BetterThanSPY

Relative Intelligence · US Aggregate Bonds

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BND alone. It places BND (Vanguard Total Bond Market 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 BND stands in the market, and of the alternatives worth a closer look.

Period covered: BND's full trading record, from April 2007 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 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against BND →Chart BND vs. 21 alternatives →

This page answers the following questions about BND

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

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

This chart tracks a hypothetical $10,000 investment in BND over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BND over the same span and BND'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: BND began trading on April 10, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of BND's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,447 of the 1,801 stocks and funds worth at least $500 million that traded the whole period ended ahead of BND; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$10,000$100,000$1M2007201020132016201920222025$10,000$100,000$1M2007201220172022
  • NVDA$3M+27,574% total · +34.4% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • HYG$24,288+143% total · +4.8% a year
  • EP-PC$23,554+136% total · +4.6% a year
  • BIV$19,114+91.1% total · +3.5% a year
  • TIP$17,851+78.5% total · +3.1% a year
  • BND$16,803+68.0% total · +2.8% a year
  • AGG$16,715+67.2% total · +2.7% a year
  • MUB$13,360+33.6% total · +1.5% 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. 2,625 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BND; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$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
  • VRIG$12,539+25.4% total · +4.6% a year
  • SGOV$12,000+20.0% total · +3.7% a year
  • HYG$11,691+16.9% total · +3.2% a year
  • SPSB$11,418+14.2% total · +2.7% a year
  • GVI$10,338+3.4% total · +0.7% a year
  • FBND$10,0020.0% total · 0.0% a year
  • MUB$9,978−0.2% total · 0.0% a year
  • IUSB$9,868−1.3% total · −0.3% a year
  • BND$9,657−3.4% total · −0.7% a year
Change the dates or add tickers to this chart in EasyCompare

BND 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: BND began trading on April 10, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The fund

Issuer
Vanguard
Began trading
April 2007
Expense ratio
0.03%per year
Assets
$389B
Category
Bonds

Returns

Past 1 year
−1.4%total return
Past 3 years
+16.3%+5.1% a year
Past 5 years
−1.0%−0.2% a year
Past 10 years
+14.3%+1.3% a year
Best calendar year
+8.8%2019
Worst calendar year
−13.1%2022
Losing years
4 of 18full calendar years

Risk

Volatility
6.1%typical yearly swing, 5 years
Sharpe ratio
0.00return per unit of risk, 5 years
Worst decline ever
−18.6%Aug 2020 to Oct 2022
From its all-time high
−3.6%below the peak

BND against the whole market

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

How does BND rank among all ETFs?

This section ranks BND 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 BND 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.

MeasureBNDRankStanding
1-year return−1.4%2,191 of 2,488bottom 13%
3-year return+16.3%1,728 of 1,950bottom 12%
5-year return−1.0%1,418 of 1,563bottom 10%
10-year return+14.3%893 of 958bottom 8%
Volatility, 5 years6.1%186 of 1,563top 12%
Sharpe ratio, 5 years0.001,451 of 1,563bottom 8%
Worst decline, past 10 years−18.6%90 of 951top 9%

