VTIFX vs. BNDX
VTIFX (Vanguard Total International Bond Index Fund Institutional Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - VTIFX is a Total Bond Market 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, VTIFX returned 1.80%/yr vs 1.72%/yr for BNDX. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
VTIFX vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, VTIFX achieves a 1.13% return, which is significantly higher than BNDX's 1.04% return. Both investments have delivered pretty close results over the past 10 years, with VTIFX having a 1.80% annualized return and BNDX not far behind at 1.72%.
VTIFX
- 1D
- 0.00%
- 1M
- 1.08%
- YTD
- 1.13%
- 6M
- 1.51%
- 1Y
- 2.42%
- 3Y*
- 4.50%
- 5Y*
- 0.52%
- 10Y*
- 1.80%
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%
VTIFX vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIFX Vanguard Total International Bond Index Fund Institutional Shares | 1.13% | 3.02% | 3.91% | 9.04% | -12.89% | -2.20% | 4.59% | 7.89% | 2.99% | 2.43% |
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 VTIFX and BNDX is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.85 |
The correlation between VTIFX and BNDX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
VTIFX vs. BNDX — Risk / Return Rank
VTIFX
BNDX
VTIFX vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond Index Fund Institutional Shares (VTIFX) 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.
| VTIFX | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.11 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 0.71 | +0.12 |
| Martin ratioReturn relative to average drawdown | 2.27 | 1.97 | +0.30 |
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Drawdowns
VTIFX vs. BNDX - Drawdown Comparison
The maximum VTIFX drawdown since its inception was -16.07%, roughly equal to the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VTIFX and BNDX.
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Drawdown Indicators
| VTIFX | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.07% | -16.23% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.93% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -2.88% | -2.93% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.75% | -15.86% | +0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -16.07% | -16.23% | +0.16% |
Current DrawdownCurrent decline from peak | -0.75% | -1.00% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -3.10% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.06% | -0.01% |
Volatility
VTIFX vs. BNDX - Volatility Comparison
Vanguard Total International Bond Index Fund Institutional Shares (VTIFX) has a higher volatility of 1.02% compared to Vanguard Total International Bond ETF (BNDX) at 0.96%. This indicates that VTIFX'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.
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Volatility by Period
| VTIFX | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.96% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.97% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 3.46% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 4.89% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 4.10% | -0.49% |
VTIFX vs. BNDX - Expense Ratio Comparison
Both VTIFX 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
VTIFX vs. BNDX - Dividend Comparison
VTIFX's dividend yield for the trailing twelve months is around 4.49%, which matches 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% |
VTIFX Vanguard Total International Bond Index Fund Institutional Shares | 4.49% | 4.40% | 4.38% | 4.60% | 1.52% | 3.73% | 1.12% | 3.42% | 3.03% | 2.29% | 1.84% | 1.68% |
Frequently Asked Questions
VTIFX and BNDX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTIFX has higher volatility (1.02%) compared to BNDX (0.96%). In terms of maximum drawdown, VTIFX dropped -16.07% vs BNDX's -16.23%.
VTIFX currently has the higher Sharpe Ratio (0.78 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.
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