EasyCompare

Relative Intelligence · International Bonds

How Vanguard Total International Bond ETF (BNDX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BNDX alone. It places BNDX (Vanguard Total International Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BNDX stands in the market, and of the alternatives worth a closer look.

Period covered: BNDX's full trading record, from June 2013 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against BNDX →Chart BNDX vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BNDX have grown?

This chart tracks a hypothetical $10,000 investment in BNDX over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BNDX over the same span and BNDX's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: BNDX began trading on June 4, 2013, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 13 years of BNDX's record, starting at the end of September 2013.

Choose a period

From the end of September 2013 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,875 of the 2,311 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNDX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,0002013201520172019202120232025$0$20,000$40,000$60,00020132016201920222025
  • SPY (S&P 500)$56,474+465% total · +14.2% a year
  • VWOB$15,587+55.9% total · +3.5% a year
  • EMB$15,390+53.9% total · +3.4% a year
  • FLTR$14,448+44.5% total · +2.9% a year
  • LQD$14,229+42.3% total · +2.8% a year
  • FLOT$13,804+38.0% total · +2.5% a year
  • BNDX$13,383+33.8% total · +2.3% a year
  • BOND$13,245+32.5% total · +2.2% a year
  • TIP$12,989+29.9% total · +2.0% a year
  • ISHG$8,444−15.6% total · −1.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,537 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNDX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IGRO$15,517+55.2% total · +9.2% a year
  • BIL$11,965+19.6% total · +3.7% a year
  • VTIP$11,376+13.8% total · +2.6% a year
  • SHY$10,863+8.6% total · +1.7% a year
  • VWOB$10,677+6.8% total · +1.3% a year
  • EMB$10,558+5.6% total · +1.1% a year
  • IAGG$10,440+4.4% total · +0.9% a year
  • BNDX$9,953−0.5% total · −0.1% a year
  • LQD$9,381−6.2% total · −1.3% a year
Change the dates or add tickers to this chart in EasyCompare

BNDX at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: BNDX began trading on June 4, 2013, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The fund

Issuer
Vanguard
Began trading
June 2013
Expense ratio
0.07%per year
Assets
$122B
Category
Bonds

Returns

Past 1 year
−1.4%total return
Past 3 years
+13.4%+4.3% a year
Past 5 years
+0.8%+0.2% a year
Past 10 years
+15.0%+1.4% a year
Best calendar year
+8.8%2023
Worst calendar year
−12.8%2022
Losing years
2 of 12full calendar years

Risk

Volatility
4.9%typical yearly swing, 5 years
Sharpe ratio
0.06return per unit of risk, 5 years
Worst decline ever
−16.2%Dec 2020 to Oct 2022
From its all-time high
−2.7%below the peak

BNDX against the whole market

Where BNDX ranks among every stock and fund, and what across the market has done better.

How does BNDX rank among all ETFs?

This section ranks BNDX on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how BNDX stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureBNDXRankStanding
1-year return−1.4%2,083 of 2,485bottom 17%
3-year return+13.4%1,821 of 1,949bottom 8%
5-year return+0.8%1,355 of 1,560bottom 14%
10-year return+15.0%885 of 958bottom 9%
Volatility, 5 years4.9%128 of 1,560top 8%
Sharpe ratio, 5 years0.061,378 of 1,560bottom 13%
Worst decline, past 10 years−16.2%72 of 951top 8%

