BNDW vs SIO: Grades, Fees and Holdings Compared

Vanguard Total World Bond ETF

BNDWANasdaq

Touchstone Strategic Income ETF

SIOCNYSE Arca

Overlap

No data

Expense ratio

BNDW −0.45pt a year

BNDW0.05%SIO0.50%

Avg volume · 30D

BNDW 2.6×the volume

BNDW117KSIO45.3K

3Y return · a year

SIO +3.0pt

BNDW+4.9%SIO+7.9%

BNDW vs SIO Performance

Oct 31, 2025 – Oct 30, 2026

−0.4%BNDW+1.1%SIO

Expense ratio: BNDW 0.05%, better; SIO 0.50%
Fund size: BNDW $1.9B; SIO $287M
1Y total return: BNDW −0.4%; SIO +1.1%, better
Yield (12M): BNDW 4.36%; SIO 7.01%, better
Holdings: BNDW 4; SIO 242
Avg volume (30D): BNDW 117K sh, better; SIO 45.3K sh
NAV per share: BNDW $66.90; SIO $24.84
52W range

ETF.net Grade

Pillar letters and Scores for BNDW, SIO, with each pillar’s weight
Pillar	BNDW	SIO
Cost30% weight	A100Higher	D39
Mission25% weight	A100Higher	A70
Risk15% weight	C43	B60Higher
Tradability15% weight	B67Higher	F21
Holdings10% weight	F20	C47Higher
Durability5% weight	A83Higher	C44

Rank among Global Aggregate Bond (Unhedged) funds

How we build Categories ›

Same Category. BNDW and SIO 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 SIO 19th 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 18BNFLTVirtus Newfleet Multi-Sector Bond ETFScore 55
Rank 19CSIOTouchstone Strategic Income ETFScore 48
Rank 20CSCMCSterling Capital Multi-Strategy Income ETFScore 47

Our read on each fund

ETF.net Research

BNDWAVanguard Total World Bond ETF

SIOCTouchstone Strategic Income 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.

SIO A go-anywhere income fund that leans into structured credit (mortgage, asset-backed and CLO paper) instead of guessing on rates, with at least half the book kept in investment-grade debt. Income lands 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.

SIO The Fund seeks a high level of current income while emphasizing capital preservation. It invests primarily in income-producing fixed-income securities through an actively managed, yield-oriented strategy.

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.

SIO Wide mandate: at least 80% in income-producing bonds, with a documented tilt toward structured products (MBS, CMBS, ABS, CLOs) that core bond indexes barely touch.sec.gov sec.gov 2
Duration is a risk dial, not a forecast. Touchstone says the team avoids large interest-rate positions because rates are hard to predict, leaning on credit and structure work.westernsouthern.com
A credit barbell with a floor: at least 50% must sit in investment-grade debt, while up to 50% can go to high yield. The split is written into the strategy, not improvised.sec.gov
Run since its 2022 launch by sub-advisor Fort Washington as a high-conviction, yield-oriented book, and it pays out monthly.westernsouthern.com

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.

SIO Costs 0.50% net of a waiver through April 29, 2027 (0.82% gross), above the category median and far above index rivals like BNDW at 0.05%.
Up to half the portfolio can hold below-investment-grade bonds, which the prospectus calls speculative. Structured credit adds prepayment and complexity risk.sec.gov
Shares trade thinly next to the category's index giants, so spreads and premiums can run wider.

Full BNDW profile⁠

Full SIO profile⁠

BNDW vs SIO Holdings

How BNDW and SIO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile58.6%
Asset classFixed Income100%

Sector

No Sector split for BNDW and SIO.

Country, concentration and asset class

Country by domicile

Country weights in BNDW and SIO, widest gap first
Country	More in BNDWMore in SIO	BNDW	SIO
United States	SIO +39.7 points	50.3%	90.0%
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%
Italy	BNDW +3.6 points	3.6%	0.0%
Supranational	BNDW +2.7 points	4.4%	1.7%
Spain	BNDW +2.6 points	2.6%	0.0%
United Kingdom	BNDW +2.0 points	4.4%	2.4%
Other countries (32)	BNDW +12.5 points	18.4%	5.9%

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

Concentration

Weight in the 10 largest Holdings

BNDW100.0%
SIO30.8%

Securities held

BNDW2
SIO215

Asset class

BNDW: Fixed Income
SIO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BNDW holds 2 securities, SIO 215.

All 2 BNDW holdings⁠All SIO 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 SIO Cost

Overpaying SIO vs BNDW

$8,919

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

BNDW 0.05%
$1,060
SIO 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BNDW 0.05%
SIO 0.50%
Overpaying

Year by year

Year	BNDW	SIO	Overpaying
10	$92	$900	$808
20	$360	$3,460	$3,100
30	$1,060	$9,979	$8,919

Expense ratio

0.05%BNDW, cheaper
0.50%SIO

BNDW0.05%SIO0.50%

0.05%1.15%

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

BNDW cheapest of 28 funds

SIO 18th cheapest of 28 funds

BNDW vs SIO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BNDW 4.36%; SIO 7.01%, better
Payout (12M): BNDW $2.92; SIO $1.75
Last payment: BNDW $0.20; SIO $0.10
Ex-dividend: BNDW Oct 1, 2026; SIO Oct 29, 2026
Paid on: BNDW Oct 5, 2026; SIO Oct 30, 2026
Frequency: BNDW Monthly; SIO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BNDWMonthly · 45 paymentsAll BNDW payments⁠

SIOMonthly · 48 paymentsAll SIO payments⁠

BNDW vs SIO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BNDW 4.7%, betterSIO 5.0%
Return per unit of riskSharpe ratio, 3 years: BNDW 0.10SIO 0.66, better
Worst fallMax drawdown, 5 years: BNDW −16.2%SIO −7.6%since Jul 2022
Market sensitivityBeta, 5 years: BNDW 0.82SIO 0.84; Market = 1

BNDW and SIO 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 SIO

In short

Stated mandate

Why people hold it

Worth knowing

How BNDW and SIO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

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 SIO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings