BNDD vs. XONE

Last updated Jun 4, 2026

BNDD (Quadratic Deflation ETF) and XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) are both Government Bonds funds. BNDD is actively managed, while XONE is passively managed. Over the past 3 years, BNDD returned -3.91%/yr vs 4.57%/yr for XONE. At a 0.04 correlation, their price movements are largely independent. BNDD charges 1.02%/yr vs 0.03%/yr for XONE.

Performance

BNDD vs. XONE - Performance Comparison

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

Returns By Period

In the year-to-date period, BNDD achieves a 4.32% return, which is significantly higher than XONE's 1.11% return.

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

XONE

• 1D: -0.02%
• 1M: 0.24%
• YTD: 1.11%
• 6M: 1.47%
• 1Y: 3.85%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —

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

BNDD vs. XONE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	4.02%	-4.60%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	1.11%	4.41%	4.83%	4.74%	0.60%

Correlation

The correlation between BNDD and XONE is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022	0.04

Return for Risk

BNDD vs. XONE — 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: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

XONE

XONE Risk / Return Rank: 99
XONE Sharpe Ratio Rank: 99
XONE Sortino Ratio Rank: 99
XONE Omega Ratio Rank: 99
XONE Calmar Ratio Rank: 99
XONE Martin Ratio Rank: 99

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. XONE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). 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	XONE	Difference
Sharpe ratio: Return per unit of total volatility	0.32	7.06	-6.74
Sortino ratio: Return per unit of downside risk	0.52	16.95	-16.43
Omega ratio: Gain probability vs. loss probability	1.06	3.57	-2.51
Calmar ratio: Return relative to maximum drawdown	0.56	24.16	-23.60
Martin ratio: Return relative to average drawdown	1.20	138.74	-137.54
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. XONE - Sharpe Ratio Comparison

The current BNDD Sharpe Ratio is 0.32, which is lower than the XONE Sharpe Ratio of 7.06. The chart below compares the historical Sharpe Ratios of BNDD and XONE, 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	XONE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	7.06	-6.74
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	4.96	-5.29

Drawdowns

BNDD vs. XONE - Drawdown Comparison

The maximum BNDD drawdown since its inception was -30.87%, which is greater than XONE's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for BNDD and XONE.

Drawdown Indicators

	BNDD	XONE	Difference
Max Drawdown Largest peak-to-trough decline	-30.87%	-0.40%	-30.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-0.16%	-5.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	-0.28%	-20.47%
Current Drawdown Current decline from peak	-26.51%	-0.02%	-26.49%
Average Drawdown Average peak-to-trough decline	-19.34%	-0.04%	-19.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	0.03%	+2.80%

Volatility

BNDD vs. XONE - Volatility Comparison

Quadratic Deflation ETF (BNDD) has a higher volatility of 2.21% compared to BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at 0.10%. This indicates that BNDD's price experiences larger fluctuations and is considered to be riskier than XONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDD	XONE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	0.10%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	0.34%	+7.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	0.55%	+10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	0.86%	+12.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.38%	0.86%	+12.52%

BNDD vs. XONE - Expense Ratio Comparison

BNDD has a 1.02% expense ratio, which is higher than XONE's 0.03% expense ratio.

Dividends

BNDD vs. XONE - Dividend Comparison

BNDD's dividend yield for the trailing twelve months is around 3.61%, less than XONE's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	4.06%	4.33%	5.21%	4.46%	1.17%	0.00%

Frequently Asked Questions

Can I hold both BNDD and XONE in my portfolio?

BNDD and XONE have a correlation of -0.01, 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 XONE?

BNDD has higher volatility (2.21%) compared to XONE (0.10%). In terms of maximum drawdown, BNDD dropped -30.87% vs XONE's -0.40%.

Which ETF is better, BNDD or XONE?

On 3-year performance, XONE leads with 4.57% vs -3.91% for BNDD. On fees, XONE is cheaper at 0.03% per year. On volatility, XONE has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDD or XONE?

Over the 3-year period, XONE has performed better with a 4.57% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDD or XONE?

XONE is cheaper with a 0.03% expense ratio, compared with 1.02% for BNDD.

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

XONE has the higher dividend yield at 4.06%, compared with 3.61% for BNDD.

What is the main difference between BNDD and XONE?

They also come from different issuers: KraneShares and BondBloxx. Their fees differ too: 1.02% for BNDD and 0.03% for XONE.

Which has better risk-adjusted returns?

XONE currently has the higher Sharpe Ratio (7.06 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.