What has beaten BNDX on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). BNDX sits where the dashed lines cross. Anything in the green box above and to the left earned more than BNDX with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BNDX; faint dots are 19 more of the 76 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%1.0%2.0%3.0%4.0%5.0%6.0%−1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNDXPULS: +4.4% a year, volatility 0.7%SUB: +1.4% a year, volatility 1.7%RAVI: +3.8% a year, volatility 1.4%USTB: +3.6% a year, volatility 2.0%MEAR: +2.4% a year, volatility 1.0%FLUD: +3.9% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%VRIG: +4.7% a year, volatility 1.3%FLRT: +6.0% a year, volatility 2.3%FLOT: +4.5% a year, volatility 1.8%FLTR: +4.8% a year, volatility 2.1%FLDR: +3.9% a year, volatility 1.2%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%LMBS: +3.0% a year, volatility 2.6%JPIB: +2.5% a year, volatility 4.2%NFLT: +2.7% a year, volatility 4.6%BNDX: +0.2% a year, volatility 4.9%IAGG: +1.1% a year, volatility 4.5%BIL: +3.7% a year, volatility 0.3%VTIP: +2.7% a year, volatility 2.9%SHY: +1.8% a year, volatility 2.0%SPSB: +2.8% a year, volatility 2.0%BSCR: +1.7% a year, volatility 4.1%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%BSV: +1.7% a year, volatility 2.8%VNLA: +4.0% a year, volatility 1.1%TBUX: +4.1% a year, volatility 1.1%MUNI: +0.8% a year, volatility 3.5%BNDXIAGGBILVTIPSHYSPSBBSCRJAAABALTBSVVNLATBUXMUNI0.0%2.0%4.0%6.0%−2.0%0.0%2.0%4.0%6.0%8.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNDXPULS: +4.4% a year, volatility 0.7%SUB: +1.4% a year, volatility 1.7%RAVI: +3.8% a year, volatility 1.4%USTB: +3.6% a year, volatility 2.0%MEAR: +2.4% a year, volatility 1.0%FLUD: +3.9% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%VRIG: +4.7% a year, volatility 1.3%FLRT: +6.0% a year, volatility 2.3%FLOT: +4.5% a year, volatility 1.8%FLTR: +4.8% a year, volatility 2.1%FLDR: +3.9% a year, volatility 1.2%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%LMBS: +3.0% a year, volatility 2.6%JPIB: +2.5% a year, volatility 4.2%NFLT: +2.7% a year, volatility 4.6%BNDX: +0.2% a year, volatility 4.9%IAGG: +1.1% a year, volatility 4.5%BIL: +3.7% a year, volatility 0.3%VTIP: +2.7% a year, volatility 2.9%SHY: +1.8% a year, volatility 2.0%SPSB: +2.8% a year, volatility 2.0%BSCR: +1.7% a year, volatility 4.1%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%BSV: +1.7% a year, volatility 2.8%VNLA: +4.0% a year, volatility 1.1%TBUX: +4.1% a year, volatility 1.1%MUNI: +0.8% a year, volatility 3.5%BNDXIAGGBILVTIPSHYSPSBBSCRJAAABALTBSVVNLAMUNI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 2 with more than 1.6× BNDX's volatility are in the table only

Is there a better investment than BNDX?

Investments that beat BNDX over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BNDX over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks BNDX's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than BNDX follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than BNDX's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× BNDX's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BNDX's.

Screen the whole market against BNDX for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BNDX?lower diversifies moreExpenseper year
BNDXVanguard Total International Bond ETF · this page
+0.2%4.9%0.06−16.2%+15.0%1.000.07%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.670.09%
Popular alternativesbest 2 shownThe investments people most often weigh against BNDX. 2 of 20 passed at least one test.
IGROiShares International Dividend Growth ETF · International
On the frontierHigher return in most periods+9.0%14.0%0.69−36.3%+141%0.660.15%
IAGGiShares Core International Aggregate Bond ETF · International Bonds
Higher return in most periods+1.1%4.5%0.27−13.9%+20.8%0.990.07%
Same and neighboring categories, and shared themesbest 5 shownEverything else in International Bonds and the categories next to it (Investment Grade Bonds, Treasury Bonds, Emerging Markets Equity, Core Plus Bonds), plus BNDX's specific themes. 18 of 50 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.7%0.3%14.05−0.2%+25.8%0.300.14%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.94−6.3%+32.7%0.680.03%
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.8%2.0%0.89−5.7%+17.7%0.760.15%
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods+2.8%2.0%1.38−11.8%+29.2%0.820.04%
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods+1.7%4.1%0.44−17.3%—0.840.10%
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 83 of 3,566 passed at least one test.
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.290.20%
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.3%3.3%1.85−4.9%—0.600.69%
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.7%2.8%0.63−8.5%+20.5%0.830.03%
VNLAJanus Henderson Short Duration Income ETF · Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.0%1.1%3.77−4.5%—0.600.25%
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.1%1.1%3.85−1.8%—0.570.17%
MUNIPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund · Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+0.8%3.5%0.25−11.2%+20.4%0.830.35%
What these numbers mean for BNDX
Annual return
BNDX returned 0.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
BNDX's volatility over the past 5 years was 4.9%, 29% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNDX's return lands within 4.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BNDX's Sharpe ratio over the past 5 years was 0.06, against 0.79 for the S&P 500, so BNDX earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BNDX's worst fall from a peak to a low over the past 10 years was 16.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 16.2% fall takes a 19.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BNDX's monthly returns had a correlation of 0.67 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BNDX instead: the lower it is, the more that option would diversify a BNDX holding. Guide: Correlation and diversification →
Show all 76 stocks and funds worth at least $500 million that earned more than BNDX with less volatility

