BND Dividend Calculator
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Dividend growth rate (CAGR)
| Year | Start Balance | Start Shares | Share Price | Dividend / Share | Dividend Yield | Yield on Cost | Annual Dividend | Total Dividends | End Shares | End Balance |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | $10,000 | 136.13 | $71.32 | $2.97 | 4.16% | 3.69% | $457.08 | $457.08 | 175.65 | $12,528 |
| 2 | $12,528 | 175.65 | $69.25 | $2.97 | 4.29% | 3.91% | $578.28 | $1,035 | 218.09 | $15,102 |
| 3 | $15,102 | 218.09 | $67.23 | $2.97 | 4.41% | 4.12% | $708.48 | $1,744 | 263.71 | $17,730 |
| 4 | $17,730 | 263.71 | $65.28 | $2.97 | 4.55% | 4.33% | $848.54 | $2,592 | 312.82 | $20,419 |
| 5 | $20,419 | 312.82 | $63.38 | $2.97 | 4.68% | 4.54% | $999.38 | $3,592 | 365.74 | $23,179 |
| 6 | $23,179 | 365.74 | $61.53 | $2.97 | 4.82% | 4.76% | $1,162 | $4,754 | 422.86 | $26,019 |
| 7 | $26,019 | 422.86 | $59.74 | $2.97 | 4.97% | 4.99% | $1,338 | $6,092 | 484.60 | $28,950 |
| 8 | $28,950 | 484.60 | $58.00 | $2.97 | 5.12% | 5.23% | $1,528 | $7,619 | 551.41 | $31,983 |
| 9 | $31,983 | 551.41 | $56.31 | $2.97 | 5.27% | 5.49% | $1,734 | $9,353 | 623.84 | $35,131 |
| 10 | $35,131 | 623.84 | $54.68 | $2.97 | 5.43% | 5.76% | $1,957 | $11,310 | 702.46 | $38,408 |
S&P 500 is included only as a total-portfolio-value reference — it isn't the most meaningful benchmark for income-focused strategies. The 10% baseline reflects the index's long-term nominal total return (price + dividends), a reference rather than a forecast.
Historical dividends per share
Over the last 5 years, BND's dividend grew n/a/yr and its share price grew -2.91%/yr. Forward yield: 3.96%. Yield drifted from 2.6% to 4.3%.
Based on dividends paid July 2021 to June 2026.
Recent dividends
| Ex-date | Cash amount | TTM yield | Fwd yield | Share price |
|---|---|---|---|---|
| 2026-06-01 | $0.25 | 3.95% | 4.04% | $73.46 |
| 2026-05-01 | $0.24 | 3.94% | 3.95% | $73.36 |
| 2026-04-01 | $0.25 | 3.93% | 4.09% | $73.42 |
| 2026-03-02 | $0.23 | 3.85% | 3.66% | $74.64 |
| 2026-02-02 | $0.25 | 3.88% | 3.99% | $73.91 |
| 2025-12-18 | $0.25 | 3.85% | 3.99% | $74.15 |
| 2025-12-01 | $0.24 | 3.83% | 3.86% | $74.25 |
| 2025-11-03 | $0.24 | 3.81% | 3.94% | $74.25 |
| 2025-10-01 | $0.24 | 3.78% | 3.83% | $74.32 |
| 2025-09-02 | $0.24 | 3.81% | 3.97% | $73.40 |
| 2025-08-01 | $0.24 | 3.78% | 3.94% | $73.59 |
| 2025-07-01 | $0.24 | 3.76% | 3.85% | $73.34 |
Source: Polygon.io. Last 12 dividend distributions, most recent first. TTM yield = sum of this payment + (frequency − 1) prior payments ÷ share price on ex-date. Forward yield = this payment × detected payout frequency ÷ share price on ex-date.
About BND
BND — the Vanguard Total Bond Market ETF — is the Vanguard flagship in the US investment-grade bond category and one of the largest fixed-income ETFs in the world by assets under management, with AUM running in the three-hundred-billion-dollar range across recent years. The fund launched in April 2007 and has accumulated nearly two decades of distribution history across multiple rate cycles. It tracks the Bloomberg US Aggregate Float Adjusted Index, the float-adjusted variant of the index most market participants simply call "the Agg." The float adjustment excludes bonds held by central banks and other holders whose paper is not realistically available for trading; the methodology change relative to the unadjusted Agg is mechanical and the resulting index composition is very close to the headline benchmark in practice.
