WABF vs. NCPB

Last updated Jun 3, 2026

WABF (Western Asset Bond ETF) and NCPB (Nuveen Core Plus Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, WABF returned 6.00% vs 6.33% for NCPB. Their correlation of 0.92 suggests significant overlap in exposure. WABF charges 0.35%/yr vs 0.30%/yr for NCPB.

Performance

WABF vs. NCPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Bond ETF (WABF) and Nuveen Core Plus Bond ETF (NCPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WABF achieves a 0.32% return, which is significantly lower than NCPB's 0.67% return.

WABF

• 1D: 0.03%
• 1M: 0.08%
• YTD: 0.32%
• 6M: 0.47%
• 1Y: 6.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCPB

• 1D: 0.10%
• 1M: 0.29%
• YTD: 0.67%
• 6M: 0.83%
• 1Y: 6.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WABF vs. NCPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WABF Western Asset Bond ETF	0.32%	7.92%	2.01%
NCPB Nuveen Core Plus Bond ETF	0.67%	7.69%	3.55%

Correlation

The correlation between WABF and NCPB is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.92

The correlation between WABF and NCPB has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

WABF vs. NCPB — Risk / Return Rank

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

WABF

WABF Risk / Return Rank: 42
WABF Sharpe Ratio Rank: 45
WABF Sortino Ratio Rank: 47
WABF Omega Ratio Rank: 45
WABF Calmar Ratio Rank: 38
WABF Martin Ratio Rank: 37

NCPB

NCPB Risk / Return Rank: 49
NCPB Sharpe Ratio Rank: 51
NCPB Sortino Ratio Rank: 55
NCPB Omega Ratio Rank: 52
NCPB Calmar Ratio Rank: 43
NCPB Martin Ratio Rank: 42

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.

WABF vs. NCPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Bond ETF (WABF) and Nuveen Core Plus Bond ETF (NCPB). 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.

	WABF	NCPB	Difference
Sharpe ratio Return per unit of total volatility	1.57	1.80	-0.23
Sortino ratio Return per unit of downside risk	2.36	2.67	-0.31
Omega ratio Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio Return relative to maximum drawdown	1.90	2.14	-0.24
Martin ratio Return relative to average drawdown	5.88	6.85	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WABF vs. NCPB - Sharpe Ratio Comparison

The current WABF Sharpe Ratio is 1.57, which is comparable to the NCPB Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of WABF and NCPB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WABF	NCPB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.80	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.23	-0.22

Drawdowns

WABF vs. NCPB - Drawdown Comparison

The maximum WABF drawdown since its inception was -5.36%, which is greater than NCPB's maximum drawdown of -3.59%. Use the drawdown chart below to compare losses from any high point for WABF and NCPB.

Drawdown Indicators

	WABF	NCPB	Difference
Max Drawdown Largest peak-to-trough decline	-5.36%	-3.59%	-1.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.88%	-0.15%
Current Drawdown Current decline from peak	-1.50%	-1.17%	-0.33%
Average Drawdown Average peak-to-trough decline	-1.51%	-0.92%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.90%	+0.08%

Volatility

WABF vs. NCPB - Volatility Comparison

The current volatility for Western Asset Bond ETF (WABF) is 1.12%, while Nuveen Core Plus Bond ETF (NCPB) has a volatility of 1.28%. This indicates that WABF experiences smaller price fluctuations and is considered to be less risky than NCPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WABF	NCPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.28%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	2.65%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	3.54%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	4.34%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.02%	4.34%	+1.68%

WABF vs. NCPB - Expense Ratio Comparison

WABF has a 0.35% expense ratio, which is higher than NCPB's 0.30% expense ratio.

Dividends

WABF vs. NCPB - Dividend Comparison

WABF's dividend yield for the trailing twelve months is around 5.13%, less than NCPB's 5.20% yield.

Position	TTM	2025	2024	2023
NCPB Nuveen Core Plus Bond ETF	5.20%	5.21%	5.14%	0.00%
WABF Western Asset Bond ETF	5.13%	5.67%	6.25%	1.46%

Frequently Asked Questions

Can I hold both WABF and NCPB in my portfolio?

With a correlation of 0.94, WABF and NCPB 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.

Which is riskier, WABF or NCPB?

NCPB has higher volatility (1.28%) compared to WABF (1.12%). In terms of maximum drawdown, WABF dropped -5.36% vs NCPB's -3.59%.

Which ETF is better, WABF or NCPB?

On 1-year performance, NCPB leads with 6.33% vs 6.00% for WABF. On fees, NCPB is cheaper at 0.30% per year. On volatility, WABF has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WABF or NCPB?

Over the 1-year period, NCPB has performed better with a 6.33% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WABF or NCPB?

NCPB is cheaper with a 0.30% expense ratio, compared with 0.35% for WABF.

Which ETF pays a higher dividend yield, WABF or NCPB?

NCPB has the higher dividend yield at 5.20%, compared with 5.13% for WABF.

What is the main difference between WABF and NCPB?

They also come from different issuers: Franklin Templeton and Nuveen. Their fees differ too: 0.35% for WABF and 0.30% for NCPB.

Which has better risk-adjusted returns?

NCPB currently has the higher Sharpe Ratio (1.80 vs 1.57), 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.