BNDD vs. GGOV
BNDD (Quadratic Deflation ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - BNDD is a Government Bonds fund actively managed by KraneShares, while GGOV is a Global Bonds fund managed by iShares. At a 0.32 correlation, their price movements are largely independent. BNDD charges 1.02%/yr vs 0.39%/yr for GGOV.
Performance
BNDD vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BNDD achieves a 4.32% return, which is significantly higher than GGOV's 2.30% return.
BNDD
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.32%
- 6M
- 2.24%
- 1Y
- 3.39%
- 3Y*
- -3.91%
- 5Y*
- —
- 10Y*
- —
GGOV
- 1D
- -0.16%
- 1M
- 0.60%
- YTD
- 2.30%
- 6M
- -1.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNDD vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNDD Quadratic Deflation ETF | 4.32% | -2.32% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.30% | -2.81% |
Correlation
The correlation between BNDD and GGOV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025 | 0.32 |
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Return for Risk
BNDD vs. GGOV — Risk / Return Rank
BNDD
GGOV
BNDD vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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.
| BNDD | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.06 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | — | — |
| Martin ratioReturn relative to average drawdown | 1.20 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNDD | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.11 | -0.22 |
Drawdowns
BNDD vs. GGOV - Drawdown Comparison
The maximum BNDD drawdown since its inception was -30.87%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for BNDD and GGOV.
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Drawdown Indicators
| BNDD | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.87% | -4.69% | -26.18% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -20.75% | — | — |
Current DrawdownCurrent decline from peak | -26.51% | -1.50% | -25.01% |
Average DrawdownAverage peak-to-trough decline | -19.34% | -1.59% | -17.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | — | — |
Volatility
BNDD vs. GGOV - Volatility Comparison
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Volatility by Period
| BNDD | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 8.11% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 5.38% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.38% | 5.38% | +8.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.38% | 5.38% | +8.00% |
BNDD vs. GGOV - Expense Ratio Comparison
BNDD has a 1.02% expense ratio, which is higher than GGOV's 0.39% expense ratio.
Dividends
BNDD vs. GGOV - Dividend Comparison
BNDD's dividend yield for the trailing twelve months is around 3.61%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNDD Quadratic Deflation ETF | 3.61% | 3.82% | 3.85% | 4.30% | 43.17% | 1.04% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BNDD and GGOV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GGOV is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV is cheaper with a 0.39% expense ratio, compared with 1.02% for BNDD.
BNDD has the higher dividend yield at 3.61%, compared with 0.00% for GGOV.
BNDD is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: KraneShares and iShares. Their fees differ too: 1.02% for BNDD and 0.39% for GGOV.
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