Out of 3,633 tested over 5 years. The strongest 28 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BNDXExpense
1
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.290.20%
2
PULSPGIM Ultra Short Bond ETF · Short-Term Bonds
Whole market+4.4%0.7%6.07−5.8%—0.380.15%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.600.69%
4
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+20.5%0.830.03%
5
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%—0.600.25%
6
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%—0.570.17%
7
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Whole market+1.4%1.7%0.85−9.4%+15.6%0.760.07%
8
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+30.8%0.480.26%
9
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%—0.790.34%
10
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds
Whole market+2.4%1.0%2.37−2.7%+19.3%0.680.26%
11
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Same or nearby category+2.7%2.9%0.94−6.3%+32.7%0.680.03%
12
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Same or nearby category+1.8%2.0%0.89−5.7%+17.7%0.760.15%
13
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%—0.450.15%
14
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+26.7%0.680.54%
15
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Bonds
Whole market+2.9%1.7%1.65−6.1%+26.0%0.700.45%
16
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.230.30%
17
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.400.60%
18
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.230.15%
19
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+41.8%0.160.14%
20
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%—0.720.15%
21
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%0.430.67%
22
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%0.380.70%
23
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+2.8%2.0%1.38−11.8%+29.2%0.820.04%
24
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%0.440.70%
25
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+25.6%0.740.66%
26
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.1%0.44−17.3%—0.840.10%
27
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%—0.830.50%
28
NFLTVirtus Newfleet Multi-Sector Bond ETF · Bonds
Whole market+2.7%4.6%0.61−15.1%+41.0%0.810.50%

BNDX against its popular alternatives

The investments people most often weigh against BNDX, compared period by period and year by year.

How do BNDX's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BNDX, which divides the map into what did better or worse on each measure.

