- ISIN
- US5007675870
- Issuer
- KraneShares
- Inception Date
- Sep 16, 2021
- Region
- North America (U.S.)
- Category
- Government Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $24M
Share Price Chart
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Performance
BNDD Performance Chart
Quadratic Deflation ETF (BNDD) is up 6.7% since the beginning of the year. BNDD is currently trading at $101 per share.
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Returns By Period
Quadratic Deflation ETF (BNDD) has returned 6.70% so far this year and 4.44% over the past 12 months.
Quadratic Deflation ETF
- 1D
- -0.56%
- 1M
- 3.22%
- YTD
- 6.70%
- 6M
- 6.28%
- 1Y
- 4.44%
- 3Y*
- -4.16%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BNDD Monthly Returns History
Based on dividend-adjusted daily data since Sep 21, 2021, BNDD's average daily return is -0.01%, while the average monthly return is -0.27%.
Historically, 45% of months were positive and 55% were negative. The best month was Oct 2021 with a return of +8.2%, while the worst month was Sep 2023 at -7.0%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, BNDD closed higher 49% of trading days. The best single day was Nov 2, 2023 with a return of +2.9%, while the worst single day was Jan 20, 2026 at -3.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.27% | 2.69% | 0.24% | -0.34% | 0.55% | 3.16% | 6.70% | ||||||
| 2025 | -1.22% | 3.47% | -2.27% | -4.48% | -2.37% | 1.20% | -0.75% | -3.16% | 4.82% | 0.75% | -0.86% | -3.18% | -8.17% |
| 2024 | -3.64% | 3.75% | 0.73% | -1.88% | -0.14% | 0.89% | -1.27% | 0.61% | -0.11% | -1.25% | 0.94% | -5.19% | -6.65% |
| 2023 | 2.33% | 1.12% | 2.53% | -0.08% | -0.62% | 4.44% | -2.66% | -2.56% | -6.96% | -5.05% | 5.81% | 6.63% | 4.02% |
| 2022 | -1.74% | 1.09% | -0.24% | -6.90% | -4.21% | -0.36% | 0.43% | -0.90% | -2.53% | -6.87% | 3.29% | 0.42% | -17.48% |
| 2021 | -4.09% | 8.20% | 4.34% | -2.44% | 5.63% |
Benchmark Metrics
Quadratic Deflation ETF has an annualized alpha of -3.30%, beta of 0.02, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 21, 2021.
- This ETF participated in 46.11% of S&P 500 Index downside but only 9.03% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.02 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -3.30%
- Beta
- 0.02
- R²
- 0.00
- Upside Capture
- 9.03%
- Downside Capture
- 46.11%
Expense Ratio
BNDD has a high expense ratio of 1.02%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BNDD ranks 15 for risk / return — in the bottom 15% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BNDD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.37 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 2.78 | -2.05 |
| Martin ratioReturn relative to average drawdown | 1.58 | 12.44 | -10.86 |
Dividends
Dividend History
Quadratic Deflation ETF provided a 3.53% dividend yield over the last twelve months, with an annual payout of $3.55 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $3.55 | $3.66 | $4.17 | $5.16 | $51.99 | $2.18 |
Dividend yield | 3.53% | 3.82% | 3.85% | 4.30% | 43.17% | 1.04% |
Monthly Dividends
The table displays the monthly dividend distributions for Quadratic Deflation ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.29 | $0.30 | $0.30 | $0.29 | $0.30 | $0.00 | $1.47 | ||||||
| 2025 | $0.32 | $0.33 | $0.32 | $0.31 | $0.30 | $0.30 | $0.30 | $0.29 | $0.30 | $0.31 | $0.30 | $0.29 | $3.66 |
| 2024 | $0.34 | $0.36 | $0.35 | $0.35 | $0.35 | $0.36 | $0.35 | $0.35 | $0.35 | $0.34 | $0.34 | $0.33 | $4.17 |
| 2023 | $0.37 | $0.37 | $0.38 | $0.38 | $0.37 | $0.39 | $0.38 | $0.37 | $0.35 | $0.33 | $0.34 | $1.13 | $5.16 |
| 2022 | $0.60 | $0.61 | $0.61 | $0.58 | $0.56 | $0.54 | $0.55 | $0.54 | $0.52 | $0.49 | $0.51 | $45.88 | $51.99 |
| 2021 | $0.60 | $0.63 | $0.95 | $2.18 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Quadratic Deflation ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Quadratic Deflation ETF was 30.87%, occurring on Sep 2, 2025. The portfolio has not yet recovered.
The current Quadratic Deflation ETF drawdown is 24.83%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -30.87%Sep 2025 | 3y 9mo | — | 4y 6moDec 2021 - now |
2021 pullback2021 | -6.51%Oct 2021 | 18d | 16d | 1mo 4dSep 2021 - Oct 2021 |
2021 pullback2021 | -2.91%Nov 2021 | 11d | 3d | 14dNov 2021 - Nov 2021 |
2021 pullback2021 | -1.28%Nov 2021 | 1d | 2d | 3dNov 2021 - Nov 2021 |
2021 pullback2021 | -0.66%Nov 2021 | 0s | 1d | 1dNov 2021 - Nov 2021 |
Drawdown Indicators
| BNDD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.87% | -56.78% | +25.91% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -9.10% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -20.75% | -18.90% | -1.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -24.83% | -1.80% | -23.03% |
Average DrawdownAverage peak-to-trough decline | -19.38% | -10.71% | -8.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.03% | +0.79% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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