26%
- 1M
- 0.44%
- YTD
- 0.42%
- 6M
- 0.18%
- 1Y
- 3.51%
- 3Y*
- 3.99%
- 5Y*
- 0.22%
- 10Y*
- —
SPAB vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.29% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | 1.08% |
BNDW Vanguard Total World Bond ETF | 0.42% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.21% |
Correlation
The correlation between SPAB and BNDW is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.92 |
The correlation between SPAB and BNDW has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
SPAB vs. BNDW — Risk / Return Rank
SPAB
BNDW
SPAB vs. BNDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) 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.
| SPAB | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.18 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.31 | +0.61 |
| Martin ratioReturn relative to average drawdown | 5.72 | 3.70 | +2.03 |
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 | BNDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.05 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.04 | -0.03 |
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 | 0.37 | +0.13 |
Drawdowns
SPAB vs. BNDW - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for SPAB and BNDW.
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Drawdown Indicators
| SPAB | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -17.22% | -1.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.70% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -4.27% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -16.93% | -1.03% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.53% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -4.98% | +1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.95% | -0.03% |
Volatility
SPAB vs. BNDW - Volatility Comparison
The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.15%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.31%. This indicates that SPAB experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAB | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.31% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.62% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.36% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 5.21% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 4.90% | +0.64% |
SPAB vs. BNDW - Expense Ratio Comparison
SPAB has a 0.03% expense ratio, which is lower than BNDW's 0.05% expense ratio. Despite the difference, 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. BNDW - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, less than BNDW's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.21% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 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 0.95, SPAB and BNDW 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.
BNDW has higher volatility (1.31%) compared to SPAB (1.15%). In terms of maximum drawdown, SPAB dropped -18.56% vs BNDW's -17.22%.
On 5-year performance, BNDW leads with 0.22% vs 0.07% for SPAB. On fees, SPAB is cheaper at 0.03% per year. On volatility, SPAB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a 0.22% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB is cheaper with a 0.03% expense ratio, compared with 0.05% for BNDW.
BNDW has the higher dividend yield at 4.21%, compared with 4.05% for SPAB.
SPAB is categorized as Total Bond Market, while BNDW is Global Bonds. SPAB tracks Bloomberg U.S. Aggregate Bond Index, while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.03% for SPAB and 0.05% for BNDW.
SPAB currently has the higher Sharpe Ratio (1.40 vs 1.05), 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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