Green points earned more than BNDX with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNDX: 0.2% a year, volatility 4.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IAGG: 1.1% a year, volatility 4.5%LQD: −0.9% a year, volatility 8.7%BOND: −0.1% a year, volatility 5.9%IUSB: 0.1% a year, volatility 5.9%ISHG: −0.7% a year, volatility 7.6%TIP: −0.1% a year, volatility 6.2%AGG: −0.3% a year, volatility 6.1%TOTL: 0.1% a year, volatility 5.7%PICB: −2.1% a year, volatility 10.2%IBND: −1.5% a year, volatility 9.8%BNDW: −0.1% a year, volatility 5.3%BWZ: −1.3% a year, volatility 7.7%BWX: −4.0% a year, volatility 9.8%GOVT: −0.7% a year, volatility 6.0%IGOV: −4.3% a year, volatility 10.0%IGRO: 9.0% a year, volatility 14.0%VWOB: 1.6% a year, volatility 9.2%EMB: 1.3% a year, volatility 9.8%BNDXSPY (S&P 500)IAGGLQDBONDISHGPICBBWZBWXGOVTIGOVIGROVWOB0.0%5.0%10.0%15.0%20.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNDX: 0.2% a year, volatility 4.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IAGG: 1.1% a year, volatility 4.5%LQD: −0.9% a year, volatility 8.7%BOND: −0.1% a year, volatility 5.9%IUSB: 0.1% a year, volatility 5.9%ISHG: −0.7% a year, volatility 7.6%TIP: −0.1% a year, volatility 6.2%AGG: −0.3% a year, volatility 6.1%TOTL: 0.1% a year, volatility 5.7%PICB: −2.1% a year, volatility 10.2%IBND: −1.5% a year, volatility 9.8%BNDW: −0.1% a year, volatility 5.3%BWZ: −1.3% a year, volatility 7.7%BWX: −4.0% a year, volatility 9.8%GOVT: −0.7% a year, volatility 6.0%IGOV: −4.3% a year, volatility 10.0%IGRO: 9.0% a year, volatility 14.0%VWOB: 1.6% a year, volatility 9.2%EMB: 1.3% a year, volatility 9.8%BNDXSPY (S&P 500)IAGGLQDBONDPICBBWZBWXIGOVIGROVWOBEMB
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
IGRO iShares International Dividend Growth ETF+9.0%14.0%
VWOB Vanguard Emerging Markets Government Bond ETF+1.6%9.2%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF+1.3%9.8%
IAGG iShares Core International Aggregate Bond ETF+1.1%4.5%
BNDX This pageVanguard Total International Bond ETF+0.2%4.9%
TOTL State Street DoubleLine Total Return Tactical ETF+0.1%5.7%
IUSB iShares Core Universal USD Bond ETF+0.1%5.9%
BOND PIMCO Active Bond Exchange-Traded Fund−0.1%5.9%
TIP iShares TIPS Bond ETF−0.1%6.2%
BNDW Vanguard Total World Bond ETF−0.1%5.3%
AGG iShares Core U.S. Aggregate Bond ETF−0.3%6.1%
ISHG iShares 1-3 Year International Treasury Bond ETF−0.7%7.6%
GOVT iShares U.S. Treasury Bond ETF−0.7%6.0%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.9%8.7%
BWZ SPDR Bloomberg Short Term International Treasury Bond ETF−1.3%7.7%
IBND SPDR Bloomberg International Corporate Bond ETF−1.5%9.8%
PICB Invesco International Corporate Bond ETF−2.1%10.2%
BWX SPDR Bloomberg International Treasury Bond ETF−4.0%9.8%
IGOV iShares International Treasury Bond ETF−4.3%10.0%
Open these 20 in EasyCompare

Has BNDX consistently beaten its popular alternatives?

