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

> Source: EasyCompare research, https://easycompare.io/research/bndx
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** BNDX has gone against the market, falling 1.2% over the past 6 months while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, IGRO (iShares International Dividend Growth ETF) rose 5.3% and BND (Vanguard Total Bond Market ETF) fell 2.8%.
- **Fund or market?:** BNDX fell 1.0% over the past 3 months, in line with the US bond market ETF AGG (iShares Core U.S. Aggregate Bond ETF), which fell 1.7%. The S&P 500 rose 3.9%.
- **Long term:** Over the past decade, BNDX returned 1.4% a year against 15.5% a year for the S&P 500 (15.0% in total against 321%). BNDX's 10-year return of 15.0% puts it behind 92% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%.
- **In a crash:** Across four sell-offs, BNDX has typically lost about 21% as much as the S&P 500. In the 2022 bear market, BNDX fell 13.7%, against 24.5% for the S&P 500. That was more than IAGG (iShares Core International Aggregate Bond ETF, 11.7%) but less than IUSB (iShares Core Universal USD Bond ETF, 14.8%).
- **Diversification:** BNDX now moves more with the S&P 500: a correlation of 0.67 over the past 5 years, up from 0.17 in the 5 years before. Against the S&P 500, BNDX has a correlation of 0.67 over 5 years, less closely than 62% of ETFs with at least $100 million in assets. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Nearby categories and themes:** BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF, treasury bonds) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF, 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%.
  - **Whole market:** 76 of the 3,633 stocks and funds worth at least $500 million earned more than BNDX with less volatility over the past 5 years, among them SGOV (iShares 0-3 Month Treasury Bond ETF), VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and BSV (Vanguard Short-Term Bond ETF).

## 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.

- $10,000 invested in BNDX at the end of September 2013 would have grown to $13,383 by September 2026, less than the $56,474 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BNDX, and VWOB finished highest, at $15,587.

## 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.

- 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.
- Over 12 full calendar years, BNDX's best was 2023, when it returned 8.8%, and its worst was 2022, when it lost 12.8%. It lost money in two of those years.
- BNDX is 2.7% below its all-time high.

- Type: ETF, Bonds (Asset Management)
- Trading since: June 4, 2013
- Assets: $122B
- Expense ratio: 0.07%
- Volatility (5 years): 4.9%; Sharpe ratio: 0.06
- Worst decline ever: −16.2%, from December 11, 2020 to October 20, 2022; back at its high by February 17, 2026

| Period | BNDX total return |
| --- | --- |
| 1 month | 0.0% |
| 3 months | −1.0% |
| 6 months | −1.2% |
| year to date | −0.7% |
| 1 year | −1.4% |
| 3 years | +13.4% |
| 5 years | +0.8% |
| 10 years | +15.0% |

## 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.

- BNDX's worst decline of the past 10 years ranks in the top 8% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
- BNDX's 3-year return ranks in the bottom 7% of the 1,949 ETFs with at least $100 million in assets with 3 years of history.

| Measure | BNDX | Rank |
| --- | --- | --- |
| 1-year return | −1.4% | 2,083 of 2,485 (top 84%) |
| 3-year return | +13.4% | 1,821 of 1,949 (top 94%) |
| 5-year return | +0.8% | 1,355 of 1,560 (top 87%) |
| 10-year return | +15.0% | 885 of 958 (top 93%) |
| Volatility, 5 years | 4.9% | 128 of 1,560 (top 9%) |
| Sharpe ratio, 5 years | 0.06 | 1,378 of 1,560 (top 89%) |
| Worst decline, past 10 years | −16.2% | 72 of 951 (top 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).

- 76 ETFs worth at least $500 million sit in the green region: each earned more than BNDX over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half BNDX's swings, BALT has the best return for its risk: 6.3% a year at 3.3% volatility, 32% less than BNDX's 4.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.85 against 0.06 for BNDX.
- None of BNDX's popular alternatives made it, but BIL (treasury bonds) did: 3.7% a year at 0.3% volatility, 95% less than BNDX's 4.9%.

