What is the risk level of sitting on the sidelines when it comes to bonds?

I posted this as a follow-up question in another thread, but it more appropriately should be a separate thread, so here goes:

One reason often cited for not trying to time the market when it comes to stocks is that a large chunk of their gains comes during a small number of days. So if you’re on the sidelines then, you really miss out.

Is there a similar phenomenon with bond ETFs and funds? That is, do they tend to have big gains on just a few days? My guess is that their situation is different from stocks in this respect, but that’s just a guess.

Does anyone happen to know what history tells us?

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