BNDI vs. BNDS

Last updated Jun 24, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and BNDS (Infrastructure Capital Bond Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, BNDI returned 6.13% vs 11.40% for BNDS. A 0.55 correlation means they provide meaningful diversification when combined. BNDI charges 0.58%/yr vs 0.81%/yr for BNDS.

Performance

BNDI vs. BNDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) and Infrastructure Capital Bond Income ETF (BNDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDI achieves a 1.50% return, which is significantly lower than BNDS's 4.60% return.

BNDI

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.50%
• 6M: 1.56%
• 1Y: 6.13%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

BNDS

• 1D: -0.19%
• 1M: 0.51%
• YTD: 4.60%
• 6M: 4.85%
• 1Y: 11.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDI vs. BNDS - Yearly Performance Comparison

	2026 (YTD)	2025
BNDI Neos Enhanced Income Aggregate Bond ETF	1.50%	9.15%
BNDS Infrastructure Capital Bond Income ETF	4.60%	8.45%

Correlation

The correlation between BNDI and BNDS is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.55

The correlation between BNDI and BNDS has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

BNDI vs. BNDS — Risk / Return Rank

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

BNDI

BNDI Risk / Return Rank: 45
BNDI Sharpe Ratio Rank: 43
BNDI Sortino Ratio Rank: 46
BNDI Omega Ratio Rank: 42
BNDI Calmar Ratio Rank: 47
BNDI Martin Ratio Rank: 48

BNDS

BNDS Risk / Return Rank: 87
BNDS Sharpe Ratio Rank: 94
BNDS Sortino Ratio Rank: 95
BNDS Omega Ratio Rank: 95
BNDS Calmar Ratio Rank: 70
BNDS Martin Ratio Rank: 82

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.

BNDI vs. BNDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) and Infrastructure Capital Bond Income ETF (BNDS). 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.

	BNDI	BNDS	Difference
Sharpe ratio: Return per unit of total volatility	1.45	3.28	-1.82
Sortino ratio: Return per unit of downside risk	2.21	4.81	-2.60
Omega ratio: Gain probability vs. loss probability	1.26	1.69	-0.42
Calmar ratio: Return relative to maximum drawdown	2.24	3.32	-1.09
Martin ratio: Return relative to average drawdown	7.76	15.30	-7.55

BNDI vs. BNDS - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.45, which is lower than the BNDS Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of BNDI and BNDS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNDI vs. BNDS - Drawdown Comparison

The maximum BNDI drawdown since its inception was -7.25%, roughly equal to the maximum BNDS drawdown of -6.96%. Use the drawdown chart below to compare losses from any high point for BNDI and BNDS.

Drawdown Indicators

	BNDI	BNDS	Difference
Max Drawdown Largest peak-to-trough decline	-7.25%	-6.96%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-3.45%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	—	—
Current Drawdown Current decline from peak	-0.64%	-0.27%	-0.37%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.79%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.75%	+0.04%

Volatility

BNDI vs. BNDS - Volatility Comparison

Neos Enhanced Income Aggregate Bond ETF (BNDI) has a higher volatility of 1.43% compared to Infrastructure Capital Bond Income ETF (BNDS) at 0.76%. This indicates that BNDI's price experiences larger fluctuations and is considered to be riskier than BNDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDI	BNDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	0.76%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	2.72%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	3.50%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.18%	5.20%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.18%	5.20%	+0.98%

BNDI vs. BNDS - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is lower than BNDS's 0.81% expense ratio.

Dividends

BNDI vs. BNDS - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 6.30%, less than BNDS's 7.94% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.30%	5.69%	5.54%	5.17%	1.68%
BNDS Infrastructure Capital Bond Income ETF	7.94%	7.98%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDI and BNDS in my portfolio?

BNDI and BNDS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDI or BNDS?

BNDI has higher volatility (1.43%) compared to BNDS (0.76%). In terms of maximum drawdown, BNDI dropped -7.25% vs BNDS's -6.96%.

Which ETF is better, BNDI or BNDS?

On 1-year performance, BNDS leads with 11.40% vs 6.13% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDS has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or BNDS?

Over the 1-year period, BNDS has performed better with a 11.40% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or BNDS?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.81% for BNDS.

Which ETF pays a higher dividend yield, BNDI or BNDS?

BNDS has the higher dividend yield at 7.94%, compared with 6.30% for BNDI.

What is the main difference between BNDI and BNDS?

They also come from different issuers: Neos and InfraCap. Their fees differ too: 0.58% for BNDI and 0.81% for BNDS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (3.28 vs 1.45), 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.