BNDW vs FBND: Grades, Fees and Holdings Compared

Vanguard Total World Bond ETF

BNDWANasdaq

Fidelity Total Bond ETF

FBNDANYSE Arca

Overlap

0.0%by weight

Expense ratio

BNDW −0.31pt a year

BNDW0.05%FBND0.36%

Avg volume · 30D

FBND 32.7×the volume

BNDW117KFBND3.83M

5Y return · a year

FBND +0.4pt

BNDW+0.1%FBND+0.5%

BNDW vs FBND Performance

Oct 29, 2021 – Oct 30, 2026

+0.4%BNDW+2.4%FBND

Expense ratio: BNDW 0.05%, better; FBND 0.36%
Fund size: BNDW $1.9B; FBND $27.9B
1Y total return: BNDW −0.4%; FBND −0.2%, better
Yield (12M): BNDW 4.36%; FBND 4.80%, better
Holdings: BNDW 4; FBND 4840
Avg volume (30D): BNDW 117K sh; FBND 3.83M sh, better
NAV per share: BNDW $66.90; FBND $44.10
52W range

ETF.net Grade

Pillar letters and Scores for BNDW, FBND, with each pillar’s weight
Pillar	BNDW	FBND
Cost30% weight	A100Higher	B64
Mission25% weight	A100	A100
Risk15% weight	C43Higher	D36
Tradability15% weight	B67	A83Higher
Holdings10% weight	F20	B64Higher
Durability5% weight	A83	A89Higher

Rank among Global Aggregate Bond (Unhedged) funds

How we build Categories ›

Same Category. BNDW and FBND are both graded against the same 28 Global Aggregate Bond (Unhedged) funds, so their Grades compare head to head.

Global Aggregate Bond (Unhedged)⁠

Category · 28 funds

See all 28 ›

BNDW ranks 2nd and FBND 6th of 28 funds in the Global Aggregate Bond (Unhedged) Category.

Rank 1ADFGPDimensional Global Core Plus Fixed Income ETFScore 80
Rank 2ABNDWVanguard Total World Bond ETFScore 77
Rank 2AGRNBVanEck Green Bond ETFScore 77
Rank 6AEVTREaton Vance Total Return Bond ETFScore 73
Rank 6AFBNDFidelity Total Bond ETFScore 73
Rank 8BBINCiShares Flexible Income Active ETFScore 68

Our read on each fund

ETF.net Research

BNDWAVanguard Total World Bond ETF

FBNDAFidelity Total Bond ETF

In short

BNDW One ticker for the whole investment-grade bond market, home and abroad. Vanguard built BNDW as a wrapper around its own US and international bond funds and prices the package at 0.05% a year.

FBND An active core bond fund in an ETF wrapper: Fidelity treats the Bloomberg U.S. Aggregate as a benchmark, not a cage, adding high-yield and emerging-market debt to the investment-grade base. Pays monthly.

Stated mandate

BNDW The fund seeks to track the Bloomberg Global Aggregate Float Adjusted Composite Index and provide broad exposure to the global investment-grade bond market through an ETF-of-ETFs structure.

FBND The fund seeks a high level of current income. It normally invests at least 80% of assets in debt securities and repurchase agreements, diversifying across investment-grade, high-yield, and emerging-market debt.

Why people hold it

BNDW 0.05% a year against a category median of 0.36%. The global version costs a fraction of what the typical aggregate bond fund charges.
An ETF-of-ETFs by design: one buy covers US and overseas investment-grade bonds, tracking the Bloomberg Global Aggregate Float Adjusted Composite Index.vanguard.com
Income arrives monthly, not quarterly, and the fund has hugged its benchmark closely rather than drifting from it.
Running since 2018 and now a multi-billion-dollar fund, it sits among the stronger builds in a crowded aggregate-bond field.

FBND Active where the core-bond aisle is mostly passive: the mandate spans investment-grade, high-yield and emerging-market debt, so the manager can go where the index barely reaches.fidelity.com
Roughly 2,700 bonds across the credit spectrum, with income paid monthly. One ticket instead of three separate sleeves.
Trading since 2014 at 0.36%, the median fee for its category. Fidelity isn't charging a premium for the active label.
A multi-billion-dollar fund that trades actively, so getting in or out is rarely the hard part.

Worth knowing

BNDW US-only aggregate funds (BND, SPAB, SCHZ) run a touch cheaper at 0.03%. Global reach is what the extra basis points buy.
Volume is moderate next to the US aggregate giants, which can show up as a wider spread when you trade.
Still a bond fund: prices move against interest rates, and here the rate cycles of several countries feed into that, not just the Fed's.

FBND The index Aggs are far cheaper: BND, AGG and SPAB all run 0.03%. That gap is the hurdle the active calls have to clear every year.
High-yield and emerging-market debt add credit risk that a pure Aggregate tracker does not carry.fidelity.com
Outcomes ride on the manager's decisions, not index replication. The Aggregate is the yardstick here, not the holdings list.

Full BNDW profile⁠

Full FBND profile⁠

BNDW vs FBND Holdings

How BNDW and FBND differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BNDW and 0.0% of FBND.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile31.4%

Sector

No Sector split for BNDW.

Country, concentration and asset class

Country by domicile

Country weights in BNDW and FBND, widest gap first
Country	More in BNDWMore in FBND	BNDW	FBND
Brazil	FBND +38.7 points	0.0%	38.7%
Ireland	FBND +30.0 points	0.3%	30.3%
United States	BNDW +19.3 points	50.3%	31.0%
Japan	BNDW +5.7 points	5.7%	0.0%
France	BNDW +5.6 points	5.6%	0.0%
Germany	BNDW +5.1 points	5.1%	0.0%
United Kingdom	BNDW +4.4 points	4.4%	0.0%
Supranational	BNDW +4.4 points	4.4%	0.0%
Other countries (31)	BNDW +24.3 points	24.3%	0.0%

Outside the US: BNDW 80% developed, 20% emerging. FBND 44% developed, 56% emerging.