What has beaten BND 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). BND sits where the dashed lines cross. Anything in the green box above and to the left earned more than BND 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 BND; faint dots are 41 more of the 101 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−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 BNDBIL: +3.7% a year, volatility 0.3%BSV: +1.8% a year, volatility 2.8%SHY: +1.9% a year, volatility 2.0%VNLA: +4.1% a year, volatility 1.1%STIP: +2.7% a year, volatility 2.8%SUB: +1.5% a year, volatility 1.7%TBUX: +4.2% a year, volatility 1.1%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%JPIB: +2.6% a year, volatility 4.2%TIPX: +1.6% a year, volatility 4.7%AGZ: +1.1% a year, volatility 3.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%BKLN: +5.3% a year, volatility 4.5%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%IAGG: +1.2% a year, volatility 4.5%FLDR: +3.9% a year, volatility 1.2%SHYG: +4.6% a year, volatility 5.8%FLBL: +5.2% a year, volatility 3.9%SPIB: +1.7% a year, volatility 4.5%LQDH: +5.2% a year, volatility 4.4%BSCQ: +1.9% a year, volatility 3.3%FLUD: +3.9% a year, volatility 1.4%IBDU: +1.3% a year, volatility 5.7%JMUB: +0.9% a year, volatility 3.5%BSJQ: +3.7% a year, volatility 5.7%NFLT: +2.8% a year, volatility 4.6%UCON: +2.3% a year, volatility 4.0%PREF: +2.5% a year, volatility 4.9%FLMI: +1.6% a year, volatility 4.6%IBTG: +1.3% a year, volatility 3.2%PHYL: +3.4% a year, volatility 5.7%KORP: +1.5% a year, volatility 5.5%IBMP: +0.8% a year, volatility 2.6%BND: −0.2% a year, volatility 6.1%SGOV: +3.8% a year, volatility 0.3%MUB: +0.5% a year, volatility 4.2%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%GVI: +1.1% a year, volatility 4.0%IBHF: +4.1% a year, volatility 5.8%AFIF: +3.6% a year, volatility 4.5%SJNK: +4.4% a year, volatility 5.9%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%VRP: +3.8% a year, volatility 6.6%EP-PC: +5.2% a year, volatility 8.9%IBMQ: +0.7% a year, volatility 3.0%BNDSGOVMUBVRIGSPSBGVIIBHFAFIFSJNKJAAABALTVTIPVRPEP-PCIBMQ−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−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 BNDBIL: +3.7% a year, volatility 0.3%BSV: +1.8% a year, volatility 2.8%SHY: +1.9% a year, volatility 2.0%VNLA: +4.1% a year, volatility 1.1%STIP: +2.7% a year, volatility 2.8%SUB: +1.5% a year, volatility 1.7%TBUX: +4.2% a year, volatility 1.1%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%JPIB: +2.6% a year, volatility 4.2%TIPX: +1.6% a year, volatility 4.7%AGZ: +1.1% a year, volatility 3.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%BKLN: +5.3% a year, volatility 4.5%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%IAGG: +1.2% a year, volatility 4.5%FLDR: +3.9% a year, volatility 1.2%SHYG: +4.6% a year, volatility 5.8%FLBL: +5.2% a year, volatility 3.9%SPIB: +1.7% a year, volatility 4.5%LQDH: +5.2% a year, volatility 4.4%BSCQ: +1.9% a year, volatility 3.3%FLUD: +3.9% a year, volatility 1.4%IBDU: +1.3% a year, volatility 5.7%JMUB: +0.9% a year, volatility 3.5%BSJQ: +3.7% a year, volatility 5.7%NFLT: +2.8% a year, volatility 4.6%UCON: +2.3% a year, volatility 4.0%PREF: +2.5% a year, volatility 4.9%FLMI: +1.6% a year, volatility 4.6%IBTG: +1.3% a year, volatility 3.2%PHYL: +3.4% a year, volatility 5.7%KORP: +1.5% a year, volatility 5.5%IBMP: +0.8% a year, volatility 2.6%BND: −0.2% a year, volatility 6.1%SGOV: +3.8% a year, volatility 0.3%MUB: +0.5% a year, volatility 4.2%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%GVI: +1.1% a year, volatility 4.0%IBHF: +4.1% a year, volatility 5.8%AFIF: +3.6% a year, volatility 4.5%SJNK: +4.4% a year, volatility 5.9%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%VRP: +3.8% a year, volatility 6.6%EP-PC: +5.2% a year, volatility 8.9%IBMQ: +0.7% a year, volatility 3.0%BNDSGOVMUBVRIGSPSBGVIIBHFAFIFSJNKJAAABALTFLOTEP-PCIBMQ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× BND's volatility is in the table only

Is there a better investment than BND?

Investments that beat BND 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 BND 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 BND'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 BND 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 BND'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× BND's volatility counts as better.

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

Screen the whole market against BND for any period in BetterThanSPYOpen these 16 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 BND?lower diversifies moreExpenseper year
BNDVanguard Total Bond Market ETF · this page
−0.2%6.1%0.00−18.6%+14.3%1.000.03%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.620.09%
Popular alternativesbest 2 shownThe investments people most often weigh against BND. 2 of 20 passed at least one test.
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.310.09%
MUBiShares National Muni Bond ETF · National Investment Grade
Similar return, lower volatility+0.5%4.2%0.14−13.7%+19.1%0.910.05%
Same and neighboring categories, and shared themesbest 6 shownEverything else in US Aggregate Bonds and Investment Grade Bonds and the categories next to it (Core Plus Bonds, Total Bond Market, Multisector Bonds, US Corporate Bonds, Short-Term Corporate Bonds, High Yield Bonds), plus BND's specific themes. 55 of 105 passed at least one test.
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.7%1.3%3.52−13.1%+40.7%0.270.30%
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.9%2.0%1.42−11.8%+29.6%0.910.04%
GVIiShares Intermediate Government/Credit Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.1%4.0%0.29−12.9%+18.2%0.970.20%
IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.1%5.8%0.73−11.2%—0.700.35%
AFIFAnfield Universal Fixed Income ETF · Multisector Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.6%4.5%0.83−10.8%—0.730.85%
SJNKState Street SPDR Bloomberg Short Term High Yield Bond ETF · Short-Term High Yield
Higher return, similar volatilityHigher return in most periods+4.4%5.9%0.77−19.7%+59.1%0.760.40%
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 108 of 3,536 passed at least one test.
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.260.20%
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.2%3.3%1.84−4.9%—0.620.69%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.95−6.3%+33.2%0.720.03%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.5%1.8%2.49−13.5%+35.9%0.210.15%
VRPInvesco Variable Rate Preferred ETF · Preferred Securities
Higher return, similar volatilityHigher return in most periods+3.8%6.6%0.61−46.0%+57.1%0.650.50%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return in most periods+5.2%8.9%0.62−25.4%+38.1%0.37—
IBMQiShares iBonds Dec 2028 Term Muni Bond ETF · Municipal Bonds
Similar return, lower volatility+0.7%3.0%0.26−15.8%—0.880.10%
What these numbers mean for BND
Annual return
BND lost 0.2% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $9,900. 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
BND's volatility over the past 5 years was 6.1%, 35% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BND's return lands within 6.1% 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
BND's Sharpe ratio over the past 5 years was -0.00, against 0.78 for the S&P 500, so BND 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
BND's worst fall from a peak to a low over the past 10 years was 18.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 18.6% fall takes a 22.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BND's monthly returns had a correlation of 0.62 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 BND instead: the lower it is, the more that option would diversify a BND holding. Guide: Correlation and diversification →
Show all 101 stocks and funds worth at least $500 million that earned more than BND with less volatility