This section compares BNDX with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BNDX helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BNDX over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BNDX Vanguard Total International Bond ETF (this page)—0.0%−1.0%−1.2%−0.7%−1.4%+13.4%+0.8%+15.0%4.9%0.06−16.2%0.07%$122B—
IGRO QualifiediShares International Dividend Growth ETF4/5 short3/3 longAll-weather+0.5%+2.7%+5.3%+11.8%+16.0%+71.8%+53.8%+141%14.0%0.69−36.3%0.15%$1.3B—
IAGG QualifiediShares Core International Aggregate Bond ETF4/5 short3/3 longAll-weather+0.1%−0.4%−0.3%+0.5%+0.3%+15.4%+5.8%+20.8%4.5%0.27−13.9%0.07%$13B—
VWOB BondsVanguard Emerging Markets Government Bond ETF1/5 short3/3 long−2.0%−3.4%−3.7%−2.2%−0.8%+31.6%+8.1%+29.9%9.2%0.22−26.7%0.15%$6.6B—
EMB BondsiShares J.P. Morgan USD Emerging Markets Bond ETF1/5 short3/3 long−2.3%−3.5%−3.5%−1.9%−0.6%+32.6%+6.7%+26.4%9.8%0.18−28.7%0.39%$13B—
LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF0/5 short2/3 long−1.4%−2.4%−3.9%−2.9%−3.9%+19.7%−4.3%+20.5%8.7%-0.06−25.0%0.14%$29B—
BOND BondsPIMCO Active Bond Exchange-Traded Fund0/5 short2/3 long−0.9%−2.4%−3.1%−1.9%−1.9%+19.5%−0.3%+19.3%5.9%0.02−19.7%0.56%$8.5B—
IUSB BondsiShares Core Universal USD Bond ETF0/5 short2/3 long−0.7%−1.7%−2.4%−1.5%−1.6%+17.5%+0.2%+16.9%5.9%0.04−17.9%0.06%$49B—
ISHG BondsiShares 1-3 Year International Treasury Bond ETF2/5 short1/3 long−1.2%−0.4%−2.8%−1.4%−0.9%+14.3%−3.4%−1.3%7.6%-0.05−25.6%0.35%$840M—
TIP BondsiShares TIPS Bond ETF0/5 short1/3 long−0.2%−1.7%−2.1%−0.7%−1.5%+13.3%−0.3%+23.5%6.2%0.02−14.5%0.18%$14B—
AGG BondsiShares Core U.S. Aggregate Bond ETF0/5 short1/3 long−0.6%−1.7%−2.6%−1.7%−1.9%+16.2%−1.5%+13.3%6.1%-0.02−18.4%0.03%$139B—
BND BondsVanguard Total Bond Market ETF0/5 short1/3 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%−1.8%+13.2%6.1%-0.03−18.6%0.03%$389B—
SPAB BondsState Street SPDR Portfolio Aggregate Bond ETF0/5 short1/3 long−0.7%−1.8%−2.6%−1.6%−1.9%+16.1%−1.6%+13.1%6.0%-0.02−18.5%0.03%$10B—
TOTL BondsState Street DoubleLine Total Return Tactical ETF0/5 short1/3 long−0.4%−2.2%−3.3%−2.7%−2.6%+17.4%+0.7%+12.7%5.7%0.05−16.5%0.55%$3.7B—
PICB BondsInvesco International Corporate Bond ETF0/5 short1/3 long−1.4%−2.1%−4.5%−3.5%−3.1%+19.3%−10.0%+8.5%10.2%-0.16−37.1%0.50%$339M—
IBND BondsSPDR Bloomberg International Corporate Bond ETF0/5 short1/3 long−1.8%−2.7%−5.9%−5.1%−4.9%+18.8%−7.1%+4.8%9.8%-0.10−35.6%0.50%$440M—
BNDW BondsVanguard Total World Bond ETF0/5 short1/3 long−0.3%−1.6%−2.1%−1.3%−1.8%+14.6%−0.5%—5.3%0.01−17.2%0.05%$1.9B—
BWZ BondsSPDR Bloomberg Short Term International Treasury Bond ETF2/5 short0/3 long−0.7%+0.4%−1.6%−0.4%−0.5%+10.9%−6.2%−3.9%7.7%-0.13−24.9%0.35%$319M—
BWX BondsSPDR Bloomberg International Treasury Bond ETF1/5 short0/3 long−0.8%−0.3%−3.9%−3.5%−5.1%+8.4%−18.6%−12.7%9.8%-0.37−34.1%0.35%$1.3B—
GOVT BondsiShares U.S. Treasury Bond ETF0/5 short0/3 long−0.2%−1.3%−2.2%−1.5%−1.8%+12.7%−3.5%+7.1%6.0%-0.09−19.1%0.05%$42B—
IGOV BondsiShares International Treasury Bond ETF0/5 short0/3 long−1.3%−1.5%−4.8%−3.7%−4.6%+10.9%−20.0%−14.4%10.0%-0.40−35.9%0.35%$1.3B—
Open these 21 in EasyCompare

How did BNDX do year by year?

