BNDD vs. XDTE

Last updated Jun 3, 2026

BNDD (Quadratic Deflation ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - BNDD is a Government Bonds fund actively managed by KraneShares, while XDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, BNDD returned 3.68% vs 27.01% for XDTE. At a 0.11 correlation, their price movements are largely independent. BNDD charges 1.02%/yr vs 0.97%/yr for XDTE.

Performance

BNDD vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Deflation ETF (BNDD) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDD achieves a 4.40% return, which is significantly lower than XDTE's 9.55% return.

BNDD

• 1D: 0.16%
• 1M: 1.14%
• YTD: 4.40%
• 6M: 2.37%
• 1Y: 3.68%
• 3Y*: -3.89%
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 0.20%
• 1M: 4.46%
• YTD: 9.55%
• 6M: 10.13%
• 1Y: 27.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDD vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDD Quadratic Deflation ETF	4.40%	-8.17%	-7.58%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.55%	12.60%	16.39%

Correlation

The correlation between BNDD and XDTE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.11

BNDD vs. XDTE - Sectors Allocation Comparison

Sectors	BNDD	XDTE
Financial Services	77.7%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

BNDD vs. XDTE — Risk / Return Rank

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

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 14
BNDD Sortino Ratio Rank: 13
BNDD Omega Ratio Rank: 13
BNDD Calmar Ratio Rank: 14
BNDD Martin Ratio Rank: 13

XDTE

XDTE Risk / Return Rank: 75
XDTE Sharpe Ratio Rank: 75
XDTE Sortino Ratio Rank: 72
XDTE Omega Ratio Rank: 75
XDTE Calmar Ratio Rank: 71
XDTE 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. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio Return per unit of total volatility	0.35	2.47	-2.12
Sortino ratio Return per unit of downside risk	0.56	3.30	-2.74
Omega ratio Gain probability vs. loss probability	1.07	1.45	-0.39
Calmar ratio Return relative to maximum drawdown	0.48	3.56	-3.08
Martin ratio Return relative to average drawdown	1.04	16.32	-15.29
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. XDTE - Sharpe Ratio Comparison

The current BNDD Sharpe Ratio is 0.35, which is lower than the XDTE Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of BNDD and XDTE, 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

	BNDD	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	2.47	-2.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	1.28	-1.61

Drawdowns

BNDD vs. XDTE - Drawdown Comparison

The maximum BNDD drawdown since its inception was -30.87%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for BNDD and XDTE.

Drawdown Indicators

	BNDD	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-30.87%	-19.09%	-11.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-7.68%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	—	—
Current Drawdown Current decline from peak	-26.45%	0.00%	-26.45%
Average Drawdown Average peak-to-trough decline	-19.33%	-2.32%	-17.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.68%	+1.14%

Volatility

BNDD vs. XDTE - Volatility Comparison

The current volatility for Quadratic Deflation ETF (BNDD) is 2.24%, while Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) has a volatility of 2.44%. This indicates that BNDD experiences smaller price fluctuations and is considered to be less risky than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDD	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	2.44%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	8.26%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	10.97%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	13.85%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.38%	13.85%	-0.47%

BNDD vs. XDTE - Expense Ratio Comparison

BNDD has a 1.02% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

BNDD vs. XDTE - Dividend Comparison

BNDD's dividend yield for the trailing twelve months is around 3.60%, less than XDTE's 32.78% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.60%	3.82%	3.85%	4.30%	43.17%	1.04%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	32.78%	39.16%	20.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDD and XDTE in my portfolio?

BNDD and XDTE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDD or XDTE?

XDTE has higher volatility (2.44%) compared to BNDD (2.24%). In terms of maximum drawdown, BNDD dropped -30.87% vs XDTE's -19.09%.

Which ETF is better, BNDD or XDTE?

On 1-year performance, XDTE leads with 27.01% vs 3.68% for BNDD. On fees, XDTE is cheaper at 0.97% per year. On volatility, BNDD has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDD or XDTE?

Over the 1-year period, XDTE has performed better with a 27.01% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDD or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 1.02% for BNDD.

Which ETF pays a higher dividend yield, BNDD or XDTE?

XDTE has the higher dividend yield at 32.78%, compared with 3.60% for BNDD.

What is the main difference between BNDD and XDTE?

BNDD is categorized as Government Bonds, while XDTE is Derivative Income. They also come from different issuers: KraneShares and Roundhill. Their fees differ too: 1.02% for BNDD and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.47 vs 0.35), 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.