Out of 3,641 tested over 5 years. The strongest 48 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BNDExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
Whole market+3.7%0.3%14.07−0.2%+25.8%0.270.14%
2
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.260.20%
3
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.620.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Same or nearby category+4.7%1.3%3.52−13.1%+40.7%0.270.30%
5
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+33.2%0.720.03%
6
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+35.9%0.210.15%
7
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.8%2.8%0.67−8.5%+21.0%0.930.03%
8
SHYiShares 1-3 Year Treasury Bond ETF · Short-Term Treasuries
Whole market+1.9%2.0%0.93−5.7%+18.0%0.860.15%
9
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%—0.670.25%
10
STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds
Whole market+2.7%2.8%0.95−6.5%+33.0%0.690.03%
11
SUBiShares Short-Term National Muni Bond ETF · Short-Term Municipal Bonds
Whole market+1.5%1.7%0.91−9.4%+16.2%0.840.07%
12
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds
Whole market+4.2%1.1%3.88−1.8%—0.660.17%
13
USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds
Whole market+3.6%2.1%1.77−5.3%—0.880.34%
14
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.1%2.6%1.17−6.5%+25.9%0.900.66%
15
RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds
Whole market+3.8%1.4%2.62−3.7%+31.1%0.540.26%
16
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Same or nearby category+2.9%2.0%1.42−11.8%+29.6%0.910.04%
17
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds
Whole market+2.4%2.1%1.16−8.7%+26.7%0.790.54%
18
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds
Whole market+2.9%1.7%1.69−6.1%+25.9%0.820.45%
19
SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds
Whole market+2.0%1.7%1.16−5.1%+20.5%0.920.35%
20
JPIBJPMorgan International Bond Opportunities ETF · International Bonds
Whole market+2.6%4.2%0.63−13.1%—0.870.50%
21
TIPXState Street SPDR Bloomberg 1-10 Year TIPS ETF · Inflation-Protected Bonds
Whole market+1.6%4.7%0.36−10.1%+31.3%0.820.15%
22
IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds
Same or nearby category+4.1%5.8%0.73−11.2%—0.700.35%
23
AGZiShares Agency Bond ETF · Government Bonds
Whole market+1.1%3.6%0.33−11.1%+18.9%0.960.15%
24
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.400.60%
25
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%0.180.14%
26
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds
Whole market+4.5%1.7%2.58−14.7%+35.7%0.260.15%
27
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.3%4.5%1.19−24.1%+50.5%0.370.67%
28
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.6%3.9%1.17−22.3%+53.9%0.350.70%
29
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.0%3.4%1.49−22.7%+52.0%0.340.70%
30
IAGGiShares Core International Aggregate Bond ETF · International Bonds
Whole market+1.2%4.5%0.28−13.9%+21.7%0.860.07%
31
FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds
Whole market+3.9%1.2%3.13−12.2%—0.820.15%
32
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · Short-Term High Yield
Same or nearby category+4.6%5.8%0.81−19.3%+56.5%0.750.30%
33
FLBLFranklin Senior Loan ETF · Bank Loans
Whole market+5.2%3.9%1.35−19.5%—0.360.45%
34
SPIBState Street SPDR Portfolio Intermediate Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.5%0.40−14.9%+29.1%0.980.04%
35
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+5.2%4.4%1.20−24.6%+55.7%0.570.44%
36
BSCQInvesco BulletShares 2026 Corporate Bond ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.9%3.3%0.60−16.4%+33.4%0.850.10%
37
FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds
Whole market+3.9%1.4%2.77−1.7%—0.480.15%
38
IBDUiShares iBonds Dec 2029 Term Corporate ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.3%5.7%0.26−19.4%—0.950.10%
39
JMUBJPMorgan Municipal ETF · National Investment Grade
Whole market+0.9%3.5%0.26−12.5%—0.910.18%
40
BSJQInvesco BulletShares 2026 High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+3.7%5.7%0.67−24.1%—0.670.43%
41
NFLTVirtus Newfleet Multi-Sector Bond ETF · Multisector Bonds
Same or nearby category+2.8%4.6%0.64−15.1%+41.7%0.890.50%
42
UCONFirst Trust Smith Unconstrained Bond ETF · Multisector Bonds
Same or nearby category+2.3%4.0%0.60−15.3%—0.920.86%
43
PREFPrincipal Spectrum Preferred Securities Active ETF · Preferred Securities
Whole market+2.5%4.9%0.52−23.0%—0.730.55%
44
FLMIFranklin Dynamic Municipal Bond ETF · Municipal Bonds
Whole market+1.6%4.6%0.36−14.6%—0.920.30%
45
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries
Whole market+1.3%3.2%0.42−13.6%—0.840.07%
46
PHYLPGIM Active High Yield Bond ETF · Active High Yield
Same or nearby category+3.4%5.7%0.62−22.1%—0.810.39%
47
KORPAmerican Century Diversified Corporate Bond ETF · Corporate Bonds
Whole market+1.5%5.5%0.29−14.9%—0.980.29%
48
IBMPiShares iBonds Dec 2027 Term Muni Bond ETF · Municipal Bonds
Whole market+0.8%2.6%0.34−15.3%—0.850.10%

