SSFEX vs. BND
SSFEX (State Street Aggregate Bond Index Fund Class K) and BND (Vanguard Total Bond Market ETF) are both Total Bond Market funds. Over the past 10 years, SSFEX returned 1.54%/yr vs 1.60%/yr for BND. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SSFEX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SSFEX achieves a 0.46% return, which is significantly lower than BND's 0.94% return. Both investments have delivered pretty close results over the past 10 years, with SSFEX having a 1.54% annualized return and BND not far ahead at 1.60%.
SSFEX
- 1D
- 0.13%
- 1M
- 0.73%
- YTD
- 0.46%
- 6M
- 0.38%
- 1Y
- 4.01%
- 3Y*
- 3.84%
- 5Y*
- -0.02%
- 10Y*
- 1.54%
BND
- 1D
- 0.45%
- 1M
- 1.09%
- YTD
- 0.94%
- 6M
- 0.78%
- 1Y
- 4.38%
- 3Y*
- 4.11%
- 5Y*
- 0.18%
- 10Y*
- 1.60%
SSFEX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSFEX State Street Aggregate Bond Index Fund Class K | 0.46% | 6.80% | 1.35% | 5.61% | -13.19% | -1.78% | 7.79% | 9.45% | -0.10% | 3.30% |
BND Vanguard Total Bond Market ETF | 0.94% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SSFEX and BND is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2014 | 0.94 |
The correlation between SSFEX and BND has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
SSFEX vs. BND — Risk / Return Rank
SSFEX
BND
SSFEX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Aggregate Bond Index Fund Class K (SSFEX) 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.
| SSFEX | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.64 | -0.05 |
| Martin ratioReturn relative to average drawdown | 4.56 | 4.68 | -0.12 |
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Drawdowns
SSFEX vs. BND - Drawdown Comparison
The maximum SSFEX drawdown since its inception was -26.98%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SSFEX and BND.
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Drawdown Indicators
| SSFEX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -18.58% | -8.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.68% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -5.92% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -17.99% | -17.91% | -0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -18.58% | -8.40% |
Current DrawdownCurrent decline from peak | -2.56% | -1.71% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -4.43% | -3.06% | -1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.94% | +0.02% |
Volatility
SSFEX vs. BND - Volatility Comparison
The current volatility for State Street Aggregate Bond Index Fund Class K (SSFEX) is 1.09%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.15%. This indicates that SSFEX experiences smaller price fluctuations and is considered to be less risky 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
| SSFEX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.15% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.80% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.75% | -0.06% |
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 | 14.16% | 5.53% | +8.63% |
SSFEX vs. BND - Expense Ratio Comparison
Both SSFEX 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
SSFEX vs. BND - Dividend Comparison
SSFEX's dividend yield for the trailing twelve months is around 4.12%, more than BND's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.94% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SSFEX State Street Aggregate Bond Index Fund Class K | 4.12% | 3.66% | 3.76% | 3.14% | 2.48% | 3.32% | 3.23% | 3.56% | 2.79% | 2.43% | 2.19% | 4.67% |
Frequently Asked Questions
With a correlation of 0.97, SSFEX 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.
BND has higher volatility (1.15%) compared to SSFEX (1.09%). In terms of maximum drawdown, SSFEX dropped -26.98% vs BND's -18.58%.
SSFEX currently has the higher Sharpe Ratio (1.19 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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