VBMPX vs. BND
VBMPX (Vanguard Total Bond Market Index Fund Institutional Plus Shares) and BND (Vanguard Total Bond Market ETF) are both Total Bond Market funds from Vanguard. Over the past 10 years, VBMPX returned 1.57%/yr vs 1.55%/yr for BND. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
VBMPX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, VBMPX achieves a 0.43% return, which is significantly higher than BND's 0.38% return. Both investments have delivered pretty close results over the past 10 years, with VBMPX having a 1.57% annualized return and BND not far behind at 1.55%.
VBMPX
- 1D
- 0.31%
- 1M
- 0.97%
- YTD
- 0.43%
- 6M
- 0.77%
- 1Y
- 4.70%
- 3Y*
- 4.10%
- 5Y*
- 0.03%
- 10Y*
- 1.57%
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%
VBMPX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares | 0.43% | 7.18% | 1.27% | 5.75% | -13.14% | -1.95% | 7.75% | 8.74% | -0.24% | 3.58% |
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 VBMPX and BND is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2010 | 0.92 |
The correlation between VBMPX and BND has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
VBMPX vs. BND — Risk / Return Rank
VBMPX
BND
VBMPX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX) 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.
| VBMPX | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 1.64 | 0.00 |
| Martin ratioReturn relative to average drawdown | 4.65 | 4.69 | -0.04 |
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Drawdowns
VBMPX vs. BND - Drawdown Comparison
The maximum VBMPX drawdown since its inception was -18.90%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for VBMPX and BND.
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Drawdown Indicators
| VBMPX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -18.58% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.68% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -5.92% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -18.12% | -17.91% | -0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -18.58% | -0.32% |
Current DrawdownCurrent decline from peak | -2.23% | -2.26% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -3.06% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.93% | +0.08% |
Volatility
VBMPX vs. BND - Volatility Comparison
Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX) has a higher volatility of 1.21% compared to Vanguard Total Bond Market ETF (BND) at 1.08%. This indicates that VBMPX's price experiences larger fluctuations and is considered to be riskier 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
| VBMPX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.08% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 2.77% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 3.74% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 6.03% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 5.54% | -0.55% |
VBMPX vs. BND - Expense Ratio Comparison
Both VBMPX 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
VBMPX vs. BND - Dividend Comparison
VBMPX's dividend yield for the trailing twelve months is around 4.00%, 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% |
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares | 4.00% | 3.88% | 3.69% | 3.11% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.58% | 2.55% | 2.85% |
Frequently Asked Questions
With a correlation of 0.92, VBMPX 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.
VBMPX has higher volatility (1.21%) compared to BND (1.08%). In terms of maximum drawdown, VBMPX dropped -18.90% vs BND's -18.58%.
VBMPX currently has the higher Sharpe Ratio (1.21 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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