BND against its popular alternatives

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

How do BND'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 BND, which divides the map into what did better or worse on each measure.

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

0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBND: −0.2% a year, volatility 6.1%SPY (S&P 500): 12.5% a year, volatility 17.2%IUSB: 0.2% a year, volatility 5.9%FBND: 0.5% a year, volatility 6.0%BOND: 0.2% a year, volatility 5.9%BNDX: 0.2% a year, volatility 4.9%JCPB: 0.8% a year, volatility 5.5%MUB: 0.5% a year, volatility 4.2%TOTL: 0.3% a year, volatility 5.7%UITB: 0.3% a year, volatility 5.7%SGOV: 3.8% a year, volatility 0.3%HYG: 3.3% a year, volatility 7.5%BIV: 0.1% a year, volatility 6.5%TIP: 0.0% a year, volatility 6.2%GTO: −0.3% a year, volatility 5.7%SCHZ: −0.1% a year, volatility 6.2%VTC: 0.0% a year, volatility 7.1%AGG: −0.1% a year, volatility 6.2%GOVT: −0.6% a year, volatility 6.0%BNDSPY (S&P 500)IUSBFBNDBNDXJCPBSGOVHYGVTCGOVT0.0%5.0%10.0%15.0%20.0%−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 volatilityBND: −0.2% a year, volatility 6.1%SPY (S&P 500): 12.5% a year, volatility 17.2%IUSB: 0.2% a year, volatility 5.9%FBND: 0.5% a year, volatility 6.0%BOND: 0.2% a year, volatility 5.9%BNDX: 0.2% a year, volatility 4.9%JCPB: 0.8% a year, volatility 5.5%MUB: 0.5% a year, volatility 4.2%TOTL: 0.3% a year, volatility 5.7%UITB: 0.3% a year, volatility 5.7%SGOV: 3.8% a year, volatility 0.3%HYG: 3.3% a year, volatility 7.5%BIV: 0.1% a year, volatility 6.5%TIP: 0.0% a year, volatility 6.2%GTO: −0.3% a year, volatility 5.7%SCHZ: −0.1% a year, volatility 6.2%VTC: 0.0% a year, volatility 7.1%AGG: −0.1% a year, volatility 6.2%GOVT: −0.6% a year, volatility 6.0%BNDSPY (S&P 500)IUSBJCPBSGOVHYGGOVT
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
SGOV iShares 0-3 Month Treasury Bond ETF+3.8%0.3%
HYG iShares iBoxx $ High Yield Corporate Bond ETF+3.3%7.5%
JCPB JPMorgan Core Plus Bond ETF+0.8%5.5%
MUB iShares National Muni Bond ETF+0.5%4.2%
FBND Fidelity Total Bond ETF+0.5%6.0%
TOTL State Street DoubleLine Total Return Tactical ETF+0.3%5.7%
UITB VictoryShares Core Intermediate Bond ETF+0.3%5.7%
IUSB iShares Core Universal USD Bond ETF+0.2%5.9%
BNDX Vanguard Total International Bond ETF+0.2%4.9%
BOND PIMCO Active Bond Exchange-Traded Fund+0.2%5.9%
BIV Vanguard Intermediate-Term Bond ETF+0.1%6.5%
TIP iShares TIPS Bond ETF0.0%6.2%
VTC Vanguard Total Corporate Bond ETF0.0%7.1%
AGG iShares Core U.S. Aggregate Bond ETF−0.1%6.2%
SCHZ Schwab U.S. Aggregate Bond ETF−0.1%6.2%
BND This pageVanguard Total Bond Market ETF−0.2%6.1%
GTO Invesco Total Return Bond ETF−0.3%5.7%
GOVT iShares U.S. Treasury Bond ETF−0.6%6.0%
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Has BND consistently beaten its popular alternatives?

