BND — Vanguard Total Bond Market Index Fund

BND Price Performance — Growth of $10,000

Value of a $10,000 investment in BND over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

BND Drawdown

The "underwater" chart: BND's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

Vanguard Total Bond Market Index Fund, with the ticker BND, is a broad US bond market index fund issued by Vanguard. It is the second most popular ETF in its category, ranking #264 out of 458 tracked ETFs across all categories, and has received a grade of C from ETFValuer, indicating a score of 58.3/100. The fund has an expense ratio of 0.03%, which is relatively low, and a dividend yield of 4.03%, making it an attractive option for income-seeking investors. With an asset under management (AUM) of $397B, the fund is one of the largest in its category, suggesting strong investor adoption and liquidity. The price of $72.23 per share is in line with its substantial AUM, reflecting the fund's popularity and market presence.

The performance of BND shows a mixed picture across different time horizons. In the short term, the fund experienced a decline of 0.15% in one day and 0.11% in one week, indicating some volatility. However, over the longer term, the fund has shown more stability, with a 1-month return of +0.32% and a 3-month return of +0.05%. The 6-month return of -1.51% and the year-to-date (YTD) return of -0.15% suggest a slight downturn, but the 1-year return of +2.17% and the 3-year return of +13.49% indicate a positive trend over the past three years. This suggests that while the fund has faced some short-term challenges, it has generally performed well in the long run.

The risk profile of BND is characterized by a very low volatility label, a beta of 0.98, a Sharpe ratio of -0.77, and a maximum drawdown of -4.74%. The very low volatility label suggests that the fund is relatively stable and less prone to significant price fluctuations compared to the broader market. The beta of 0.98 indicates that the fund's price movements are closely aligned with the overall bond market, making it a good choice for investors seeking to match the performance of the broader bond market. The negative Sharpe ratio, while not ideal, reflects the trade-off between risk and return, indicating that the fund's returns have not been sufficient to compensate for the risk taken. The maximum drawdown of -4.74% suggests that the fund has experienced a significant decline in value, but it is still within a reasonable range for a bond fund. Overall, these figures imply that BND is a relatively low-risk investment, suitable for investors who are looking for stability and income without the need for high returns.

AI-generated summary based on the data on this page.

BND Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 4.8% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how BND's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With BND

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with BND's top 10 — VCSH overlaps most, holding 2 of the same companies as BND's top 10 (4.8% of BND's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.69% (as of 2026-08-20) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 16.01 (as of 2026-08-20) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-07-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

BND Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.03% and average daily volume is 8.0M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $397B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: BND is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

BND Performance History

How BND Compares to Other US Bonds - Broad ETFs