### Is there a better investment than BNDX?

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.

- 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%.
- Across the whole market, 76 of the 3,633 stocks and funds worth at least $500 million earned more than BNDX with less volatility over the past 5 years, among them SGOV, VTIP and BSV.

The 15 strongest of 76 investments that beat BNDX over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BNDX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BNDX: Vanguard Total International Bond ETF (this page) |  | +0.2% | 4.9% | 0.06 | −16.2% | +15.0% |  |  |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PULS: PGIM Ultra Short Bond ETF | Short-Term Bonds | +4.4% | 0.7% | 6.07 | −5.8% | — | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BALT: Innovator Defined Wealth Shield ETF | Crypto | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.60 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BSV](https://easycompare.io/research/bsv): Vanguard Short-Term Bond ETF | Short-Term Bonds | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.83 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VNLA: Janus Henderson Short Duration Income ETF | Bonds | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.60 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| TBUX: T. Rowe Price Ultra Short-Term Bond ETF | Bonds | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SUB: iShares Short-Term National Muni Bond ETF | Municipal Bonds | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.76 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| RAVI: Northern Trust Ultra-Short Fixed Income ETF | Bonds | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| USTB: VictoryShares Short-Term Bond ETF | Bonds | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.79 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| MEAR: iShares Short Maturity Municipal Bond Active ETF | Bonds | +2.4% | 1.0% | 2.37 | −2.7% | +19.3% | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTIP](https://easycompare.io/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Treasury Bonds | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SHY: iShares 1-3 Year Treasury Bond ETF | Treasury Bonds | +1.8% | 2.0% | 0.89 | −5.7% | +17.7% | 0.76 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLUD: Franklin Ultra Short Bond ETF | Bonds | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LDUR: PIMCO Enhanced Low Duration Active Exchange-Traded Fund | Bonds | +2.4% | 2.1% | 1.13 | −8.7% | +26.7% | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| STOT: State Street DoubleLine Short Duration Total Return Tactical ETF | Bonds | +2.9% | 1.7% | 1.65 | −6.1% | +26.0% | 0.70 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Only IAGG was both more rewarding and calmer than BNDX over the past 5 years, earning a higher annual return with lower volatility.
- 14 of the 18 popular alternatives earned less than BNDX over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, BNDX returned 0.2% a year, less than the S&P 500's 12.7%, with lower volatility (4.9% against 17.1%).

