Data as of Oct 28, 2026.
BND vs USMV: Differences, Returns & Fees
Over the year to Oct 28, 2026, BND returned −1.3% to USMV's +10.8%; 0% of their weight is in the same names.
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Net assets: $161.4bn on Sep 30, 2026 for Vanguard Total Bond Market ETF, and $24.1bn on Oct 27, 2026 for iShares MSCI USA Min Vol Factor ETF.
Pair scorecard
BND costs 0.12 points a year less; their one-year returns differ by 12.1 points; BND is 7.0 times larger.
| Measure | BND | USMV |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.3% | +10.8% |
| Drawdown | ||
| Below its high | 3.5%, high on Aug 6, 2020 | |
| Benchmark | ||
| What it tracks | Bloomberg U.S. Aggregate Float Adjusted Index | MSCI USA Minimum Volatility (USD) Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.15% |
| Net assets, as of Sep 30, 2026 | $161.4bn | $23.2bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 93% | |
| Top ten holdings, share of the fund | 14.8% | |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Oct 28, 2011 to Oct 23, 2026 · 782 weekly returnsUSMV returned more: +423.5% to +32.4%. BND swung less: 4.6% to 13.4%. BND fell less at its worst: −18.4% to −30.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | BND | USMV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +32.4% | +423.5% | USMV | Price change plus distributions, reinvested. |
| Annualized | +1.9% | +11.6% | USMV | Total return as a yearly rate. |
| Price return | −14.5% | +295.7% | USMV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 4.6% | 13.4% | BND | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.4% | 9.3% | BND | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.4% | −30.6% | BND | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.06 | 0.76 | USMV | Return above Treasury bills per unit of volatility. |
| Sortino | 0.08 | 1.09 | USMV | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.10 | 0.38 | USMV | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 782 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, BND and USMV hold 0% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
BND and USMV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
BND and USMV do different jobs. What does each one do in a portfolio?
- What each follows. BND follows Bloomberg U.S. Aggregate Float Adjusted Index and USMV follows MSCI USA Minimum Volatility (USD) Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Sep 30, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 BND returned −1.3% and USMV +10.8% with distributions reinvested, a gap of 12.1 points.
Data as of Oct 28, 2026.
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BND
BND tracks an index of US aggregate bonds. Over the year to Oct 28, 2026 it returned −1.3% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Float Adjusted Index, measured by the closely related Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.03% a year. It sat 3.5% below its high of Aug 6, 2020 on Oct 28, 2026.
USMV
USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 28, 2026 it returned +10.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 14.8%.
Questions people ask
- Which returned more over the last year, BND or USMV?
- In the year to Oct 28, 2026, with distributions reinvested, BND returned −1.3% and USMV +10.8%.
- Which is cheaper, BND or USMV?
- BND is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, BND against USMV, data as of Oct 28, 2026. https://etfiq.com/compare/any/bnd-vs-usmv
ETFIQ. (Oct 28, 2026). BND against USMV. Retrieved from https://etfiq.com/compare/any/bnd-vs-usmv
[BND against USMV (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/bnd-vs-usmv)
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