The underlying basket holds approximately seventeen thousand individual bonds, which is what makes BND the structural "core US bond" choice for a single-fund fixed-income allocation. The broad sleeves are US Treasuries at roughly forty-five percent of the portfolio, agency mortgage-backed securities at around twenty percent, investment-grade corporate bonds at around twenty-five percent, and other government-related paper — agency debt, supranational issues, sovereign and local-authority bonds denominated in dollars — making up the remaining ten percent or so. The construction gives BND exposure across the full investment-grade US bond market in a single wrapper, with credit quality dominated by Treasury and agency paper at the top of the rating stack.
The expense ratio is the Vanguard hallmark in fixed income: three basis points (0.03%), tied with iShares' AGG for the cheapest broad bond ETF available. On a multi-decade compounding horizon the fee drag is structurally minimal, which together with the broad diversification is the central reason BND has captured such a large share of bond-ETF AUM in the Vanguard custodial channel and in target-date funds that use a single core bond holding.
BND is not a dividend-growth instrument. The fund's distributions are coupon pass-through from the underlying bond portfolio — interest paid by Treasury, agency, and corporate issuers, collected by the fund, and forwarded to shareholders net of expenses. There is no underlying company hiking a dividend; there is a portfolio of bonds whose coupons are set when each bond is issued and whose effective rate to current shareholders is determined by what new bonds the fund buys as old bonds mature or are sold. A multi-year DGR projection has no underlying structural basis here, which is why the calculator on this page hides the DGR input for BND: the per-share monthly distribution will not "grow at X percent per year" in any forward-projectable sense; it will track wherever the broad US investment-grade bond yield environment happens to be when the underlying portfolio reprices.
The most accurate forward read on BND's distribution rate is the yield-to-maturity (YTM) of the underlying portfolio — the weighted average yield the bonds in the basket are currently earning, computed assuming each is held to maturity. YTM is published monthly by Vanguard on the BND fact sheet and is meaningfully more useful as a forecast for the next twelve months of cash than the trailing yield, which reflects the older-coupon environment of bonds purchased years ago. When the YTM and the trailing yield diverge, the portfolio is in the middle of repricing to a new rate regime.
How BND pays distributions
BND distributes monthly. The ex-distribution date typically falls in the first few business days of each month, with the pay date following a few business days later. The per-share cash amount reflects roughly one month of interest accrued across the portfolio — bond coupons themselves pay on irregular semi-annual schedules at the individual-bond level, but BND smooths the pass-through to a regular monthly cadence so shareholders receive a steady stream rather than lumpy semi-annual payments. The fund retains a small portion for expenses and distributes the remainder pro rata to shareholders on the official pay date.
The tax character of BND distributions is meaningfully different from a stock-dividend ETF. Interest income from bonds is taxed at ordinary income rates federally — it does not qualify for the long-term capital-gains rate that applies to qualified dividends from US C-corporation stock. The Treasury portion of the portfolio, however, generates interest that is exempt from state and local income taxes. Vanguard publishes the percentage of BND's interest derived from US government sources each January in a year-end shareholder tax document; holders in high-state-tax jurisdictions (California, New York, Oregon, and similar) apply that percentage to their BND distributions to compute the state-exempt portion when filing. The federal treatment as ordinary income is the same regardless of state.
The NAV of BND moves inverse to interest rates — this is the central structural feature of any intermediate-duration bond fund and the most important risk for new holders to understand. The portfolio's weighted average duration runs around six years, which means that for every one-percentage-point rise in the relevant yield curve, the NAV is expected to fall by roughly six percent (and conversely, a one-percentage-point decline produces roughly a six percent NAV rise), all else equal. The 2022 through 2024 period was the most aggressive Federal Reserve hiking cycle in four decades; BND's NAV fell substantially across that window as the yield curve repriced upward, which is why this calculator's trailing 5-year SPG measurement for BND currently reads negative. The negative SPG is not a sign that something is wrong with the fund or with the calculator — it is the mechanical, structurally expected response of a six-year-duration bond portfolio to a multi-year rate-hiking cycle. BND holders accept the NAV path in exchange for the income stream and the eventual repricing of the portfolio at higher coupons over time. The forward distribution rate is structurally higher today than it was in the zero-rate era for the same reason the NAV is lower: bonds maturing inside BND are being replaced by higher-coupon issues at current market rates.
DRIP through Schwab, Fidelity, Vanguard, IBKR, or Robinhood works the same way it does for any monthly distribution ETF — the cash distribution buys additional BND shares at the prevailing price on or near the pay date, with fractional-share reinvestment supported. The calculator on this page models DRIP mechanically but treats the per-share distribution as flat in real terms because there is no DGR input; the projected income stream reflects the current distribution rate compounded by reinvestment, which is the honest mechanical model for a bond pass-through rather than a stock dividend grower.