### 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.

- IGRO and IAGG outperformed BNDX in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 20 popular alternatives, IGRO and IAGG, outperformed BNDX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IAGG earned more for the risk it took than BNDX (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BNDX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNDX: Vanguard Total International Bond ETF (this page) | −1.4% | +13.4% | +0.8% | +15.0% |  |  | 0.06 |
| IGRO: iShares International Dividend Growth ETF | +16.0% | +71.8% | +53.8% | +141% | 4/5 short-term, 3/3 long-term | all-weather | 0.69 |
| IAGG: iShares Core International Aggregate Bond ETF | +0.3% | +15.4% | +5.8% | +20.8% | 4/5 short-term, 3/3 long-term | all-weather | 0.27 |
| VWOB: Vanguard Emerging Markets Government Bond ETF | −0.8% | +31.6% | +8.1% | +29.9% | 1/5 short-term, 3/3 long-term |  | 0.22 |
| EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF | −0.6% | +32.6% | +6.7% | +26.4% | 1/5 short-term, 3/3 long-term |  | 0.18 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | −3.9% | +19.7% | −4.3% | +20.5% | 0/5 short-term, 2/3 long-term |  | -0.06 |
| BOND: PIMCO Active Bond Exchange-Traded Fund | −1.9% | +19.5% | −0.3% | +19.3% | 0/5 short-term, 2/3 long-term |  | 0.02 |
| [IUSB](https://easycompare.io/research/iusb): iShares Core Universal USD Bond ETF | −1.6% | +17.5% | +0.2% | +16.9% | 0/5 short-term, 2/3 long-term |  | 0.04 |
| ISHG: iShares 1-3 Year International Treasury Bond ETF | −0.9% | +14.3% | −3.4% | −1.3% | 2/5 short-term, 1/3 long-term |  | -0.05 |
| TIP: iShares TIPS Bond ETF | −1.5% | +13.3% | −0.3% | +23.5% | 0/5 short-term, 1/3 long-term |  | 0.02 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | −1.9% | +16.2% | −1.5% | +13.3% | 0/5 short-term, 1/3 long-term |  | -0.02 |
| [BND](https://easycompare.io/research/bnd): Vanguard Total Bond Market ETF | −2.1% | +15.7% | −1.8% | +13.2% | 0/5 short-term, 1/3 long-term |  | -0.03 |
| SPAB: State Street SPDR Portfolio Aggregate Bond ETF | −1.9% | +16.1% | −1.6% | +13.1% | 0/5 short-term, 1/3 long-term |  | -0.02 |
| TOTL: State Street DoubleLine Total Return Tactical ETF | −2.6% | +17.4% | +0.7% | +12.7% | 0/5 short-term, 1/3 long-term |  | 0.05 |
| PICB: Invesco International Corporate Bond ETF | −3.1% | +19.3% | −10.0% | +8.5% | 0/5 short-term, 1/3 long-term |  | -0.16 |
| IBND: SPDR Bloomberg International Corporate Bond ETF | −4.9% | +18.8% | −7.1% | +4.8% | 0/5 short-term, 1/3 long-term |  | -0.10 |
| BNDW: Vanguard Total World Bond ETF | −1.8% | +14.6% | −0.5% | — | 0/5 short-term, 1/3 long-term |  | 0.01 |
| BWZ: SPDR Bloomberg Short Term International Treasury Bond ETF | −0.5% | +10.9% | −6.2% | −3.9% | 2/5 short-term, 0/3 long-term |  | -0.13 |
| BWX: SPDR Bloomberg International Treasury Bond ETF | −5.1% | +8.4% | −18.6% | −12.7% | 1/5 short-term, 0/3 long-term |  | -0.37 |
| [GOVT](https://easycompare.io/research/govt): iShares U.S. Treasury Bond ETF | −1.8% | +12.7% | −3.5% | +7.1% | 0/5 short-term, 0/3 long-term |  | -0.09 |
| IGOV: iShares International Treasury Bond ETF | −4.6% | +10.9% | −20.0% | −14.4% | 0/5 short-term, 0/3 long-term |  | -0.40 |

### 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.

- BNDX finished ahead of the S&P 500 in two of its 12 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, IGRO came out ahead of BNDX most often, in seven of the nine years both traded.
- Ranked against its popular alternatives each year, BNDX finished in the top quarter in four of 12 years and in the bottom quarter in three. In 2025, it ranked 19 of 19.

| Year | BNDX | SPY |
| --- | --- | --- |
| 2025 | +2.9% | +17.7% |
| 2024 | +3.6% | +24.9% |
| 2023 | +8.8% | +26.2% |
| 2022 | −12.8% | −18.2% |
| 2021 | −2.3% | +28.7% |
| 2020 | +4.6% | +18.3% |
| 2019 | +7.8% | +31.2% |
| 2018 | +2.8% | −4.6% |
| 2017 | +2.4% | +21.7% |
| 2016 | +4.6% | +12.0% |

## 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.

- Not every decline was the market's doing: BNDX fell 16.2% from December 2020 to October 2022, while the S&P 500 rose 2.7%.
- The slowest recovery came after BNDX fell 16.2% from December 2020 to October 2022; it did not regain that peak until February 2026, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −16.2% | December 11, 2020 | October 20, 2022 | February 17, 2026 | +2.7% | 2022 bear market |
| −5.9% | March 6, 2020 | March 18, 2020 | July 30, 2020 | −19.3% | Covid crash |