This section compares BND 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 BND helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BND 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
BND Vanguard Total Bond Market ETF (this page)—+0.3%−0.7%−1.7%−1.0%−1.4%+16.3%−1.0%+14.3%6.1%0.00−18.6%0.03%$389B—
HYG BondsiShares iBoxx $ High Yield Corporate Bond ETF2/5 short3/3 long−1.6%−1.6%−1.3%−0.1%+1.4%+27.5%+17.7%+49.9%7.5%0.47−22.0%0.49%$17B—
IUSB BondsiShares Core Universal USD Bond ETF1/5 short3/3 long0.0%−0.6%−1.5%−0.7%−0.9%+18.0%+1.1%+17.8%5.9%0.07−17.9%0.06%$49B—
FBND IndustrialsFidelity Total Bond ETF0/5 short3/3 long−0.1%−0.8%−1.7%−0.9%−1.3%+18.5%+2.4%+23.1%6.0%0.11−17.3%0.36%$28B—
BOND BondsPIMCO Active Bond Exchange-Traded Fund0/5 short3/3 long+0.1%−0.9%−1.9%−0.9%−1.1%+20.3%+0.8%+20.5%5.9%0.06−19.7%0.56%$8.5B—
BIV BondsVanguard Intermediate-Term Bond ETF0/5 short3/3 long+0.2%−0.9%−2.2%−1.7%−1.9%+17.3%+0.3%+16.8%6.5%0.04−18.9%0.03%$50B—
BNDX BondsVanguard Total International Bond ETF2/5 short2/3 long+0.1%−0.7%−0.8%−0.4%−1.3%+13.4%+1.0%+15.4%4.9%0.06−16.2%0.07%$122B—
JCPB BondsJPMorgan Core Plus Bond ETF2/5 short2/3 long0.0%−0.7%−1.5%−0.5%−0.6%+20.2%+4.0%—5.5%0.17−16.7%0.40%$16B—
TIP BondsiShares TIPS Bond ETF1/5 short2/3 long+0.7%−0.6%−1.3%+0.1%−1.1%+14.2%+0.1%+24.6%6.2%0.03−14.5%0.18%$14B—
GTO BondsInvesco Total Return Bond ETF0/5 short2/3 long−0.4%−1.1%−1.8%−1.0%−1.1%+18.6%−1.5%+26.6%5.7%-0.02−20.6%0.35%$2.5B—
MUB BondsiShares National Muni Bond ETF0/5 short2/3 long+0.8%−1.7%−2.2%−1.4%−0.9%+11.8%+2.6%+19.1%4.2%0.14−13.7%0.05%$51B—
SCHZ BondsSchwab U.S. Aggregate Bond ETF0/5 short2/3 long+0.2%−0.5%−1.5%−0.8%−1.2%+16.8%−0.8%+16.1%6.2%0.01−18.7%0.03%$11B—
TOTL BondsState Street DoubleLine Total Return Tactical ETF0/5 short2/3 long+0.2%−0.9%−2.4%−2.0%−2.1%+17.7%+1.7%+13.5%5.7%0.09−16.5%0.55%$3.7B—
FIGB BondsFidelity Investment Grade Bond ETF0/5 short2/3 long0.0%−0.8%−1.9%−1.1%−1.6%+16.9%−0.4%—6.4%0.02−18.1%0.36%$634M—
UITB BondsVictoryShares Core Intermediate Bond ETF0/5 short2/3 long+0.1%−0.7%−1.6%−0.9%−1.2%+17.1%+1.6%—5.7%0.09−17.0%0.38%$2.6B—
VTC BondsVanguard Total Corporate Bond ETF0/5 short2/3 long−0.1%−1.0%−2.2%−1.4%−2.0%+19.5%−0.2%—7.1%0.03−22.1%0.03%$1.6B—
SGOV BondsiShares 0-3 Month Treasury Bond ETF4/5 short1/3 long+0.3%+0.6%+1.5%+2.6%+3.4%+13.8%+20.3%—0.3%13.25−0.3%0.09%$116B—
AGG BondsiShares Core U.S. Aggregate Bond ETF0/5 short1/3 long+0.2%−0.5%−1.5%−0.8%−1.2%+16.8%−0.6%+14.4%6.2%0.01−18.4%0.03%$139B—
CGCP BondsCapital Group Core Plus Income ETF0/5 short1/3 long−0.2%−0.8%−1.9%−1.2%−1.2%+18.9%————−15.1%0.34%$8.4B—
GOVT BondsiShares U.S. Treasury Bond ETF2/5 short0/3 long+0.5%−0.2%−1.2%−0.7%−1.3%+13.2%−2.8%+8.2%6.0%-0.07−19.1%0.05%$42B—
SPAB BondsState Street SPDR Portfolio Aggregate Bond ETF0/5 short0/3 long+0.2%−0.5%−1.6%−0.8%−1.2%+16.7%−0.7%+14.3%6.0%0.01−18.5%0.03%$10B—
BBAG BondsJPMorgan BetaBuilders U.S. Aggregate Bond ETF0/5 short0/3 long+0.2%−0.5%−1.6%−0.8%−1.2%+16.6%−1.1%—6.0%-0.03−18.9%0.03%$981M—
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How did BND do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where BND ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BND and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BND began trading on April 10, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