This table shows each investment's total return in every full calendar year since 2014, along with where BNDX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BNDX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BNDX began trading on June 4, 2013, so the table starts with 2014, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of BNDX; gray means the two finished within a fraction of a point. The rank row places BNDX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BNDX202520242023202220212020201920182017201620152014
BNDX This pageVanguard Total International Bond ETF—+2.9%+3.6%+8.8%−12.8%−2.3%+4.6%+7.8%+2.8%+2.4%+4.6%+1.2%+8.8%
Rank among alternativesTop quarter in 4 of 1219 of 195 of 197 of 197 of 1913 of 1917 of 1911 of 192 of 1816 of 186 of 173 of 151 of 14
SPY S&P 500State Street SPDR S&P 500 ETF9 of 12+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%
IGRO iShares International Dividend Growth ETF7 of 9+25.0%+7.8%+15.4%−12.7%+9.9%+7.7%+26.1%−14.9%+24.6%———
IAGG iShares Core International Aggregate Bond ETF3 of 10+3.3%+4.5%+8.5%−10.9%−1.9%+4.6%+7.8%+3.4%+2.1%+5.1%——
VWOB Vanguard Emerging Markets Government Bond ETF7 of 12+13.5%+5.2%+10.7%−17.1%−1.8%+5.7%+14.5%−2.9%+8.4%+9.9%+1.6%+4.2%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF7 of 12+13.9%+5.5%+10.6%−18.6%−2.2%+5.4%+15.5%−5.5%+10.3%+9.3%+1.0%+6.0%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF6 of 12+7.9%+0.9%+9.4%−17.9%−1.8%+11.0%+17.4%−3.8%+7.0%+6.2%−1.3%+8.2%
BOND PIMCO Active Bond Exchange-Traded Fund5 of 12+8.4%+2.8%+6.5%−14.6%−0.8%+7.8%+8.5%+0.4%+4.8%+2.8%+1.2%+6.6%
IUSB iShares Core Universal USD Bond ETF5 of 11+7.4%+2.1%+6.2%−13.0%−1.3%+7.6%+9.1%−0.3%+3.8%+4.0%+0.4%—
ISHG iShares 1-3 Year International Treasury Bond ETF4 of 12+13.3%−4.2%+3.8%−11.0%−7.0%+7.5%−0.6%−3.5%+10.9%−2.1%−7.7%−10.1%
TIP iShares TIPS Bond ETF6 of 12+6.8%+1.7%+3.8%−12.3%+5.7%+10.8%+8.4%−1.4%+2.9%+4.7%−1.8%+3.6%
AGG iShares Core U.S. Aggregate Bond ETF5 of 12+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%+0.5%+6.0%
TOTL State Street DoubleLine Total Return Tactical ETF4 of 10+7.7%+3.1%+5.6%−11.6%−1.0%+3.6%+6.9%+0.8%+3.5%+2.8%——
PICB Invesco International Corporate Bond ETF5 of 12+14.3%−3.5%+11.6%−22.6%−6.9%+12.8%+9.3%−7.3%+14.4%−0.8%−9.3%−1.2%
IBND SPDR Bloomberg International Corporate Bond ETF4 of 12+16.2%−2.8%+10.4%−19.4%−8.4%+11.5%+4.4%−6.2%+14.8%+0.3%−10.4%−4.7%
BNDW Vanguard Total World Bond ETF3 of 7+5.0%+2.4%+7.2%−12.9%−2.1%+6.2%+8.4%—————
BWZ SPDR Bloomberg Short Term International Treasury Bond ETF4 of 12+10.4%−5.3%+2.9%−10.6%−6.8%+6.5%+1.0%−3.4%+10.2%−1.5%−7.7%−9.8%
BWX SPDR Bloomberg International Treasury Bond ETF3 of 12+7.6%−5.9%+5.1%−19.7%−8.7%+9.5%+5.6%−1.8%+9.9%+0.6%−6.7%−2.5%
GOVT iShares U.S. Treasury Bond ETF3 of 12+3.8%+3.0%+4.2%−13.4%−1.1%+7.3%+7.3%+0.3%+2.2%+0.8%+0.9%+4.7%
IGOV iShares International Treasury Bond ETF3 of 12+10.0%−6.5%+5.5%−22.1%−9.3%+10.9%+3.8%−2.6%+11.3%+0.9%−7.2%−2.3%
Open these 20 in EasyCompare

Risk and diversification

How BNDX has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were BNDX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BNDX's two deepest drawdowns since it began trading in 2013, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: BNDX began trading on June 4, 2013, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means BNDX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBNDX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−16.2%+2.7%Dec 2020Oct 202222 monthsFeb 20263.3 years
Covid crash−5.9%−19.3%Mar 2020Mar 2020Under a monthJul 20204 months

How did BNDX do in stock market crashes?

