F Fund vs
Backtest F Fund vs BNDApr 10, 2007 – Oct 2, 2026, TSP-F for the F Fund, BND for BND, BND sets the start date
Growth of $10,000
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Key metrics
| Return | F Fund | BND |
|---|---|---|
| Final balance | $17,980 | $17,204 |
| Total return | +79.80% | +72.04% |
| CAGR | +3.06% | +2.82% |
| Calendar years | F Fund | BND |
|---|---|---|
| Best year | +8.68% | +8.83% |
| Worst year | −12.83% | −13.11% |
| Positive years | 15 of 18 | 15 of 18 |
| Risk | F Fund | BND |
|---|---|---|
| Max drawdown | −17.98% | −18.58% |
| Longest drawdown | 6.2 years | 6.2 years |
| Volatility (annualized) | 4.41% | 5.19% |
| Risk-adjusted | F Fund | BND |
|---|---|---|
| Sharpe ratio | 0.71 | 0.56 |
| Sortino ratio | 1.01 | 0.80 |
| Calmar ratio | 0.17 | 0.15 |
Trailing returns
| Period | F Fund | BND | F Fund − BND |
|---|---|---|---|
| YTD | −2.70% | −2.67% | −0.03% |
| 1Y | −2.10% | −2.15% | +0.05% |
| 3Y | +4.33% | +4.29% | +0.04% |
| 5Y | −0.62% | −0.68% | +0.06% |
| 10Y | +1.23% | +1.19% | +0.05% |
| 15Y | +1.96% | +1.73% | +0.23% |
Rolling returns
| Period | F Fund median | BND median | More often ahead |
|---|---|---|---|
| 1Y | +4.07% | +3.93% | F Fund 67% |
| 3Y | +3.29% | +2.81% | F Fund 82% |
| 5Y | +3.07% | +2.73% | F Fund 91% |
| 10Y | +3.09% | +2.77% | F Fund >99% |
Worst drawdowns · F Fund
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −18.0% | Aug 2020 | Oct 2022 | Not yet | 6.2 years so far |
| −6.4% | Mar 2020 | Mar 2020 | Jun 2020 | 4 months |
| −5.1% | Sep 2008 | Oct 2008 | Dec 2008 | 3 months |
| −4.8% | May 2013 | Sep 2013 | Apr 2014 | 1 year |
| −4.3% | Jul 2016 | Dec 2016 | Aug 2017 | 1.1 years |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −18.6% | Aug 2020 | Oct 2022 | Not yet | 6.2 years so far |
| −9.3% | Sep 2008 | Oct 2008 | Dec 2008 | 3 months |
| −8.7% | Mar 2020 | Mar 2020 | May 2020 | 2 months |
| −5.2% | May 2013 | Sep 2013 | May 2014 | 1 year |
| −4.8% | Jul 2016 | Dec 2016 | Aug 2017 | 1.1 years |
Annual returns
| Year | F Fund | BND | F Fund − BND |
|---|---|---|---|
| 2017 | +3.82% | +4.00% | −0.18% |
| 2018 | +0.15% | +0.12% | +0.04% |
| 2019 | +8.68% | +8.83% | −0.15% |
| 2020 | +7.50% | +7.72% | −0.22% |
| 2021 | −1.46% | −1.86% | +0.40% |
| 2022 | −12.83% | −13.11% | +0.28% |
| 2023 | +5.58% | +5.65% | −0.08% |
| 2024 | +1.33% | +1.38% | −0.05% |
| 2025 | +7.21% | +7.08% | +0.12% |
| 2026to Oct 2 | −2.70% | −2.67% | −0.03% |
About F Fund vs BND
Both track the broad US investment-grade bond market. The F Fund is only available inside the Thrift Savings Plan, the retirement plan for federal employees and the military. BND is a Vanguard ETF that anyone can buy.
The F Fund returned 3.1% a year from Apr 2007 to Oct 2026, against 2.8% for BND. Both fell furthest in 2020–2022, the F Fund by 18.0% and BND by 18.6%. The F Fund beat BND in 11 of 18 full years and in nearly every rolling 10-year period.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The comparison starts on Apr 10, 2007, when BND's prices begin.