VTILX vs. BNDX

Last updated Jun 23, 2026

VTILX (Vanguard Total International Bond II Index Fund) and BNDX (Vanguard Total International Bond ETF) are both Global Bonds funds from Vanguard tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 5 years, VTILX returned 0.45%/yr vs 0.42%/yr for BNDX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.

Performance

VTILX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond II Index Fund (VTILX) 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, VTILX achieves a 1.11% return, which is significantly higher than BNDX's 1.04% return.

VTILX

• 1D: 0.04%
• 1M: 1.05%
• YTD: 1.11%
• 6M: 1.50%
• 1Y: 2.39%
• 3Y*: 4.41%
• 5Y*: 0.45%
• 10Y*: —

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)

VTILX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VTILX Vanguard Total International Bond II Index Fund	1.11%	2.96%	3.91%	8.85%	-13.01%	0.38%
BNDX Vanguard Total International Bond ETF	1.04%	2.86%	3.57%	8.77%	-12.76%	-0.13%

Correlation

The correlation between VTILX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021	0.92

The correlation between VTILX and BNDX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

VTILX vs. BNDX — Risk / Return Rank

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

VTILX

VTILX Risk / Return Rank: 9
VTILX Sharpe Ratio Rank: 10
VTILX Sortino Ratio Rank: 10
VTILX Omega Ratio Rank: 10
VTILX Calmar Ratio Rank: 9
VTILX Martin Ratio Rank: 8

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.

VTILX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond II Index Fund (VTILX) 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.

	VTILX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.61	+0.16
Sortino ratio: Return per unit of downside risk	1.12	0.88	+0.24
Omega ratio: Gain probability vs. loss probability	1.14	1.11	+0.03
Calmar ratio: Return relative to maximum drawdown	0.81	0.71	+0.10
Martin ratio: Return relative to average drawdown	2.23	1.97	+0.26

VTILX vs. BNDX - Sharpe Ratio Comparison

The current VTILX Sharpe Ratio is 0.77, which is comparable to the BNDX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of VTILX 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

VTILX vs. BNDX - Drawdown Comparison

The maximum VTILX drawdown since its inception was -15.85%, roughly equal to the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VTILX and BNDX.

Drawdown Indicators

	VTILX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-16.23%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.93%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-2.90%	-2.93%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.85%	-15.86%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.23%	—
Current Drawdown Current decline from peak	-0.76%	-1.00%	+0.24%
Average Drawdown Average peak-to-trough decline	-5.86%	-3.10%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.06%	0.00%

Volatility

VTILX vs. BNDX - Volatility Comparison

Vanguard Total International Bond II Index Fund (VTILX) has a higher volatility of 1.03% compared to Vanguard Total International Bond ETF (BNDX) at 0.96%. This indicates that VTILX'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

	VTILX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.96%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	2.97%	-0.33%
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	4.46%	4.89%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.36%	4.10%	+0.26%

VTILX vs. BNDX - Expense Ratio Comparison

Both VTILX 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

VTILX vs. BNDX - Dividend Comparison

VTILX's dividend yield for the trailing twelve months is around 4.34%, 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%
VTILX Vanguard Total International Bond II Index Fund	4.34%	4.27%	4.52%	4.22%	0.94%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTILX and BNDX in my portfolio?

VTILX 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.

Which is riskier, VTILX or BNDX?

VTILX has higher volatility (1.03%) compared to BNDX (0.96%). In terms of maximum drawdown, VTILX dropped -15.85% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

VTILX currently has the higher Sharpe Ratio (0.77 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.