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. Over the past year, BNDD returned 3.75% vs 0.35% for GGOV. At a 0.31 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 4.08% return, which is significantly higher than GGOV's 2.61% return.
BNDD
- 1D
- -0.61%
- 1M
- -2.00%
- 6M
- 3.46%
- YTD
- 4.08%
- 1Y
- 3.75%
- 3Y*
- -4.73%
- 5Y*
- —
- 10Y*
- —
GGOV
- 1D
- 0.24%
- 1M
- 0.14%
- 6M
- 3.07%
- YTD
- 2.61%
- 1Y
- 0.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNDD vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNDD Quadratic Deflation ETF | 4.08% | -2.34% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
Correlation
The correlation between BNDD and GGOV is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.31 |
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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.
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 | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.02 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.08 | +0.54 |
| Martin ratioReturn relative to average drawdown | 1.40 | 0.17 | +1.23 |
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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% | -4.69% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -19.45% | — | — |
Current DrawdownCurrent decline from peak | -26.67% | -1.20% | -25.47% |
Average DrawdownAverage peak-to-trough decline | -19.45% | -1.54% | -17.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.12% | +0.57% |
Volatility
BNDD vs. GGOV - Volatility Comparison
Quadratic Deflation ETF (BNDD) has a higher volatility of 2.43% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.88%. This indicates that BNDD's price experiences larger fluctuations and is considered to be riskier than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDD | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.43% | 0.88% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 8.16% | 3.62% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.29% | 5.28% | +5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 5.19% | +8.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 5.19% | +8.10% |
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 3.63%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNDD Quadratic Deflation ETF | 3.63% | 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 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDD has higher volatility (2.43%) compared to GGOV (0.88%). In terms of maximum drawdown, BNDD dropped -30.87% vs GGOV's -4.69%.
On 1-year performance, BNDD leads with 3.75% vs 0.35% for GGOV. On fees, GGOV is cheaper at 0.39% per year. On volatility, GGOV has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNDD has performed better with a 3.75% return vs 0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GGOV is cheaper with a 0.39% expense ratio, compared with 1.02% for BNDD.
BNDD has the higher dividend yield at 3.63%, 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.
BNDD currently has the higher Sharpe Ratio (0.37 vs 0.07), 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.
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