ADFI vs. BNDI

Last updated Jun 4, 2026

ADFI (Anfield Dynamic Fixed Income ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past 3 years, ADFI returned 3.32%/yr vs 4.83%/yr for BNDI. A 0.76 correlation means they provide meaningful diversification when combined. ADFI charges 1.75%/yr vs 0.58%/yr for BNDI.

Performance

ADFI vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anfield Dynamic Fixed Income ETF (ADFI) and Neos Enhanced Income Aggregate Bond ETF (BNDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADFI achieves a -0.02% return, which is significantly lower than BNDI's 1.29% return.

ADFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: -0.02%
• 6M: 0.01%
• 1Y: 4.05%
• 3Y*: 3.32%
• 5Y*: -0.16%
• 10Y*: —

BNDI

• 1D: -0.21%
• 1M: 0.36%
• YTD: 1.29%
• 6M: 1.22%
• 1Y: 7.00%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADFI vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ADFI Anfield Dynamic Fixed Income ETF	-0.02%	5.61%	0.51%	6.70%	-1.55%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.29%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between ADFI and BNDI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.76

The correlation between ADFI and BNDI has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

ADFI vs. BNDI - Sectors Allocation Comparison

Sectors	ADFI	BNDI
Communication Services	96.3%	11.2%
Technology	3.7%	35.6%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

ADFI vs. BNDI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ADFI

ADFI Risk / Return Rank: 27
ADFI Sharpe Ratio Rank: 24
ADFI Sortino Ratio Rank: 24
ADFI Omega Ratio Rank: 22
ADFI Calmar Ratio Rank: 33
ADFI Martin Ratio Rank: 32

BNDI

BNDI Risk / Return Rank: 50
BNDI Sharpe Ratio Rank: 48
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 47
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ADFI vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anfield Dynamic Fixed Income ETF (ADFI) and Neos Enhanced Income Aggregate Bond ETF (BNDI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ADFI	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.69	-0.83
Sortino ratio: Return per unit of downside risk	1.29	2.54	-1.25
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	1.64	2.56	-0.92
Martin ratio: Return relative to average drawdown	4.74	9.12	-4.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADFI vs. BNDI - Sharpe Ratio Comparison

The current ADFI Sharpe Ratio is 0.85, which is lower than the BNDI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ADFI and BNDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADFI	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.69	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.65	-0.75

Drawdowns

ADFI vs. BNDI - Drawdown Comparison

The maximum ADFI drawdown since its inception was -17.62%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for ADFI and BNDI.

Drawdown Indicators

	ADFI	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-17.62%	-6.98%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-2.75%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.60%	-5.83%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-3.64%	-0.84%	-2.80%
Average Drawdown Average peak-to-trough decline	-7.61%	-1.71%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.77%	+0.09%

Volatility

ADFI vs. BNDI - Volatility Comparison

The current volatility for Anfield Dynamic Fixed Income ETF (ADFI) is 1.11%, while Neos Enhanced Income Aggregate Bond ETF (BNDI) has a volatility of 1.38%. This indicates that ADFI experiences smaller price fluctuations and is considered to be less risky than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADFI	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.38%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	3.08%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	4.17%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	6.19%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	6.19%	-0.31%

ADFI vs. BNDI - Expense Ratio Comparison

ADFI has a 1.75% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

ADFI vs. BNDI - Dividend Comparison

ADFI's dividend yield for the trailing twelve months is around 3.24%, less than BNDI's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ADFI Anfield Dynamic Fixed Income ETF	3.24%	3.30%	3.17%	2.90%	1.60%	0.80%	0.50%
BNDI Neos Enhanced Income Aggregate Bond ETF	5.80%	5.69%	5.54%	5.17%	1.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADFI and BNDI in my portfolio?

ADFI and BNDI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADFI or BNDI?

BNDI has higher volatility (1.38%) compared to ADFI (1.11%). In terms of maximum drawdown, ADFI dropped -17.62% vs BNDI's -6.98%.

Which ETF is better, ADFI or BNDI?

On 3-year performance, BNDI leads with 4.83% vs 3.32% for ADFI. On fees, BNDI is cheaper at 0.58% per year. On volatility, ADFI has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADFI or BNDI?

Over the 3-year period, BNDI has performed better with a 4.83% return vs 3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADFI or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 1.75% for ADFI.

Which ETF pays a higher dividend yield, ADFI or BNDI?

BNDI has the higher dividend yield at 5.80%, compared with 3.24% for ADFI.

What is the main difference between ADFI and BNDI?

They also come from different issuers: Anfield and Neos. Their fees differ too: 1.75% for ADFI and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.69 vs 0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.