BNDI vs. GOVT
BNDI (Neos Enhanced Income Aggregate Bond ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. BNDI is actively managed, while GOVT is passively managed. Over the past 3 years, BNDI returned 4.90%/yr vs 2.89%/yr for GOVT. Their correlation of 0.94 suggests significant overlap in exposure. BNDI charges 0.58%/yr vs 0.05%/yr for GOVT.
Performance
BNDI vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, BNDI achieves a 1.51% return, which is significantly higher than GOVT's 0.07% return.
BNDI
- 1D
- -0.02%
- 1M
- 0.22%
- YTD
- 1.51%
- 6M
- 1.59%
- 1Y
- 7.31%
- 3Y*
- 4.90%
- 5Y*
- —
- 10Y*
- —
GOVT
- 1D
- 0.04%
- 1M
- -0.02%
- YTD
- 0.07%
- 6M
- -0.03%
- 1Y
- 3.96%
- 3Y*
- 2.89%
- 5Y*
- -0.33%
- 10Y*
- 0.88%
BNDI vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 1.51% | 7.95% | 1.74% | 6.89% | -2.60% |
GOVT iShares U.S. Treasury Bond ETF | 0.07% | 3.77% | 2.95% | 4.17% | -3.22% |
Correlation
The correlation between BNDI and GOVT is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | 0.94 |
The correlation between BNDI and GOVT has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
BNDI vs. GOVT — Risk / Return Rank
BNDI
GOVT
BNDI vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) and iShares U.S. Treasury Bond ETF (GOVT). 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.
| BNDI | GOVT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.76 | 1.10 | +0.67 |
Sortino ratioReturn per unit of downside risk | 2.65 | 1.66 | +0.99 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.19 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 2.59 | 1.27 | +1.32 |
Martin ratioReturn relative to average drawdown | 9.27 | 3.78 | +5.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNDI | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.10 | +0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.06 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.26 | +0.40 |
Drawdowns
BNDI vs. GOVT - Drawdown Comparison
The maximum BNDI drawdown since its inception was -6.98%, smaller than the maximum GOVT drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for BNDI and GOVT.
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Drawdown Indicators
| BNDI | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.98% | -19.07% | +12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.85% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.83% | -5.43% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -0.63% | -7.01% | +6.38% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -5.25% | +3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.96% | -0.19% |
Volatility
BNDI vs. GOVT - Volatility Comparison
Neos Enhanced Income Aggregate Bond ETF (BNDI) has a higher volatility of 1.41% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.12%. This indicates that BNDI's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDI | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 1.12% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 2.54% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 3.64% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 6.04% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 5.23% | +0.96% |
BNDI vs. GOVT - Expense Ratio Comparison
BNDI has a 0.58% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
BNDI vs. GOVT - Dividend Comparison
BNDI's dividend yield for the trailing twelve months is around 5.79%, more than GOVT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 5.79% | 5.69% | 5.54% | 5.17% | 1.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.58% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
With a correlation of 0.92, BNDI and GOVT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNDI has higher volatility (1.41%) compared to GOVT (1.12%). In terms of maximum drawdown, BNDI dropped -6.98% vs GOVT's -19.07%.
On 3-year performance, BNDI leads with 4.90% vs 2.89% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNDI has performed better with a 4.90% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.58% for BNDI.
BNDI has the higher dividend yield at 5.79%, compared with 3.58% for GOVT.
BNDI is categorized as Intermediate Core-Plus Bond, while GOVT is Government Bonds. They also come from different issuers: Neos and iShares. Their fees differ too: 0.58% for BNDI and 0.05% for GOVT.
BNDI currently has the higher Sharpe Ratio (1.76 vs 1.10), 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.
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