VBTLX vs. BND
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and BND (Vanguard Total Bond Market ETF) are both Total Bond Market funds from Vanguard tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, VBTLX returned 1.54%/yr vs 1.58%/yr for BND. Their correlation of 0.89 suggests significant overlap in exposure. VBTLX charges 0.04%/yr vs 0.03%/yr for BND.
Performance
VBTLX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, VBTLX achieves a 0.42% return, which is significantly lower than BND's 0.52% return. Both investments have delivered pretty close results over the past 10 years, with VBTLX having a 1.54% annualized return and BND not far ahead at 1.58%.
VBTLX
- 1D
- 0.52%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.97%
- 1Y
- 4.47%
- 3Y*
- 4.05%
- 5Y*
- 0.05%
- 10Y*
- 1.54%
BND
- 1D
- -0.12%
- 1M
- 0.42%
- YTD
- 0.52%
- 6M
- 0.91%
- 1Y
- 4.40%
- 3Y*
- 4.17%
- 5Y*
- 0.03%
- 10Y*
- 1.58%
VBTLX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.42% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
BND Vanguard Total Bond Market ETF | 0.52% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between VBTLX 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 Apr 10, 2007 | 0.89 |
The correlation between VBTLX and BND has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
VBTLX vs. BND — Risk / Return Rank
VBTLX
BND
VBTLX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) 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.
| VBTLX | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.65 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.93 | 4.81 | +0.12 |
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Drawdowns
VBTLX vs. BND - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for VBTLX and BND.
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Drawdown Indicators
| VBTLX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -18.58% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.68% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -5.92% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -17.91% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -18.58% | -0.23% |
Current DrawdownCurrent decline from peak | -2.18% | -2.12% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -3.06% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.92% | +0.08% |
Volatility
VBTLX vs. BND - Volatility Comparison
Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) and Vanguard Total Bond Market ETF (BND) have volatilities of 1.33% and 1.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.28% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 2.74% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 3.75% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 6.03% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 5.53% | -0.55% |
VBTLX vs. BND - Expense Ratio Comparison
VBTLX has a 0.04% 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%.
Dividends
VBTLX vs. BND - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.98%, which matches 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% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
Frequently Asked Questions
With a correlation of 0.92, VBTLX 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.
VBTLX has higher volatility (1.33%) compared to BND (1.28%). In terms of maximum drawdown, VBTLX dropped -18.81% vs BND's -18.58%.
VBTLX currently has the higher Sharpe Ratio (1.25 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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