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Adm. Sci. 2019, 9(2), 31;

Bond Mutual Funds vs. Bond Exchange Traded Funds: Evaluation of Risk Adjusted Performance

Department of Financial Engineering, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania
Authors to whom correspondence should be addressed.
Received: 18 November 2018 / Revised: 21 March 2019 / Accepted: 27 March 2019 / Published: 2 April 2019
(This article belongs to the Special Issue Rational Decision Making in Risk Management)
PDF [265 KB, uploaded 2 April 2019]


Growing acceptance of passive bond exchange traded funds (ETFs) and actively managed bond mutual funds has exposed the need to find a divide between these two comparatively similar types of instrument. This paper provides a comparative analysis of actively managed bond funds and passive bond ETFs in the context of multiple criteria. The research of risk-adjusted performance of a sampled group of bond funds and ETFs using the TOPSIS multi-criteria decision-making method revealed that actively managed bond funds have a modest advantage over passive bond ETFs. Moreover, the final findings indicate the funds’ performance dependability on portfolio composition by fixed income sector. View Full-Text
Keywords: exchange traded funds (ETF); risk; performance; bonds; TOPSIS exchange traded funds (ETF); risk; performance; bonds; TOPSIS
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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Stankevičienė, J.; Petronienė, I. Bond Mutual Funds vs. Bond Exchange Traded Funds: Evaluation of Risk Adjusted Performance. Adm. Sci. 2019, 9, 31.

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