BNDD vs. UTRE

Last updated Apr 1, 2026

Compare and contrast key facts about Quadratic Deflation ETF (BNDD) and US Treasury 3 Year Note ETF (UTRE).

BNDD and UTRE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BNDD is an actively managed fund by Quadratic. It was launched on Sep 16, 2021. UTRE is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross. It was launched on Mar 27, 2023.

Performance

BNDD vs. UTRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Deflation ETF (BNDD) and US Treasury 3 Year Note ETF (UTRE). The values are adjusted to include any dividend payments, if applicable.

BNDD vs. UTRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BNDD Quadratic Deflation ETF	3.22%	-8.17%	-6.65%	-1.91%
UTRE US Treasury 3 Year Note ETF	0.13%	5.68%	2.96%	2.16%

Returns By Period

In the year-to-date period, BNDD achieves a 3.22% return, which is significantly higher than UTRE's 0.13% return.

BNDD

• 1D: -0.66%
• 1M: 0.24%
• YTD: 3.22%
• 6M: -0.19%
• 1Y: -5.11%
• 3Y*: -4.63%
• 5Y*: —
• 10Y*: —

UTRE

• 1D: 0.12%
• 1M: -0.85%
• YTD: 0.13%
• 6M: 1.22%
• 1Y: 3.73%
• 3Y*: 3.57%
• 5Y*: —
• 10Y*: —

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

BNDD vs. UTRE - Expense Ratio Comparison

BNDD has a 1.04% expense ratio, which is higher than UTRE's 0.15% expense ratio.

BNDD

Quadratic Deflation ETF

UTRE

US Treasury 3 Year Note ETF

Return for Risk

BNDD vs. UTRE — Risk / Return Rank

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

BNDD

BNDD Risk / Return Rank: 5
BNDD Sharpe Ratio Rank: 5
BNDD Sortino Ratio Rank: 4
BNDD Omega Ratio Rank: 4
BNDD Calmar Ratio Rank: 6
BNDD Martin Ratio Rank: 7

UTRE

UTRE Risk / Return Rank: 84
UTRE Sharpe Ratio Rank: 83
UTRE Sortino Ratio Rank: 89
UTRE Omega Ratio Rank: 80
UTRE Calmar Ratio Rank: 85
UTRE Martin Ratio Rank: 81

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.

BNDD vs. UTRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and US Treasury 3 Year Note ETF (UTRE). 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	UTRE	Difference
Sharpe ratio Return per unit of total volatility	-0.41	1.64	-2.06
Sortino ratio Return per unit of downside risk	-0.48	2.52	-3.00
Omega ratio Gain probability vs. loss probability	0.94	1.31	-0.37
Calmar ratio Return relative to maximum drawdown	-0.37	2.63	-3.00
Martin ratio Return relative to average drawdown	-0.56	9.11	-9.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDD vs. UTRE - Sharpe Ratio Comparison

The current BNDD Sharpe Ratio is -0.41, which is lower than the UTRE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of BNDD and UTRE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BNDD	UTRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	1.64	-2.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	1.33	-1.68

Correlation

The correlation between BNDD and UTRE is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BNDD vs. UTRE - Dividend Comparison

BNDD's dividend yield for the trailing twelve months is around 3.64%, less than UTRE's 3.81% yield.

	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.64%	3.82%	3.85%	4.30%	43.17%	1.04%
UTRE US Treasury 3 Year Note ETF	3.81%	3.60%	4.01%	3.14%	0.00%	0.00%

Drawdowns

BNDD vs. UTRE - Drawdown Comparison

The maximum BNDD drawdown since its inception was -30.87%, which is greater than UTRE's maximum drawdown of -2.80%. Use the drawdown chart below to compare losses from any high point for BNDD and UTRE.

Drawdown Indicators

	BNDD	UTRE	Difference
Max Drawdown Largest peak-to-trough decline	-30.87%	-2.80%	-28.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-1.44%	-9.49%
Current Drawdown Current decline from peak	-27.28%	-0.85%	-26.43%
Average Drawdown Average peak-to-trough decline	-19.03%	-0.77%	-18.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	0.41%	+6.85%

Volatility

BNDD vs. UTRE - Volatility Comparison

Quadratic Deflation ETF (BNDD) has a higher volatility of 3.52% compared to US Treasury 3 Year Note ETF (UTRE) at 0.82%. This indicates that BNDD's price experiences larger fluctuations and is considered to be riskier than UTRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDD	UTRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	0.82%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	1.36%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	2.28%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	2.74%	+10.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	2.74%	+10.81%