### 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.

- BNDX fell less than the S&P 500 in all six crashes it has traded through. The clearest case was the Covid crash, when BNDX fell 5.9% and the S&P 500 fell 33.7%.
- None of its popular alternatives fell less than BNDX in most of the crashes they both traded through.
- BNDX began trading after the 2008 financial crisis, but four of its popular alternatives lived through it. The mildest fall among them was AGG's 12.8%, against 55.2% for the S&P 500.

| Crash | Dates | BNDX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −1.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −0.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −0.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −5.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −13.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | 0.0% | −3.4% |

### 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.

- Over the past 10 years, BNDX captured 11% of the S&P 500's gains in rising months and 13% of its losses in falling months, with a beta of 0.14. Its share of the market's losses was slightly larger than its share of the gains.
- Only IAGG, TIP and IGRO had a higher capture ratio (upside capture divided by downside capture) than BNDX's 0.83, out of 17 popular alternatives with the same record.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BNDX: Vanguard Total International Bond ETF (this page) | 11.0% | 13.0% | 0.14 |
| IGRO: iShares International Dividend Growth ETF | 72.0% | 87.0% | 0.76 |
| IAGG: iShares Core International Aggregate Bond ETF | 11.0% | 10.0% | 0.12 |
| VWOB: Vanguard Emerging Markets Government Bond ETF | 34.0% | 52.0% | 0.43 |
| EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF | 36.0% | 56.0% | 0.46 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | 25.0% | 39.0% | 0.33 |
| BOND: PIMCO Active Bond Exchange-Traded Fund | 16.0% | 22.0% | 0.19 |
| [IUSB](https://easycompare.io/research/iusb): iShares Core Universal USD Bond ETF | 15.0% | 20.0% | 0.16 |
| ISHG: iShares 1-3 Year International Treasury Bond ETF | 14.0% | 30.0% | 0.19 |
| TIP: iShares TIPS Bond ETF | 15.0% | 17.0% | 0.18 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | 12.0% | 17.0% | 0.14 |
| TOTL: State Street DoubleLine Total Return Tactical ETF | 13.0% | 18.0% | 0.15 |
| PICB: Invesco International Corporate Bond ETF | 30.0% | 59.0% | 0.45 |
| IBND: SPDR Bloomberg International Corporate Bond ETF | 26.0% | 51.0% | 0.38 |
| BWZ: SPDR Bloomberg Short Term International Treasury Bond ETF | 13.0% | 30.0% | 0.19 |
| BWX: SPDR Bloomberg International Treasury Bond ETF | 15.0% | 42.0% | 0.28 |
| [GOVT](https://easycompare.io/research/govt): iShares U.S. Treasury Bond ETF | 6.0% | 8.0% | 0.06 |
| IGOV: iShares International Treasury Bond ETF | 15.0% | 44.0% | 0.29 |

### 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).

- MPC made money in two of the two calendar years in which BNDX lost money.
- Among large ETFs, LVHI, DXJ and GCOW have moved largely independently of BNDX over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of BNDX over the past 5 years, with correlations of 0.37 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with BNDX | 5Y return | Volatility | Sharpe | Rose in BNDX's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 11.1% | 1.48 | 2 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 2 of 2 |
| GCOW: Pacer Global Cash Cows Dividend ETF | 0.48 | +93.4% | 13.6% | 1.04 | 2 of 2 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.44 | +101% | 14.5% | 1.04 | 2 of 2 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.34 | +126% | 18.9% | 0.96 | 0 of 2 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.48 | +136% | 20.8% | 0.93 | 1 of 2 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.04 | +177% | 25.5% | 0.93 | 2 of 2 |
| EUFN: iShares MSCI Europe Financials ETF | 0.45 | +133% | 21.8% | 0.89 | 1 of 2 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/bndx
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against BNDX live: https://betterthanspy.com/?b=BNDX&utm_source=easycompare&utm_medium=research