Concentration

Weight in the 10 largest Holdings

BNDW100.0%
FBND15.2%

Securities held

BNDW2
FBND4,793

Asset class

BNDW: Fixed Income
FBND: Equity

Holdings

Only in BNDW2
In both0
Only in FBND4,793

Only in BNDW

2 securities, 100% of BNDW by weight

Vanguard Total Bond Market ETF51.31%
Vanguard Total International Bond ETF48.69%

Only in FBND

4,793 securities, 100% of FBND by weight

Ustn 4.125% 02/15/361.97%
Ustn 4.375% 05/15/361.86%
Ustn 4.25% 08/15/351.82%
Ustb 5% 05/15/561.36%
Ustb 4.25% 02/15/541.34%
Ustn 3.875% 12/31/321.33%
Umbs 30YR 2% 12/56 #tba1.24%
Ustb 4.5% 11/15/541.10%
Ustn 4% 01/31/331.03%
Ustn 4.25% 05/15/351.01%
Ustb 4.75% 08/15/550.98%
Ustb 5.125% 08/15/560.96%
Ustn 4.125% 05/31/320.92%
Ustb 4.75% 05/15/550.91%
Ustn 4.25% 11/15/340.90%
Ustb 4.75% 02/15/560.88%
Ustn 4% 11/15/350.85%
Ustn 4.625% 02/15/350.77%
Gnii Ii 5.5% 12/56 #tba0.73%
Ustb 4% 11/15/520.73%
Ustb 4.625% 05/15/540.71%
Ustb 4.625% 11/15/550.70%
Ustb 4.25% 08/15/540.65%
Gnii Ii 5.5% 11/56 #tba0.62%
Ustb 3.625% 02/15/530.53%
Ustn 3.5% 02/15/330.53%
Ustn 4.375% 07/31/330.53%
Ustn 3.875% 08/15/340.52%
Ustn 4.25% 06/30/330.52%
Ustn 3.375% 05/15/330.52%
Ustn 4.5% 11/15/330.50%
Gnii Ii 6% 12/56 #tba0.46%
Ustn 3.75% 02/28/330.45%
Ustn 4% 07/31/320.44%
Ustb 4.125% 08/15/530.41%
Jpmc Co 4.493%/VAR 03/24/310.41%
Gnma Ii 5% 07/56#MB12840.41%
Ustn 4.5% 08/31/330.40%
Ustn 4.625% 08/15/360.39%
Boa Corp 3.419%/VAR 12/20/280.38%
Ustn 3.75% 11/30/320.37%
Ustn 4% 06/30/320.37%
Jpmc Co 4.452%/VAR 12/05/290.36%
Ustb 4.625% 02/15/550.34%
Mstdw 4.431%/VAR 01/23/300.32%
Ustn 3.875% 08/15/330.31%
Ustn 4.125% 04/30/330.31%
Wellsfargo 4.478%/VAR 04/04/310.31%
Ustn 4.125% 03/31/320.31%
Boa Corp 2.592%/VAR 04/29/310.30%

Weight gaps

BNDW and FBND share no securities.

All 2 BNDW holdings⁠All 2,742 FBND holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BNDW vs FBND Cost

Overpaying FBND vs BNDW

$6,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BNDW 0.05%
$1,060
FBND 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

BNDW 0.05%
FBND 0.36%
Overpaying

Year by year

Year	BNDW	FBND	Overpaying
10	$92	$652	$560
20	$360	$2,522	$2,162
30	$1,060	$7,320	$6,260

Expense ratio

0.05%BNDW, cheaper
0.36%FBND

BNDW0.05%FBND0.36%

0.05%1.15%

Middle half of Global Aggregate Bond (Unhedged) funds
Median 0.40%

BNDW cheapest of 28 funds

FBND 11th cheapest of 28 funds

BNDW vs FBND Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BNDW 4.36%; FBND 4.80%, better
Payout (12M): BNDW $2.92; FBND $2.12
Last payment: BNDW $0.20; FBND $0.18
Ex-dividend: BNDW Oct 1, 2026; FBND Oct 29, 2026
Paid on: BNDW Oct 5, 2026; FBND Pays Nov 2, 2026
Frequency: BNDW Monthly; FBND Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BNDWMonthly · 45 paymentsAll BNDW payments⁠

FBNDMonthly · 46 paymentsAll FBND payments⁠

BNDW vs FBND Risk

Fall from peak · 5 years

BNDW
FBND

Risk facts

VolatilityStd dev, 3 years: BNDW 4.7%, betterFBND 5.6%
Return per unit of riskSharpe ratio, 3 years: BNDW 0.10FBND 0.26, better
Worst fallMax drawdown, 5 years: BNDW −16.2%, betterFBND −16.9%
Market sensitivityBeta, 5 years: BNDW 0.82FBND 0.99; Market = 1

BNDW and FBND in the news

All news⁠

First-Year Review
Myriad's allocation fund gained 17%, 1.6 percentage points ahead of global stocks
Oct 2, 2026BNDW

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BNDW vs FBND

In short

Stated mandate

Why people hold it

Worth knowing

How BNDW and FBND differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BNDW

Only in FBND

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Myriad's allocation fund gained 17%, 1.6 percentage points ahead of global stocks

How BNDW and FBND differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BNDW

Only in FBND

Weight gaps