Who BND suits
BND fits the holder who wants a single, low-cost, broadly diversified US investment-grade bond allocation in ETF form — the "core bond" sleeve in a stock-bond portfolio. The fund's seventeen-thousand-bond breadth across Treasury, agency, MBS, and investment-grade corporate paper makes it the structural default for that role in a way that narrower funds (Treasury-only, corporate-only, short-duration, long-duration) are not. The combination of three-basis-point expense, broad diversification, and high credit quality is the central reason target-date funds and robo-advisors lean on BND or its close cousins as the bond-side default.
BND is not a cash equivalent and not a short-duration vehicle. Holders looking for near-zero NAV volatility and a yield close to the Fed funds rate should look at SGOV, BIL, or a money-market fund — BND's six-year duration carries real interest-rate sensitivity and the NAV will fluctuate visibly through any rate cycle. BND is also not a credit-yield product: high-yield ("junk") bond funds like HYG or JNK trade higher distribution rates for materially worse credit risk; BND deliberately avoids that part of the market and stays in the investment-grade tier. For holders who want the broad US bond market exposure as their structural fixed-income allocation, with the understanding that NAV will move with rates and that the distribution stream is interest pass-through rather than dividend growth, BND fills that role about as cleanly and cheaply as any product available. As with any ETF holding, this content is educational only; it is not a recommendation to buy, sell, or hold BND, and individual circumstances vary.
Hypothetical scenarios
BND vs AGG vs BIV: the core US bond ETF choice
The three funds compared most often against BND are AGG (iShares Core US Aggregate Bond ETF), BIV (Vanguard Intermediate-Term Bond ETF), and at the short end VGSH (Vanguard Short-Term Treasury ETF). Each makes a different structural bet about which slice of the US investment-grade bond market the holder wants to own; the choice is not about expected return at the headline level so much as about duration, credit composition, and which broker's lineup the holder is already inside.
BND versus AGG is the closest comparison and the one most holders actually face. Both funds track the Bloomberg US Aggregate Bond Index family — BND tracks the float-adjusted variant and AGG tracks the unadjusted version. The float adjustment removes bonds held by central banks and certain large institutional holders whose paper is not realistically available for trading; the practical effect on the resulting portfolio is small, and the holdings overlap is on the order of ninety-nine percent at any given snapshot. AGG's expense ratio is three basis points, matching BND exactly. The yield, duration, credit profile, and total-return path of the two funds run essentially in lockstep across multi-year windows. For most holders, the BND-versus-AGG decision comes down to which broker offers commission-free trading on which fund, which the holder already owns, or which is the default inside a target-date or robo-advisor portfolio the holder is using. Switching from one to the other inside a taxable account would generally trigger capital gains for no structural benefit; switching inside a tax-advantaged account is essentially neutral. The structural interchangeability of BND and AGG is one of the more striking facts about the broad-bond ETF category and reflects the dominance of the Agg index methodology in defining what "the US bond market" means in practice.
BND versus BIV is a different cut. BIV — the Vanguard Intermediate-Term Bond ETF — holds intermediate-maturity investment-grade bonds, with a weighted average duration in the six-and-a-half-year range that runs slightly longer than BND's six. The composition is meaningfully tighter than BND's: BIV holds Treasuries, investment-grade corporates, and agency debt, but excludes the agency mortgage-backed securities sleeve that BND uses to reach its full Agg-tracking diversification. The MBS exclusion is the most important structural distinction. Mortgage-backed securities carry prepayment risk — the underlying mortgage borrowers can refinance into lower rates when rates fall, which shortens the effective duration of MBS exactly when bondholders would prefer the longer duration to lock in the higher coupons. BND's roughly twenty-percent MBS sleeve gives the fund some of that prepayment exposure; BIV by excluding MBS has cleaner duration behavior at the cost of less diversification. BIV's distribution rate has historically run slightly higher than BND's, reflecting the heavier corporate-and-Treasury composition without the MBS smoothing.