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

InvestmentYears ahead of BND202520242023202220212020201920182017201620152014201320122011201020092008
BND This pageVanguard Total Bond Market ETF—+7.1%+1.4%+5.7%−13.1%−1.9%+7.7%+8.8%−0.1%+3.6%+2.5%+0.6%+5.8%−2.1%+3.9%+7.9%+6.2%+3.6%+6.9%
Rank among alternativesTop quarter in 0 of 1813 of 1815 of 1812 of 1812 of 1816 of 188 of 178 of 168 of 168 of 148 of 136 of 127 of 105 of 94 of 84 of 74 of 64 of 63 of 6
SPY S&P 500State Street SPDR S&P 500 ETF14 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
HYG iShares iBoxx $ High Yield Corporate Bond ETF12 of 18+8.6%+8.0%+11.6%−11.0%+3.8%+4.5%+14.1%−2.0%+6.1%+13.4%−5.0%+1.9%+5.7%+11.7%+6.7%+11.9%+28.5%−17.6%
IUSB iShares Core Universal USD Bond ETF4 of 11+7.4%+2.1%+6.2%−13.0%−1.3%+7.6%+9.1%−0.3%+3.8%+4.0%+0.4%———————
FBND Fidelity Total Bond ETF7 of 11+7.6%+2.1%+6.8%−12.5%−0.4%+9.4%+9.8%−0.6%+3.5%+6.7%−1.0%———————
BOND PIMCO Active Bond Exchange-Traded Fund8 of 13+8.4%+2.8%+6.5%−14.6%−0.8%+7.8%+8.5%+0.4%+4.8%+2.8%+1.2%+6.6%−1.3%—————
BIV Vanguard Intermediate-Term Bond ETF8 of 18+8.5%+1.6%+6.1%−13.2%−2.4%+9.7%+10.3%−0.2%+3.6%+2.3%+1.0%+6.7%−3.6%+6.7%+11.1%+9.1%+3.9%+7.8%
BNDX Vanguard Total International Bond ETF6 of 12+2.9%+3.6%+8.8%−12.8%−2.3%+4.6%+7.8%+2.8%+2.4%+4.6%+1.2%+8.8%——————
JCPB JPMorgan Core Plus Bond ETF5 of 6+8.0%+2.9%+7.1%−12.9%−0.5%+9.2%————————————
TIP iShares TIPS Bond ETF7 of 18+6.8%+1.7%+3.8%−12.3%+5.7%+10.8%+8.4%−1.4%+2.9%+4.7%−1.8%+3.6%−8.5%+6.4%+13.3%+6.1%+8.9%+0.1%
GTO Invesco Total Return Bond ETF5 of 11+7.2%+2.6%+6.0%−14.8%−0.4%+10.8%+11.7%−0.8%+7.4%————−50.0%−14.3%———
MUB iShares National Muni Bond ETF7 of 18+3.8%+1.3%+5.6%−7.3%+1.0%+5.1%+7.0%+0.9%+4.7%−0.2%+2.3%+6.4%−6.2%+2.2%+9.2%−3.5%+3.2%−2.1%
SCHZ Schwab U.S. Aggregate Bond ETF1 of 14+7.2%+1.3%+5.6%−13.2%−1.7%+7.4%+8.7%−0.1%+5.4%+2.2%+0.4%+6.3%−2.0%+3.4%————
TOTL State Street DoubleLine Total Return Tactical ETF5 of 10+7.7%+3.1%+5.6%−11.6%−1.0%+3.6%+6.9%+0.8%+3.5%+2.8%————————
UITB VictoryShares Core Intermediate Bond ETF4 of 8+7.3%+1.8%+6.5%−12.2%−0.9%+7.5%+11.4%−1.3%——————————
VTC Vanguard Total Corporate Bond ETF4 of 8+7.6%+2.1%+8.6%−15.7%−1.4%+9.3%+14.6%−2.5%——————————
SGOV iShares 0-3 Month Treasury Bond ETF3 of 5+4.2%+5.3%+5.1%+1.6%+0.1%—————————————
AGG iShares Core U.S. Aggregate Bond ETF1 of 18+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%+0.5%+6.0%−2.0%+3.8%+7.7%+6.3%+3.0%+7.9%
GOVT iShares U.S. Treasury Bond ETF2 of 13+3.8%+3.0%+4.2%−13.4%−1.1%+7.3%+7.3%+0.3%+2.2%+0.8%+0.9%+4.7%−2.5%—————
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Risk and diversification

