BNDD vs. GOVT
BNDD (Quadratic Deflation ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both Government Bonds funds. BNDD is actively managed, while GOVT is passively managed. Over the past 3 years, BNDD returned -3.91%/yr vs 2.83%/yr for GOVT. A 0.56 correlation means they provide meaningful diversification when combined. BNDD charges 1.02%/yr vs 0.05%/yr for GOVT.
Performance
BNDD vs. GOVT - 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 GOVT's -0.11% return.
BNDD
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.32%
- 6M
- 2.24%
- 1Y
- 3.39%
- 3Y*
- -3.91%
- 5Y*
- —
- 10Y*
- —
GOVT
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- -0.11%
- 6M
- -0.34%
- 1Y
- 3.87%
- 3Y*
- 2.83%
- 5Y*
- -0.45%
- 10Y*
- 0.87%
BNDD vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BNDD Quadratic Deflation ETF | 4.32% | -8.17% | -6.65% | 4.02% | -17.48% | 5.54% |
GOVT iShares U.S. Treasury Bond ETF | -0.11% | 3.77% | 2.95% | 4.17% | -13.39% | -0.30% |
Correlation
The correlation between BNDD and GOVT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.56 |
The correlation between BNDD and GOVT shifts across timeframes, from 0.46 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BNDD vs. GOVT — Risk / Return Rank
BNDD
GOVT
BNDD vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and iShares U.S. Treasury Bond ETF (GOVT). 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 | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.18 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 1.36 | -0.80 |
| Martin ratioReturn relative to average drawdown | 1.20 | 4.01 | -2.81 |
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 | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 1.07 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.08 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.26 | -0.59 |
Drawdowns
BNDD vs. GOVT - Drawdown Comparison
The maximum BNDD drawdown since its inception was -30.87%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for BNDD and GOVT.
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Drawdown Indicators
| BNDD | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.87% | -19.07% | -11.80% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -2.85% | -3.24% |
Max Drawdown (3Y)Largest decline over 3 years | -20.75% | -5.43% | -15.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -26.51% | -7.17% | -19.34% |
Average DrawdownAverage peak-to-trough decline | -19.34% | -5.25% | -14.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 0.97% | +1.86% |
Volatility
BNDD vs. GOVT - Volatility Comparison
Quadratic Deflation ETF (BNDD) has a higher volatility of 2.21% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.09%. This indicates that BNDD's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDD | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 1.09% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 8.11% | 2.51% | +5.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 3.63% | +6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.38% | 6.04% | +7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.38% | 5.22% | +8.16% |
BNDD vs. GOVT - Expense Ratio Comparison
BNDD has a 1.02% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
BNDD vs. GOVT - Dividend Comparison
BNDD's dividend yield for the trailing twelve months is around 3.61%, which matches GOVT's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDD Quadratic Deflation ETF | 3.61% | 3.82% | 3.85% | 4.30% | 43.17% | 1.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.59% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
BNDD and GOVT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDD has higher volatility (2.21%) compared to GOVT (1.09%). In terms of maximum drawdown, BNDD dropped -30.87% vs GOVT's -19.07%.
On 3-year performance, GOVT leads with 2.83% vs -3.91% for BNDD. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GOVT has performed better with a 2.83% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 1.02% for BNDD.
BNDD has the higher dividend yield at 3.61%, compared with 3.59% for GOVT.
They also come from different issuers: KraneShares and iShares. Their fees differ too: 1.02% for BNDD and 0.05% for GOVT.
GOVT currently has the higher Sharpe Ratio (1.07 vs 0.32), 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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