BND versus VGSH is the largest structural gap of the three. VGSH — the Vanguard Short-Term Treasury ETF — holds Treasury bonds with maturities of one to three years, producing a weighted average duration around two years, roughly one-third of BND's. A one-percentage-point rate rise would push VGSH's NAV down on the order of two percent compared with BND's six. The trade-off is yield: in a normal upward-sloping curve regime, short-duration Treasuries pay less than the broad investment-grade Agg basket. The choice is about which risk to take — BND accepts NAV volatility for higher long-run yield, VGSH gives up yield for NAV stability and Treasury-only credit. In an inverted-curve regime (as the US experienced from 2022 through parts of 2024), short Treasury yields can briefly run above intermediate Agg yields; this is the unusual regime, not the long-run default.
Holders sometimes hold more than one of these funds together as complementary slices — for example a barbell with VGSH at the short end and BND providing intermediate-duration exposure. For most holders, a single core bond fund (BND or AGG) achieves diversification across the same curve segments inside one ticker without the rebalancing overhead.
Bond placement in a retirement glidepath
The second framing that holders bring to BND is not about which bond fund to choose but about how much of the portfolio to put in bonds at all. The traditional frameworks are heuristics rather than prescriptions, and they have evolved as life expectancy and retirement-funding horizons have lengthened over the last several decades.
The age-in-bonds rule is the oldest of the heuristics: a holder's bond allocation in percentage terms should roughly equal their age. A forty-year-old would hold forty percent bonds and sixty percent stocks; a sixty-year-old would hold sixty percent bonds; an eighty-year-old would hold eighty percent. The rule encodes the intuition that risk capacity declines with age — a younger holder has decades of human capital and earnings ahead to recover from any stock-market drawdown, while an older holder is closer to depending on the portfolio for current spending and has less time to ride out a multi-year recovery. The age-in-bonds rule produces a portfolio that gradually de-risks across the working career and ends retirement heavily weighted toward fixed income.
The 100-minus-age and 120-minus-age rules are the modernized variants and produce a more aggressive equity weighting. Under 100-minus-age, the sixty-year-old holds forty percent bonds (not sixty); under 120-minus-age, the sixty-year-old holds only twenty percent bonds. The updated rules reflect longer retirement horizons — a sixty-five-year-old today has, on average, a multi-decade retirement spending horizon ahead, long enough that holding too few equities risks underperforming inflation over the cumulative window. The choice between the traditional age-in-bonds rule and the modernized variants is a choice about which risk the holder is more concerned about: short-term portfolio volatility (favors more bonds, lower equity weight) or long-horizon real-return underperformance (favors fewer bonds, higher equity weight).
Target-date funds operate on a more sophisticated version of the same idea. Each target-date fund (Vanguard 2055, Fidelity Freedom 2045, and so on) follows a glidepath — a published trajectory of stock-to-bond ratios that adjusts year by year as the target retirement date approaches. The glidepath is steeper at the working-life end (mostly equities) and flattens toward the target date (more bonds). Two structural variants exist: "to" glidepaths stop reducing equity exposure at the target date and hold the allocation flat thereafter; "through" glidepaths continue reducing equity exposure for some years into retirement before stabilizing. The choice reflects the fund family's view on sequence-of-returns risk versus longevity risk in the early retirement years.
In each of these frameworks, BND or an equivalent broad-bond ETF is the structural default for the bond sleeve. Target-date funds from Vanguard use BND directly; iShares-issued target-date funds use AGG or its mutual-fund equivalent; many robo-advisors use BND or AGG as the core US bond holding regardless of the surrounding equity construction. The reason is consistent: the bond sleeve in a glidepath portfolio is meant to provide diversification away from equity drawdowns and a baseline of interest income, and a broad investment-grade Agg-tracking fund is the cleanest, cheapest, most diversified way to fill that role. Narrower funds (Treasury-only, corporate-only, long-duration, short-duration) all carry sleeve-specific risks or yield trade-offs that the broad Agg approach averages across.
The heuristics here describe what holders use, not what any individual holder should do. Allocation depends on the full balance sheet, spending needs, other income sources, tax bracket, account type mix, and personal risk tolerance — none of which a heuristic can capture. The frameworks are useful as conversation anchors and as defaults for holders who want to outsource the question to a target-date fund; they are not prescriptions. This content is educational only and is not a recommendation; individual circumstances vary.
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Sources & methodology
Dividend history and price data come from Polygon.io's reference and aggregates endpoints. Forward yield is computed as the sum of the most recent four cash distributions divided by the previous-close share price. The dividend growth rate shown on this page is the compound annual growth rate of total annual distributions across the available history in this snapshot.
Last updated: 2026-05-30.
Information here is for educational purposes only and does not constitute investment advice. Past dividend history does not guarantee future payments. Verify all figures with the issuer or a registered financial advisor before making investment decisions.
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