TPLS vs. BNDP

Last updated Jun 4, 2026

TPLS (Thornburg Core Plus Bond ETF) and BNDP (Vanguard Core-Plus Bond Index ETF) are both Intermediate Core-Plus Bond funds. TPLS is actively managed, while BNDP is passively managed. With a 0.97 correlation, they move nearly in lockstep. TPLS charges 0.45%/yr vs 0.05%/yr for BNDP.

Performance

TPLS vs. BNDP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Core Plus Bond ETF (TPLS) and Vanguard Core-Plus Bond Index ETF (BNDP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPLS achieves a 0.32% return, which is significantly lower than BNDP's 0.34% return.

TPLS

• 1D: -0.12%
• 1M: 0.56%
• YTD: 0.32%
• 6M: 0.29%
• 1Y: 5.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDP

• 1D: -0.08%
• 1M: 0.41%
• YTD: 0.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPLS vs. BNDP - Yearly Performance Comparison

	2026 (YTD)	2025
TPLS Thornburg Core Plus Bond ETF	0.32%	0.14%
BNDP Vanguard Core-Plus Bond Index ETF	0.34%	0.10%

Correlation

The correlation between TPLS and BNDP 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 (All Time) Calculated using the full available price history since Dec 5, 2025	0.97

Return for Risk

TPLS vs. BNDP — Risk / Return Rank

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

TPLS

TPLS Risk / Return Rank: 38
TPLS Sharpe Ratio Rank: 40
TPLS Sortino Ratio Rank: 41
TPLS Omega Ratio Rank: 38
TPLS Calmar Ratio Rank: 37
TPLS Martin Ratio Rank: 34

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.

TPLS vs. BNDP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Core Plus Bond ETF (TPLS) and Vanguard Core-Plus Bond Index ETF (BNDP). 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.

	TPLS	BNDP	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	2.03	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.78	—	—
Martin ratio: Return relative to average drawdown	5.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TPLS	BNDP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.25	+0.74

Drawdowns

TPLS vs. BNDP - Drawdown Comparison

The maximum TPLS drawdown since its inception was -3.04%, which is greater than BNDP's maximum drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for TPLS and BNDP.

Drawdown Indicators

	TPLS	BNDP	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-2.60%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	—	—
Current Drawdown Current decline from peak	-1.68%	-1.31%	-0.37%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.86%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	—	—

Volatility

Volatility by Period

	TPLS	BNDP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.63%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	3.63%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	3.63%	+0.91%

TPLS vs. BNDP - Expense Ratio Comparison

TPLS has a 0.45% expense ratio, which is higher than BNDP's 0.05% expense ratio.

Dividends

TPLS vs. BNDP - Dividend Comparison

TPLS's dividend yield for the trailing twelve months is around 4.61%, more than BNDP's 2.08% yield.

Position	TTM	2025
BNDP Vanguard Core-Plus Bond Index ETF	2.08%	0.24%
TPLS Thornburg Core Plus Bond ETF	4.61%	4.28%

Frequently Asked Questions

Can I hold both TPLS and BNDP in my portfolio?

With a correlation of 0.97, TPLS and BNDP 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.

Which ETF is better, TPLS or BNDP?

On fees, BNDP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPLS or BNDP?

BNDP is cheaper with a 0.05% expense ratio, compared with 0.45% for TPLS.

Which ETF pays a higher dividend yield, TPLS or BNDP?

TPLS has the higher dividend yield at 4.61%, compared with 2.08% for BNDP.

What is the main difference between TPLS and BNDP?

They also come from different issuers: Thornburg and Vanguard. Their fees differ too: 0.45% for TPLS and 0.05% for BNDP.