BNDI vs. ITWO

Last updated Jul 21, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and ITWO (Proshares Russell 2000 High Income ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while ITWO is a Derivative Income fund tracking the Cboe Russell 2000 Daily Covered Call Index. BNDI is actively managed, while ITWO is passively managed. Over the past year, BNDI returned 5.57% vs 31.91% for ITWO. At a 0.36 correlation, their price movements are largely independent. BNDI charges 0.58%/yr vs 0.55%/yr for ITWO.

Performance

BNDI vs. ITWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) and Proshares Russell 2000 High Income ETF (ITWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDI achieves a 1.13% return, which is significantly lower than ITWO's 20.44% return.

BNDI

• 1D: -0.20%
• 1M: -0.56%
• 6M: 0.83%
• YTD: 1.13%
• 1Y: 5.57%
• 3Y*: 4.66%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.73%

ITWO

• 1D: -0.63%
• 1M: -0.78%
• 6M: 11.95%
• YTD: 20.44%
• 1Y: 31.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.57%

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

BNDI vs. ITWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDI Neos Enhanced Income Aggregate Bond ETF	1.13%	7.95%	-2.22%
ITWO Proshares Russell 2000 High Income ETF	20.44%	14.25%	3.10%

Correlation

The correlation between BNDI and ITWO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.36

Return for Risk

BNDI vs. ITWO — Risk / Return Rank

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

BNDI

BNDI Risk / Return Rank: 53
BNDI Sharpe Ratio Rank: 52
BNDI Sortino Ratio Rank: 55
BNDI Omega Ratio Rank: 50
BNDI Calmar Ratio Rank: 54
BNDI Martin Ratio Rank: 56

ITWO

ITWO Risk / Return Rank: 73
ITWO Sharpe Ratio Rank: 71
ITWO Sortino Ratio Rank: 69
ITWO Omega Ratio Rank: 62
ITWO Calmar Ratio Rank: 83
ITWO Martin Ratio Rank: 79

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. ITWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) and Proshares Russell 2000 High Income ETF (ITWO). 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	ITWO	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.70	-0.36
Sortino ratio: Return per unit of downside risk	2.03	2.37	-0.34
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.03	3.27	-1.24
Martin ratio: Return relative to average drawdown	7.13	10.94	-3.81

BNDI vs. ITWO - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.34, which is comparable to the ITWO Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of BNDI and ITWO, 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. ITWO - Drawdown Comparison

The maximum BNDI drawdown since its inception was -7.25%, smaller than the maximum ITWO drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for BNDI and ITWO.

Drawdown Indicators

	BNDI	ITWO	Difference
Max Drawdown Largest peak-to-trough decline	-7.25%	-24.77%	+17.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-9.79%	+7.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.61%	—	—
Current Drawdown Current decline from peak	-1.13%	-2.51%	+1.38%
Average Drawdown Average peak-to-trough decline	-1.70%	-4.88%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.92%	-2.14%

Volatility

BNDI vs. ITWO - Volatility Comparison

The current volatility for Neos Enhanced Income Aggregate Bond ETF (BNDI) is 1.12%, while Proshares Russell 2000 High Income ETF (ITWO) has a volatility of 3.64%. This indicates that BNDI experiences smaller price fluctuations and is considered to be less risky than ITWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDI	ITWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	3.64%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	13.85%	-10.46%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	18.88%	-14.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	20.33%	-14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.15%	20.33%	-14.18%

BNDI vs. ITWO - Expense Ratio Comparison

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

Dividends

BNDI vs. ITWO - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 6.36%, less than ITWO's 7.32% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.36%	5.69%	5.54%	5.17%	1.68%
ITWO Proshares Russell 2000 High Income ETF	7.32%	12.12%	4.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDI and ITWO in my portfolio?

BNDI and ITWO have a correlation of 0.41, 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 ITWO?

ITWO has higher volatility (3.64%) compared to BNDI (1.12%). In terms of maximum drawdown, BNDI dropped -7.25% vs ITWO's -24.77%.

Which ETF is better, BNDI or ITWO?

On 1-year performance, ITWO leads with 31.91% vs 5.57% for BNDI. On fees, ITWO is cheaper at 0.55% per year. On volatility, BNDI has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or ITWO?

Over the 1-year period, ITWO has performed better with a 31.91% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or ITWO?

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

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

ITWO has the higher dividend yield at 7.32%, compared with 6.36% for BNDI.

What is the main difference between BNDI and ITWO?

BNDI is categorized as Intermediate Core-Plus Bond, while ITWO is Derivative Income. They also come from different issuers: Neos and ProShares. Their fees differ too: 0.58% for BNDI and 0.55% for ITWO.

Which has better risk-adjusted returns?

ITWO currently has the higher Sharpe Ratio (1.70 vs 1.34), 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.