How BND 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 BND's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BND's four deepest drawdowns since it began trading in 2007, 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: BND began trading on April 10, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringBND fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−18.6%+13.0%Aug 2020Oct 20222.2 yearsNot yet—
2008 financial crisis−9.3%−25.9%Sep 2008Oct 20081 monthDec 20082 months
Covid crash−8.7%−16.6%Mar 2020Mar 2020Under a monthMay 20202 months
No named crash−5.2%+4.4%May 2013Sep 20134 monthsMay 20148 months

How did BND do in stock market crashes?

This section measures how far BND, 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: BND began trading on April 10, 2007, so its row reads "Not yet trading" for the dot-com bust. 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 BND.

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
BND This pageVanguard Total Bond Market ETF—0.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HYG iShares iBoxx $ High Yield Corporate Bond ETF0 of 9−1.1%−15.3%−22.0%−6.4%−1.5%−10.5%−9.8%0.0%−34.2%—
IUSB iShares Core Universal USD Bond ETF0 of 60.0%−14.8%−9.9%−1.1%−0.8%−1.7%————
FBND Fidelity Total Bond ETF0 of 60.0%−14.4%−16.1%−1.1%−1.4%−3.2%————
BOND PIMCO Active Bond Exchange-Traded Fund0 of 60.0%−16.5%−10.9%−1.1%−0.7%−1.8%————
BIV Vanguard Intermediate-Term Bond ETF0 of 90.0%−15.3%−9.2%−1.0%−0.7%−2.3%−1.6%0.0%−13.6%—
BNDX Vanguard Total International Bond ETF3 of 60.0%−13.7%−5.9%−0.8%−0.2%−1.1%————
JCPB JPMorgan Core Plus Bond ETF1 of 30.0%−14.3%−6.1%———————
TIP iShares TIPS Bond ETF0 of 90.0%−14.3%−11.2%−2.0%−1.1%−2.5%−3.8%−0.2%−14.4%—
GTO Invesco Total Return Bond ETF1 of 80.0%−17.2%−11.3%−2.8%−0.9%0.0%−31.8%−5.3%——
MUB iShares National Muni Bond ETF3 of 90.0%−10.6%−13.7%−1.4%−0.2%−0.8%−1.4%−0.1%−13.9%—
SCHZ Schwab U.S. Aggregate Bond ETF0 of 70.0%−14.6%−10.3%−1.1%−0.7%−1.6%−1.4%———
TOTL State Street DoubleLine Total Return Tactical ETF2 of 60.0%−13.2%−7.3%−0.7%−0.6%−1.3%————
UITB VictoryShares Core Intermediate Bond ETF1 of 50.0%−13.9%−8.7%−1.1%−0.7%—————
VTC Vanguard Total Corporate Bond ETF0 of 50.0%−18.5%−19.7%−1.8%−1.1%—————
SGOV iShares 0-3 Month Treasury Bond ETF1 of 20.0%0.0%————————
AGG iShares Core U.S. Aggregate Bond ETF0 of 90.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
GOVT iShares U.S. Treasury Bond ETF3 of 60.0%−13.0%−4.6%−0.9%−0.3%−2.1%————
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How closely does BND 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 BND 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 BND's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BND This pageVanguard Total Bond Market ETF13%19%0.690.15
TIP iShares TIPS Bond ETF15%17%0.870.18
HYG iShares iBoxx $ High Yield Corporate Bond ETF34%40%0.840.39
BNDX Vanguard Total International Bond ETF11%13%0.830.14
FBND Fidelity Total Bond ETF17%21%0.800.18
GTO Invesco Total Return Bond ETF19%24%0.800.22
MUB iShares National Muni Bond ETF14%18%0.760.14
IUSB iShares Core Universal USD Bond ETF15%20%0.740.16
BIV Vanguard Intermediate-Term Bond ETF13%18%0.740.15
BOND PIMCO Active Bond Exchange-Traded Fund16%22%0.730.19
SCHZ Schwab U.S. Aggregate Bond ETF14%20%0.710.16
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
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What diversifies BND?

