BNDS vs. ICAP

Last updated Apr 1, 2026

Compare and contrast key facts about Infrastructure Capital Bond Income ETF (BNDS) and InfraCap Equity Income Fund ETF (ICAP).

BNDS and ICAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BNDS is an actively managed fund by InfraCap. It was launched on Jan 15, 2025. ICAP is an actively managed fund by InfraCap. It was launched on Dec 28, 2021.

Performance

BNDS vs. ICAP - Performance Comparison

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

BNDS vs. ICAP - Yearly Performance Comparison

	2026 (YTD)	2025
BNDS Infrastructure Capital Bond Income ETF	0.75%	8.30%
ICAP InfraCap Equity Income Fund ETF	-2.78%	15.02%

Returns By Period

In the year-to-date period, BNDS achieves a 0.75% return, which is significantly higher than ICAP's -2.78% return.

BNDS

• 1D: 0.50%
• 1M: -2.04%
• YTD: 0.75%
• 6M: 1.75%
• 1Y: 9.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICAP

• 1D: 2.73%
• 1M: -5.34%
• YTD: -2.78%
• 6M: 0.55%
• 1Y: 15.89%
• 3Y*: 13.10%
• 5Y*: —
• 10Y*: —

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

BNDS vs. ICAP - Expense Ratio Comparison

BNDS has a 0.81% expense ratio, which is higher than ICAP's 0.80% expense ratio.

BNDS

Infrastructure Capital Bond Income ETF

ICAP

InfraCap Equity Income Fund ETF

Return for Risk

BNDS vs. ICAP — Risk / Return Rank

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

BNDS

BNDS Risk / Return Rank: 77
BNDS Sharpe Ratio Rank: 82
BNDS Sortino Ratio Rank: 81
BNDS Omega Ratio Rank: 89
BNDS Calmar Ratio Rank: 64
BNDS Martin Ratio Rank: 69

ICAP

ICAP Risk / Return Rank: 51
ICAP Sharpe Ratio Rank: 54
ICAP Sortino Ratio Rank: 48
ICAP Omega Ratio Rank: 52
ICAP Calmar Ratio Rank: 51
ICAP Martin Ratio Rank: 48

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.

BNDS vs. ICAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Infrastructure Capital Bond Income ETF (BNDS) and InfraCap Equity Income Fund ETF (ICAP). 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.

	BNDS	ICAP	Difference
Sharpe ratio Return per unit of total volatility	1.61	0.94	+0.68
Sortino ratio Return per unit of downside risk	2.15	1.28	+0.87
Omega ratio Gain probability vs. loss probability	1.38	1.19	+0.19
Calmar ratio Return relative to maximum drawdown	1.69	1.27	+0.41
Martin ratio Return relative to average drawdown	7.27	4.57	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDS vs. ICAP - Sharpe Ratio Comparison

The current BNDS Sharpe Ratio is 1.61, which is higher than the ICAP Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of BNDS and ICAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BNDS	ICAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.94	+0.68
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.32	+1.06

Correlation

The correlation between BNDS and ICAP is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BNDS vs. ICAP - Dividend Comparison

BNDS's dividend yield for the trailing twelve months is around 8.11%, less than ICAP's 9.95% yield.

	TTM	2025	2024	2023	2022
BNDS Infrastructure Capital Bond Income ETF	8.11%	7.98%	0.00%	0.00%	0.00%
ICAP InfraCap Equity Income Fund ETF	9.95%	8.89%	8.30%	8.65%	8.95%

Drawdowns

BNDS vs. ICAP - Drawdown Comparison

The maximum BNDS drawdown since its inception was -6.96%, smaller than the maximum ICAP drawdown of -24.20%. Use the drawdown chart below to compare losses from any high point for BNDS and ICAP.

Drawdown Indicators

	BNDS	ICAP	Difference
Max Drawdown Largest peak-to-trough decline	-6.96%	-24.20%	+17.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.44%	-12.64%	+7.20%
Current Drawdown Current decline from peak	-2.63%	-8.21%	+5.58%
Average Drawdown Average peak-to-trough decline	-0.88%	-8.06%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	3.52%	-2.26%

Volatility

BNDS vs. ICAP - Volatility Comparison

The current volatility for Infrastructure Capital Bond Income ETF (BNDS) is 1.86%, while InfraCap Equity Income Fund ETF (ICAP) has a volatility of 5.25%. This indicates that BNDS experiences smaller price fluctuations and is considered to be less risky than ICAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDS	ICAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	5.25%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	10.26%	-7.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.82%	17.06%	-11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.48%	18.33%	-12.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	18.33%	-12.85%