TFI vs. BND

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Vanguard Total Bond Market ETF (BND).

TFI and BND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TFI is a passively managed fund by State Street that tracks the performance of the Bloomberg US Municipal Managed Money (1-25 Y). It was launched on Sep 11, 2007. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007. Both TFI and BND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TFI vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

TFI vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	-0.03%	3.62%	-0.01%	5.62%	-10.17%	0.25%	5.82%	7.41%	0.52%	5.50%
BND Vanguard Total Bond Market ETF	0.09%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Returns By Period

In the year-to-date period, TFI achieves a -0.03% return, which is significantly lower than BND's 0.09% return. Over the past 10 years, TFI has underperformed BND with an annualized return of 1.53%, while BND has yielded a comparatively higher 1.68% annualized return.

TFI

• 1D: 0.21%
• 1M: -1.62%
• YTD: -0.03%
• 6M: 1.37%
• 1Y: 3.90%
• 3Y*: 2.02%
• 5Y*: -0.07%
• 10Y*: 1.53%

BND

• 1D: 0.04%
• 1M: -1.30%
• YTD: 0.09%
• 6M: 0.74%
• 1Y: 3.96%
• 3Y*: 3.60%
• 5Y*: 0.25%
• 10Y*: 1.68%

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

TFI vs. BND - Expense Ratio Comparison

TFI has a 0.23% expense ratio, which is higher than BND's 0.03% 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%.

TFI

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

BND

Vanguard Total Bond Market ETF

Return for Risk

TFI vs. BND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFI

TFI Risk / Return Rank: 44
TFI Sharpe Ratio Rank: 50
TFI Sortino Ratio Rank: 40
TFI Omega Ratio Rank: 57
TFI Calmar Ratio Rank: 40
TFI Martin Ratio Rank: 36

BND

BND Risk / Return Rank: 50
BND Sharpe Ratio Rank: 49
BND Sortino Ratio Rank: 46
BND Omega Ratio Rank: 39
BND Calmar Ratio Rank: 67
BND Martin Ratio Rank: 48

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.

TFI vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.

	TFI	BND	Difference
Sharpe ratio Return per unit of total volatility	0.96	0.93	+0.03
Sortino ratio Return per unit of downside risk	1.19	1.32	-0.12
Omega ratio Gain probability vs. loss probability	1.22	1.16	+0.05
Calmar ratio Return relative to maximum drawdown	1.11	1.75	-0.65
Martin ratio Return relative to average drawdown	3.52	4.78	-1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFI vs. BND - Sharpe Ratio Comparison

The current TFI Sharpe Ratio is 0.96, which is comparable to the BND Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TFI and BND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TFI	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.93	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.04	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.30	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.59	-0.08

Correlation

The correlation between TFI and BND is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TFI vs. BND - Dividend Comparison

TFI's dividend yield for the trailing twelve months is around 3.45%, less than BND's 3.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	3.45%	3.32%	3.01%	2.41%	1.87%	1.71%	1.91%	2.14%	2.26%	2.16%	2.39%	2.40%
BND Vanguard Total Bond Market ETF	3.93%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%

Drawdowns

TFI vs. BND - Drawdown Comparison

The maximum TFI drawdown since its inception was -15.49%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for TFI and BND.

Drawdown Indicators

	TFI	BND	Difference
Max Drawdown Largest peak-to-trough decline	-15.49%	-18.58%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-2.44%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	-17.91%	+2.50%
Max Drawdown (10Y) Largest decline over 10 years	-15.49%	-18.58%	+3.09%
Current Drawdown Current decline from peak	-2.40%	-2.54%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.98%	-3.07%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	0.90%	+0.33%

Volatility

TFI vs. BND - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) is 1.45%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.63%. This indicates that TFI 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.

Volatility by Period

	TFI	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.63%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	2.52%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	4.30%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.29%	6.00%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	5.52%	-0.53%