VSIGX vs. BNDX

Last updated Jun 23, 2026

VSIGX (Vanguard Intermediate-Term Treasury Index Fund Admiral Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - VSIGX is a Government Bonds fund managed by Vanguard, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Over the past 10 years, VSIGX returned 1.21%/yr vs 1.72%/yr for BNDX. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

VSIGX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Treasury Index Fund Admiral Shares (VSIGX) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIGX achieves a -0.33% return, which is significantly lower than BNDX's 1.04% return. Over the past 10 years, VSIGX has underperformed BNDX with an annualized return of 1.21%, while BNDX has yielded a comparatively higher 1.72% annualized return.

VSIGX

• 1D: 0.30%
• 1M: 0.58%
• YTD: -0.33%
• 6M: -0.18%
• 1Y: 3.12%
• 3Y*: 3.71%
• 5Y*: 0.14%
• 10Y*: 1.21%

BNDX

• 1D: -0.17%
• 1M: 0.67%
• YTD: 1.04%
• 6M: 1.23%
• 1Y: 2.08%
• 3Y*: 4.14%
• 5Y*: 0.42%
• 10Y*: 1.72%

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

VSIGX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIGX Vanguard Intermediate-Term Treasury Index Fund Admiral Shares	-0.33%	7.36%	1.65%	4.39%	-10.69%	-2.60%	7.65%	6.26%	1.35%	1.58%
BNDX Vanguard Total International Bond ETF	1.04%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%

Correlation

The correlation between VSIGX and BNDX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013	0.70

The correlation between VSIGX and BNDX shifts across timeframes, from 0.70 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VSIGX vs. BNDX — Risk / Return Rank

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

VSIGX

VSIGX Risk / Return Rank: 13
VSIGX Sharpe Ratio Rank: 14
VSIGX Sortino Ratio Rank: 14
VSIGX Omega Ratio Rank: 12
VSIGX Calmar Ratio Rank: 13
VSIGX Martin Ratio Rank: 11

BNDX

BNDX Risk / Return Rank: 17
BNDX Sharpe Ratio Rank: 18
BNDX Sortino Ratio Rank: 16
BNDX Omega Ratio Rank: 16
BNDX Calmar Ratio Rank: 17
BNDX Martin Ratio Rank: 18

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.

VSIGX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Treasury Index Fund Admiral Shares (VSIGX) and Vanguard Total International Bond ETF (BNDX). 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.

	VSIGX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.61	+0.36
Sortino ratio: Return per unit of downside risk	1.44	0.88	+0.56
Omega ratio: Gain probability vs. loss probability	1.17	1.11	+0.06
Calmar ratio: Return relative to maximum drawdown	1.13	0.71	+0.42
Martin ratio: Return relative to average drawdown	3.11	1.97	+1.14

VSIGX vs. BNDX - Sharpe Ratio Comparison

The current VSIGX Sharpe Ratio is 0.96, which is higher than the BNDX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of VSIGX and BNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSIGX vs. BNDX - Drawdown Comparison

The maximum VSIGX drawdown since its inception was -16.15%, roughly equal to the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VSIGX and BNDX.

Drawdown Indicators

	VSIGX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-16.15%	-16.23%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-2.93%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.21%	-2.93%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-15.07%	-15.86%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-16.15%	-16.23%	+0.08%
Current Drawdown Current decline from peak	-2.06%	-1.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-3.50%	-3.10%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.06%	-0.02%

Volatility

VSIGX vs. BNDX - Volatility Comparison

Vanguard Intermediate-Term Treasury Index Fund Admiral Shares (VSIGX) has a higher volatility of 1.17% compared to Vanguard Total International Bond ETF (BNDX) at 0.96%. This indicates that VSIGX's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIGX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.96%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	2.97%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.46%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	4.89%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	4.10%	+0.35%

VSIGX vs. BNDX - Expense Ratio Comparison

Both VSIGX and BNDX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VSIGX vs. BNDX - Dividend Comparison

VSIGX's dividend yield for the trailing twelve months is around 3.83%, less than BNDX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.47%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
VSIGX Vanguard Intermediate-Term Treasury Index Fund Admiral Shares	3.83%	3.76%	3.95%	2.70%	1.71%	1.66%	2.21%	2.21%	2.05%	1.67%	1.56%	1.70%

Frequently Asked Questions

Can I hold both VSIGX and BNDX in my portfolio?

VSIGX and BNDX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSIGX or BNDX?

VSIGX has higher volatility (1.17%) compared to BNDX (0.96%). In terms of maximum drawdown, VSIGX dropped -16.15% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

VSIGX currently has the higher Sharpe Ratio (0.96 vs 0.61), 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.