BNDY vs. USDX

Last updated Jul 8, 2026

BNDY (Horizon Core Bond ETF) and USDX (SGI Enhanced Core ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past year, BNDY returned 6.78% vs 6.50% for USDX. At a correlation of -0.06, they often move in opposite directions. BNDY charges 0.66%/yr vs 0.98%/yr for USDX.

Performance

BNDY vs. USDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Bond ETF (BNDY) and SGI Enhanced Core ETF (USDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDY achieves a 0.82% return, which is significantly lower than USDX's 2.55% return.

BNDY

• 1D: -0.58%
• 1M: 0.56%
• 6M: 0.51%
• YTD: 0.82%
• 1Y: 6.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USDX

• 1D: 0.08%
• 1M: 0.24%
• 6M: 2.47%
• YTD: 2.55%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDY vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025
BNDY Horizon Core Bond ETF	0.82%	5.21%
USDX SGI Enhanced Core ETF	2.55%	3.73%

Correlation

The correlation between BNDY and USDX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025	-0.06

Return for Risk

BNDY vs. USDX — Risk / Return Rank

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

BNDY

BNDY Risk / Return Rank: 45
BNDY Sharpe Ratio Rank: 45
BNDY Sortino Ratio Rank: 46
BNDY Omega Ratio Rank: 45
BNDY Calmar Ratio Rank: 39
BNDY Martin Ratio Rank: 50

USDX

USDX Risk / Return Rank: 96
USDX Sharpe Ratio Rank: 95
USDX Sortino Ratio Rank: 96
USDX Omega Ratio Rank: 97
USDX Calmar Ratio Rank: 96
USDX Martin Ratio Rank: 98

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Bond ETF (BNDY) and SGI Enhanced Core ETF (USDX). 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.

	BNDY	USDX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	3.13	-1.79
Sortino ratio: Return per unit of downside risk	1.95	4.96	-3.01
Omega ratio: Gain probability vs. loss probability	1.25	1.77	-0.52
Calmar ratio: Return relative to maximum drawdown	1.73	6.96	-5.23
Martin ratio: Return relative to average drawdown	7.20	44.22	-37.02

BNDY vs. USDX - Sharpe Ratio Comparison

The current BNDY Sharpe Ratio is 1.34, which is lower than the USDX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of BNDY and USDX, 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

BNDY vs. USDX - Drawdown Comparison

The maximum BNDY drawdown since its inception was -3.93%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for BNDY and USDX.

Drawdown Indicators

	BNDY	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-3.93%	-0.94%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-0.94%	-2.99%
Current Drawdown Current decline from peak	-1.20%	-0.03%	-1.17%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.06%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.15%	+0.79%

Volatility

BNDY vs. USDX - Volatility Comparison

Horizon Core Bond ETF (BNDY) has a higher volatility of 1.82% compared to SGI Enhanced Core ETF (USDX) at 0.89%. This indicates that BNDY's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDY	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	0.89%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	1.93%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	5.12%	2.09%	+3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	1.75%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	1.75%	+3.36%

BNDY vs. USDX - Expense Ratio Comparison

BNDY has a 0.66% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

BNDY vs. USDX - Dividend Comparison

BNDY's dividend yield for the trailing twelve months is around 5.87%, less than USDX's 6.87% yield.

Position	TTM	2025	2024
BNDY Horizon Core Bond ETF	5.87%	1.89%	0.00%
USDX SGI Enhanced Core ETF	6.87%	5.88%	4.60%

Frequently Asked Questions

Can I hold both BNDY and USDX in my portfolio?

BNDY and USDX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDY or USDX?

BNDY has higher volatility (1.82%) compared to USDX (0.89%). In terms of maximum drawdown, BNDY dropped -3.93% vs USDX's -0.94%.

Which ETF is better, BNDY or USDX?

On 1-year performance, BNDY leads with 6.78% vs 6.50% for USDX. On fees, BNDY is cheaper at 0.66% per year. On volatility, USDX has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDY or USDX?

Over the 1-year period, BNDY has performed better with a 6.78% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDY or USDX?

BNDY is cheaper with a 0.66% expense ratio, compared with 0.98% for USDX.

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

USDX has the higher dividend yield at 6.87%, compared with 5.87% for BNDY.

What is the main difference between BNDY and USDX?

They also come from different issuers: Horizon and Summit Global Investments. Their fees differ too: 0.66% for BNDY and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.13 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.