What did BNDX do before 2013?

Before Jul 2013 the series is PFORX's. Those 20.5 years (Jan 1993–Jun 2013) show 7.5% a year with 4.1% annualized volatility and a worst drawdown of -9.9% (Nov 1993–Aug 1994). In major S&P 500 declines: 1998 LTCM sell-off, 0.8% versus -15.3% for the S&P 500 (PFORX); 2000–02 dot-com bear, 19.9% versus -44.7% for the S&P 500 (PFORX); 2007–09 financial crisis, -0.4% versus -50.8% for the S&P 500 (PFORX). The full extended history's worst drawdown is -14.9% (Dec 2020–Sep 2022).

How closely does PFORX track BNDX?

Over 159 overlapping months (Jul 2013–Sep 2026), PFORX had a correlation of 0.929 with BNDX, a tracking error of 1.5% a year and a tracking difference of +1.07% a year (grade: approximate).

How far back can you test BNDX? To Jan 1993, with PFORX

Computed by the MarketHeist portfolio engine · Published 2026-10-10 · Updated 2026-10-10 · Data through Sep 2026

BNDX (Intl Bonds (hedged)) has its own monthly data from Jul 2013. Spliced with PFORX it reaches back to Jan 1993, which adds 20.5 years (61% of the extended history comes from proxies). Data through Sep 2026.

What you'd have missed

BNDX's own data starts in Jul 2013; PFORX extends it to Jan 1993, 20.5 more years.
Its own history misses the 1998 LTCM sell-off, the 2000–02 dot-com bear and the 2007–09 financial crisis.
Its worst drawdown, -14.9% (Dec 2020–Sep 2022), is already inside the ETF's own history; the extension does not change the worst case.
Over the 159 overlapping months PFORX returned 1.1% a year more than BNDX, so the proxy years likely overstate what BNDX would have earned by a similar margin.

How the history is built

BNDX (ETF) Jul 2013 → now

PFORX (PIMCO International Bond Fund (USD-Hedged), mutual fund) used Jan 1993 → Jun 2013; its own data runs Jan 1993 → now

Jan 1993Sep 2026

Solid bars are the months each fund contributes to the spliced series; the outline shows how far a proxy's own data runs. Each month uses the youngest fund that has data for it; returns are spliced, not prices (dividends reinvested via adjusted close).

How well each proxy tracked BNDX

Proxy	Kind	Months contributed	Overlap with BNDX	Correlation	Tracking error	Tracking difference	Beta	Vol ratio	Grade
PFORXPIMCO International Bond Fund (USD-Hedged)	mutual fund	Jan 1993–Jun 2013246 months	Jul 2013–Sep 2026159 months	0.929	1.50%	+1.07%	0.84	0.90	Approximate

Statistics are over the months a proxy and BNDX both have data. Tracking error is annualized; tracking difference is the annualized geometric gap (positive: the proxy earned more). Page grade: approximate, the worst grade among the proxies that contribute months.

BNDX's own history versus the extended history

	The ETF's own history	Proxy years only	Full extended history
Window	Jul 2013 – Sep 202613.3 years	Jan 1993 – Jun 201320.5 years	Jan 1993 – Sep 202633.8 years
Growth of $10,000	$13,529	$44,021	$59,558
CAGR	2.3%	7.5%	5.4%
Annualized volatility	4.0%	4.1%	4.1%
Sharpe ratio (risk-free 0%)	0.58	1.81	1.31
Max drawdown	-14.9%Dec 2020 → Sep 2022; recovered Feb 2026	-9.9%Nov 1993 → Aug 1994; recovered Aug 1995	-14.9%Dec 2020 → Sep 2022; recovered Feb 2026
Worst complete calendar year	2022 (-12.8%)	1994 (-7.3%)	2022 (-12.8%)
Best complete calendar year	2023 (8.8%)	1995 (21.3%)	1995 (21.3%)
Longest underwater (months)	61	20	61
Major declines covered	2	3	5

The columns cover different years, so a higher or lower CAGR is not a verdict on the fund; the point is which market regimes each window includes. Growth of $10,000 is the same one-asset, buy-and-hold calculation the live portfolio app makes.

Growth of $10,000

Log scale, so the early decades are not flattened. Grey is the proxy period; blue is BNDX's own data. Dashed lines mark where each fund's returns begin.

Drawdowns

Decline from the prior peak at month-end, the "underwater" curve.