This section measures how far BNDX, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: BNDX began trading on June 4, 2013, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BNDX.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BNDX This pageVanguard Total International Bond ETF—0.0%−13.7%−5.9%−0.8%−0.2%−1.1%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IGRO iShares International Dividend Growth ETF0 of 5−2.1%−26.0%−35.5%−15.6%−5.2%—————
IAGG iShares Core International Aggregate Bond ETF1 of 50.0%−11.7%−5.9%−0.9%−0.3%—————
VWOB Vanguard Emerging Markets Government Bond ETF0 of 6−0.3%−23.4%−25.3%−2.6%−1.5%−4.2%————
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF0 of 6−0.2%−24.8%−26.6%−4.5%−2.0%−4.6%−7.1%0.0%——
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF0 of 6−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
BOND PIMCO Active Bond Exchange-Traded Fund0 of 60.0%−16.5%−10.9%−1.1%−0.7%−1.8%————
IUSB iShares Core Universal USD Bond ETF0 of 60.0%−14.8%−9.9%−1.1%−0.8%−1.7%————
ISHG iShares 1-3 Year International Treasury Bond ETF0 of 60.0%−19.6%−7.7%−3.2%−1.0%−6.3%−7.9%0.0%——
TIP iShares TIPS Bond ETF0 of 60.0%−14.3%−11.2%−2.0%−1.1%−2.5%−3.8%−0.2%−14.4%—
AGG iShares Core U.S. Aggregate Bond ETF0 of 60.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
TOTL State Street DoubleLine Total Return Tactical ETF1 of 60.0%−13.2%−7.3%−0.7%−0.6%−1.3%————
PICB Invesco International Corporate Bond ETF0 of 60.0%−32.6%−22.7%−5.2%−2.5%−7.8%−10.3%———
IBND SPDR Bloomberg International Corporate Bond ETF0 of 60.0%−29.4%−16.0%−4.8%−1.7%−7.6%−8.0%———
BNDW Vanguard Total World Bond ETF0 of 40.0%−14.1%−7.5%−0.9%——————
BWZ SPDR Bloomberg Short Term International Treasury Bond ETF0 of 6−0.3%−19.3%−7.7%−2.8%−1.0%−4.5%−7.5%−0.8%——
BWX SPDR Bloomberg International Treasury Bond ETF0 of 60.0%−26.9%−13.4%−2.9%−1.3%−5.2%−6.0%0.0%−16.8%—
GOVT iShares U.S. Treasury Bond ETF2 of 60.0%−13.0%−4.6%−0.9%−0.3%−2.1%————
IGOV iShares International Treasury Bond ETF0 of 60.0%−28.9%−11.1%−3.3%−1.1%−6.1%−6.0%−0.5%——
Open these 20 in EasyCompare

How closely does BNDX move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BNDX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BNDX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BNDX This pageVanguard Total International Bond ETF11%13%0.830.14
IAGG iShares Core International Aggregate Bond ETF11%10%1.100.12
TIP iShares TIPS Bond ETF15%17%0.870.18
IGRO iShares International Dividend Growth ETF72%87%0.840.76
IUSB iShares Core Universal USD Bond ETF15%20%0.740.16
BOND PIMCO Active Bond Exchange-Traded Fund16%22%0.730.19
AGG iShares Core U.S. Aggregate Bond ETF12%17%0.710.14
GOVT iShares U.S. Treasury Bond ETF6%8%0.710.06
TOTL State Street DoubleLine Total Return Tactical ETF13%18%0.690.15
VWOB Vanguard Emerging Markets Government Bond ETF34%52%0.660.43
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF25%39%0.640.33
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF36%56%0.630.46
PICB Invesco International Corporate Bond ETF30%59%0.510.45
IBND SPDR Bloomberg International Corporate Bond ETF26%51%0.500.38
ISHG iShares 1-3 Year International Treasury Bond ETF14%30%0.450.19
BWZ SPDR Bloomberg Short Term International Treasury Bond ETF13%30%0.420.19
BWX SPDR Bloomberg International Treasury Bond ETF15%42%0.350.28
IGOV iShares International Treasury Bond ETF15%44%0.350.29
Open these 18 in EasyCompare