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 BND's. Because such investments tend not to fall at the same time, pairing BND 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 BND lost money. The last two columns show a portfolio that is 80% BND and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
BND Vanguard Total Bond Market ETF (this page)1.00−1.0%0.00−13.1%−1.9%−0.1%−2.1%6.5%−0.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+6.0%+18.0%−19.8%+41.3%6.3%+4.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+103%1.06+10.4%+23.1%−8.7%+16.6%7.1%+2.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.10+178%0.94+64.4%+53.3%−18.2%+26.3%7.7%+4.2%
GLD CommoditiesSPDR Gold Shares0.41+120%0.93−0.8%−4.2%−1.9%−28.3%7.3%+3.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.42+130%0.91−10.4%+22.7%−0.9%—7.8%+3.7%
AMLP EnergyAlerian MLP ETF0.22+114%0.90+25.5%+39.1%−12.6%+18.6%7.0%+3.1%
DBA AlternativesInvesco DB Agriculture Fund0.07+66.7%0.81+2.5%+22.3%−8.7%−13.2%5.8%+1.6%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.47+56.0%0.81−8.6%+27.0%+1.5%—6.6%+1.5%

Stocks

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
BND Vanguard Total Bond Market ETF (this page)1.00−1.0%0.00−13.1%−1.9%−0.1%−2.1%6.5%−0.7%
CAH Medical - DistributionCardinal Health, Inc.0.24+471%1.54+54.1%−0.4%−24.5%+66.0%8.2%+6.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.10+2,780%1.43+1.3%+37.9%−16.3%+27.6%13.3%+18.5%
MCK Medical - DistributionMcKesson Corporation0.11+397%1.41+51.8%+44.2%−28.4%+67.7%7.6%+6.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.19+1,452%1.41+17.0%+89.0%+0.8%+61.7%11.2%+14.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.09+660%1.39+86.6%+61.0%−8.2%+48.6%8.6%+8.6%
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Common questions

What was BND's worst drawdown?

BND's deepest decline since it began trading in 2007 was 18.6%, from August 2020 to October 2022. It has not yet climbed back to that peak. Because BND launched in April 2007, that record does not include the dot-com bust.

What were BND's best and worst years?

Over 18 full calendar years, BND's best year was 2019, when it returned 8.8%. Its worst was 2022, with a return of -13.1%.

Is there a better investment than BND?

Among BND's popular alternatives, SGOV earned more than BND with less volatility over the past 5 years: 3.8% a year at 0.3% volatility, against a loss of 0.2% a year at 6.1%. Looking beyond its popular alternatives, VRIG (investment grade bonds) and SPSB (short-term corporate bonds) earned more than BND with less volatility over the past 5 years. VRIG returned 4.7% a year at 1.3% volatility, against a loss of 0.2% a year at 6.1%.

Is BND more volatile than the S&P 500?

No. BND's volatility over the past 5 years was 6.1%, 35% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BND's return lands within 6.1% 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 BND's Sharpe ratio?

BND's Sharpe ratio over the past 5 years was -0.00, against 0.78 for the S&P 500, so BND 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 BND with the S&P 500?

Over the past 5 years, BND's monthly returns had a correlation of 0.62 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 BND instead: the lower it is, the more that option would diversify a BND holding.

What are the best alternatives to BND?

None of the 21 popular alternatives we compared outperformed BND in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about BND's strength than about its alternatives.

Did BND outperform the S&P 500?

BND finished ahead of the S&P 500 (SPY) in four of 18 full calendar years. In 2025, it returned +7.1%, against +17.7% for the index.

How did BND do in stock market crashes?

BND fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when BND fell 9.3% and the S&P 500 fell 55.2%.

What diversifies BND?

These had a low correlation with BND over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.24), EMLP (correlation 0.49) and XLE (correlation 0.10); among large stocks, CAH (correlation 0.24), CLS (correlation 0.10) and MCK (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BND

Other stocks and ETFs