How BNDX did in each major US stock-market decline since 1985

Decline	S&P 500	BNDX over the same months	Source of those months
1987 crashSep 1987–Nov 1987	-29.8%	not covered	before available data
1998 LTCM sell-offJul 1998–Aug 1998	-15.3%	0.8%	PFORX
2000–02 dot-com bearSep 2000–Sep 2002	-44.7%	19.9%	PFORX
2007–09 financial crisisNov 2007–Feb 2009	-50.8%	-0.4%	PFORX
2020 COVID crashJan 2020–Mar 2020	-19.4%	-0.4%	ETF
2022 inflation bearJan 2022–Sep 2022	-23.9%	-12.9%	ETF

The decline windows are computed, not chosen: every peak-to-trough fall of at least 15% (month-end) in the S&P 500 series since 1985. The fund's figure compounds its monthly returns from the month after the S&P 500's peak through the trough.

BNDX's own five deepest drawdowns (extended history)

Peak	Trough	Depth	Recovery	Source of the decline months
Dec 2020	Sep 2022	-14.9%	Feb 2026	ETF
Nov 1993	Aug 1994	-9.9%	Aug 1995	PFORX
Feb 2008	Nov 2008	-9.0%	Jun 2009	PFORX
Apr 2013	Jun 2013	-3.7%	Apr 2014	PFORX
Apr 1999	Aug 1999	-3.4%	Mar 2000	PFORX

This covers declines the equity windows miss, such as the bond bear markets of 1994 and 2022.

Caveats

Before Jul 2013 the returns are PFORX's, after that fund's own costs; the measured gap while both existed is +1.07% a year.
Monthly month-end data: intra-month drawdowns were deeper than shown.
Dividends are reinvested; no taxes or trading costs are modeled.
Our data source's series for PFORX begins Jan 1993; the fund itself may be older.

Test it yourself

Open BNDX as a one-asset portfolio in the live app, where every number recomputes from fresh data.

Open BNDX (100%) in the portfolio builder →

Used in portfolios: Global Asset Allocation, Betterment Core

Used in guides: Betterment Core, Global Asset Allocation

All fund histories →

Frequently asked questions

How far back does BNDX data go?: BNDX (Intl Bonds (hedged)) has its own monthly data from Jul 2013. Spliced with PFORX it reaches back to Jan 1993, which adds 20.5 years (61% of the extended history comes from proxies). Data through Sep 2026.
What did BNDX do before 2013?: Before Jul 2013 the series is PFORX's. Those 20.5 years (Jan 1993–Jun 2013) show 7.5% a year with 4.1% annualized volatility and a worst drawdown of -9.9% (Nov 1993–Aug 1994). In major S&P 500 declines: 1998 LTCM sell-off, 0.8% versus -15.3% for the S&P 500 (PFORX); 2000–02 dot-com bear, 19.9% versus -44.7% for the S&P 500 (PFORX); 2007–09 financial crisis, -0.4% versus -50.8% for the S&P 500 (PFORX). The full extended history's worst drawdown is -14.9% (Dec 2020–Sep 2022).
How closely does PFORX track BNDX?: Over 159 overlapping months (Jul 2013–Sep 2026), PFORX had a correlation of 0.929 with BNDX, a tracking error of 1.5% a year and a tracking difference of +1.07% a year (grade: approximate).

Methodology

Source: Yahoo Finance via MarketHeist, monthly adjusted close (dividends reinvested). Months run to the last complete calendar month.
Splice rule: Each month uses the youngest fund that has data for it; returns are spliced, not prices (dividends reinvested via adjusted close).
Numbers: Computed by the MarketHeist portfolio engine as a one-asset, 100% buy-and-hold portfolio, the same calculation the live app makes. Sharpe uses a risk-free rate of 0%. Drawdowns are month-end.
Correlation: Pearson correlation of monthly returns over the months both funds have.
Tracking error: Standard deviation of the monthly return differences (proxy minus BNDX) times the square root of 12.
Tracking difference: Annualized geometric return of the proxy minus that of BNDX over the overlap. Positive means the proxy earned more.
Beta and vol ratio: Beta is the covariance of the proxy with BNDX divided by the variance of BNDX; vol ratio is the proxy's standard deviation divided by BNDX's.
Grades: Close: correlation of at least 0.95 and tracking error of at most 3%. Approximate: tracking error of at most 8% and either a cash-like fund (volatility of at most 3%) or correlation of at least 0.80 with a vol ratio of at most 1.25. Category stand-in: anything weaker.
Generated: 2026-10-10; data through Sep 2026. Reproduce hash of the full extended one-asset portfolio: 41be489c96f9f02b

Historical simulation, not investment advice. Past returns, including spliced proxy returns, do not predict future results.