BNDI vs. CAAA

Last updated Jun 24, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, BNDI returned 6.13% vs 4.50% for CAAA. A 0.73 correlation means they provide meaningful diversification when combined. BNDI charges 0.58%/yr vs 0.55%/yr for CAAA.

Performance

BNDI vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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 higher than CAAA's 0.74% return.

BNDI

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

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDI vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDI Neos Enhanced Income Aggregate Bond ETF	1.50%	7.95%	3.71%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	8.03%	4.65%

Correlation

The correlation between BNDI and CAAA is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.73

The correlation between BNDI and CAAA has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

BNDI vs. CAAA — 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

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

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. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.47	-0.01
Sortino ratio: Return per unit of downside risk	2.21	2.20	+0.01
Omega ratio: Gain probability vs. loss probability	1.26	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.24	2.17	+0.06
Martin ratio: Return relative to average drawdown	7.76	6.45	+1.30

BNDI vs. CAAA - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.45, which is comparable to the CAAA Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of BNDI and CAAA, 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. CAAA - Drawdown Comparison

The maximum BNDI drawdown since its inception was -7.25%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for BNDI and CAAA.

Drawdown Indicators

	BNDI	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-7.25%	-2.24%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-2.08%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	—	—
Current Drawdown Current decline from peak	-0.64%	-0.87%	+0.23%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.56%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.70%	+0.09%

Volatility

BNDI vs. CAAA - Volatility Comparison

Neos Enhanced Income Aggregate Bond ETF (BNDI) has a higher volatility of 1.43% compared to First Trust Commercial Mortgage Opportunities ETF (CAAA) at 1.01%. This indicates that BNDI's price experiences larger fluctuations and is considered to be riskier than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDI	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.01%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	2.25%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	3.10%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.18%	3.21%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.18%	3.21%	+2.97%

BNDI vs. CAAA - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is higher than CAAA's 0.55% expense ratio.

Dividends

BNDI vs. CAAA - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 6.30%, more than CAAA's 5.29% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.30%	5.69%	5.54%	5.17%	1.68%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDI and CAAA in my portfolio?

BNDI and CAAA have a correlation of 0.69, 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 CAAA?

BNDI has higher volatility (1.43%) compared to CAAA (1.01%). In terms of maximum drawdown, BNDI dropped -7.25% vs CAAA's -2.24%.

Which ETF is better, BNDI or CAAA?

On 1-year performance, BNDI leads with 6.13% vs 4.50% for CAAA. On fees, CAAA is cheaper at 0.55% per year. On volatility, CAAA has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or CAAA?

Over the 1-year period, BNDI has performed better with a 6.13% return vs 4.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or CAAA?

CAAA is cheaper with a 0.55% expense ratio, compared with 0.58% for BNDI.

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

BNDI has the higher dividend yield at 6.30%, compared with 5.29% for CAAA.

What is the main difference between BNDI and CAAA?

They also come from different issuers: Neos and First Trust. Their fees differ too: 0.58% for BNDI and 0.55% for CAAA.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.47 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.