BNDY vs. PIFI

Last updated Jun 5, 2026

BNDY (Horizon Core Bond ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. Both are actively managed. Their correlation of 0.80 suggests significant overlap in exposure. BNDY charges 0.66%/yr vs 0.45%/yr for PIFI.

Performance

BNDY vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Bond ETF (BNDY) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDY achieves a 1.19% return, which is significantly higher than PIFI's 0.10% return.

BNDY

• 1D: 0.32%
• 1M: 0.61%
• YTD: 1.19%
• 6M: 1.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIFI

• 1D: 0.24%
• 1M: 0.12%
• YTD: 0.10%
• 6M: 0.27%
• 1Y: 3.35%
• 3Y*: 3.80%
• 5Y*: 1.07%
• 10Y*: —

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

BNDY vs. PIFI - Yearly Performance Comparison

	2026 (YTD)	2025
BNDY Horizon Core Bond ETF	1.19%	5.34%
PIFI ClearShares Piton Intermediate Fixed Income ETF	0.10%	2.76%

Correlation

The correlation between BNDY and PIFI is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025	0.80

Return for Risk

BNDY vs. PIFI — Risk / Return Rank

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

PIFI

PIFI Risk / Return Rank: 36
PIFI Sharpe Ratio Rank: 36
PIFI Sortino Ratio Rank: 39
PIFI Omega Ratio Rank: 35
PIFI Calmar Ratio Rank: 36
PIFI Martin Ratio Rank: 34

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.

BNDY vs. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Bond ETF (BNDY) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BNDY	PIFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.30	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.23	+1.21

Drawdowns

BNDY vs. PIFI - Drawdown Comparison

The maximum BNDY drawdown since its inception was -3.93%, smaller than the maximum PIFI drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for BNDY and PIFI.

Drawdown Indicators

	BNDY	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-3.93%	-10.59%	+6.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.41%	—
Current Drawdown Current decline from peak	-0.84%	-1.21%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.63%	-3.23%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.67%	—

Volatility

Volatility by Period

	BNDY	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.01%	2.62%	+2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.01%	3.66%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	3.48%	+1.53%

BNDY vs. PIFI - Expense Ratio Comparison

BNDY has a 0.66% expense ratio, which is higher than PIFI's 0.45% expense ratio.

Dividends

BNDY vs. PIFI - Dividend Comparison

BNDY's dividend yield for the trailing twelve months is around 4.82%, more than PIFI's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDY Horizon Core Bond ETF	4.82%	1.89%	0.00%	0.00%	0.00%	0.00%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.75%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both BNDY and PIFI in my portfolio?

BNDY and PIFI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNDY or PIFI?

On fees, PIFI is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNDY or PIFI?

PIFI is cheaper with a 0.45% expense ratio, compared with 0.66% for BNDY.

Which ETF pays a higher dividend yield, BNDY or PIFI?

BNDY has the higher dividend yield at 4.82%, compared with 3.75% for PIFI.

What is the main difference between BNDY and PIFI?

They also come from different issuers: Horizon and ClearShares. Their fees differ too: 0.66% for BNDY and 0.45% for PIFI.