What diversifies BNDX?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BNDX's. Because such investments tend not to fall at the same time, pairing BNDX with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BNDX lost money. The last two columns show a portfolio that is 80% BNDX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
BNDX Vanguard Total International Bond ETF (this page)1.00+0.8%0.06−12.8%−2.3%5.4%−0.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.48+119%1.48+3.8%+17.8%5.4%+3.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+6.0%+18.0%5.6%+5.0%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.48+93.4%1.04+5.5%+14.6%6.3%+2.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+101%1.04+10.4%+23.1%6.2%+3.0%
GLD CommoditiesSPDR Gold Shares0.34+126%0.96−0.8%−4.2%6.3%+3.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.48+136%0.93−10.4%+22.7%7.2%+4.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.04+177%0.93+64.4%+53.3%6.9%+4.7%
EUFN InternationaliShares MSCI Europe Financials ETF0.45+133%0.89−8.8%+19.1%7.1%+4.1%

Stocks

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
BNDX Vanguard Total International Bond ETF (this page)1.00+0.8%0.06−12.8%−2.3%5.4%−0.1%
CAH Medical - DistributionCardinal Health, Inc.0.24+479%1.55+54.1%−0.4%7.5%+7.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.21+3,143%1.47+1.3%+37.9%13.3%+19.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.37+1,636%1.46+17.0%+89.0%11.3%+15.2%
MCK Medical - DistributionMcKesson Corporation0.13+413%1.44+51.8%+44.2%7.0%+6.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.03+690%1.41+86.6%+61.0%7.9%+9.1%
Open these 14 in EasyCompare

Common questions

What was BNDX's worst drawdown?

BNDX's deepest decline since it began trading in 2013 was 16.2%, from December 2020 to October 2022. It took about three years from the low to climb back to its old high. Because BNDX launched in June 2013, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were BNDX's best and worst years?

Over 12 full calendar years, BNDX's best year was 2023, when it returned 8.8%. Its worst was 2022, with a return of -12.8%.

Is there a better investment than BNDX?

Among BNDX's popular alternatives, IGRO and IAGG were ahead of BNDX in most short and long periods. Looking beyond its popular alternatives, BIL (treasury bonds) and VTIP (treasury bonds) earned more than BNDX with less volatility over the past 5 years. BIL returned 3.7% a year at 0.3% volatility, against 0.2% a year at 4.9%.

Is BNDX more volatile than the S&P 500?

No. BNDX's volatility over the past 5 years was 4.9%, 29% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNDX's return lands within 4.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is BNDX's Sharpe ratio?

BNDX's Sharpe ratio over the past 5 years was 0.06, against 0.79 for the S&P 500, so BNDX earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is BNDX with the S&P 500?

Over the past 5 years, BNDX's monthly returns had a correlation of 0.67 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BNDX instead: the lower it is, the more that option would diversify a BNDX holding.

What are the best alternatives to BNDX?

Of the 20 popular alternatives we compared, two outperformed BNDX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IGRO and IAGG.

Did BNDX outperform the S&P 500?

BNDX finished ahead of the S&P 500 (SPY) in two of 12 full calendar years. In 2025, it returned +2.9%, against +17.7% for the index.

How did BNDX do in stock market crashes?

BNDX fell less than the S&P 500 (SPY) in six of the six major crashes it has traded through, and further in no. The clearest case was the Covid crash, when BNDX fell 5.9% and the S&P 500 fell 33.7%.

What diversifies BNDX?

These had a low correlation with BNDX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.29) and GCOW (correlation 0.48); among large stocks, CAH (correlation 0.24), CLS (correlation 0.21) and FIX (correlation 0.37). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BNDX

Other stocks and ETFs