DEFR vs. BNDI

Last updated Jun 25, 2026

DEFR (Aptus Deferred Income ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, DEFR returned 4.53% vs 6.18% for BNDI. A 0.78 correlation means they provide meaningful diversification when combined. DEFR charges 0.79%/yr vs 0.58%/yr for BNDI.

Performance

DEFR vs. BNDI - Performance Comparison

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

Returns By Period

In the year-to-date period, DEFR achieves a -0.15% return, which is significantly lower than BNDI's 1.94% return.

DEFR

• 1D: 0.41%
• 1M: 0.83%
• YTD: -0.15%
• 6M: -0.30%
• 1Y: 4.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDI

• 1D: 0.44%
• 1M: 1.07%
• YTD: 1.94%
• 6M: 1.81%
• 1Y: 6.18%
• 3Y*: 5.00%
• 5Y*: —
• 10Y*: —

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

DEFR vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025
DEFR Aptus Deferred Income ETF	-0.15%	6.80%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.94%	6.36%

Correlation

The correlation between DEFR and BNDI is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.78

The correlation between DEFR and BNDI has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

DEFR vs. BNDI — Risk / Return Rank

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

DEFR

DEFR Risk / Return Rank: 25
DEFR Sharpe Ratio Rank: 27
DEFR Sortino Ratio Rank: 25
DEFR Omega Ratio Rank: 25
DEFR Calmar Ratio Rank: 26
DEFR Martin Ratio Rank: 25

BNDI

BNDI Risk / Return Rank: 49
BNDI Sharpe Ratio Rank: 46
BNDI Sortino Ratio Rank: 50
BNDI Omega Ratio Rank: 45
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 50

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.

DEFR vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Deferred Income ETF (DEFR) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	DEFR	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.46	-0.58
Sortino ratio: Return per unit of downside risk	1.27	2.23	-0.96
Omega ratio: Gain probability vs. loss probability	1.16	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	1.17	2.26	-1.09
Martin ratio: Return relative to average drawdown	2.96	7.82	-4.87

DEFR vs. BNDI - Sharpe Ratio Comparison

The current DEFR Sharpe Ratio is 0.88, which is lower than the BNDI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DEFR and BNDI, 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

DEFR vs. BNDI - Drawdown Comparison

The maximum DEFR drawdown since its inception was -3.90%, smaller than the maximum BNDI drawdown of -7.25%. Use the drawdown chart below to compare losses from any high point for DEFR and BNDI.

Drawdown Indicators

	DEFR	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-7.25%	+3.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-2.75%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.83%	—
Current Drawdown Current decline from peak	-2.45%	-0.20%	-2.25%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.72%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.79%	+0.75%

Volatility

DEFR vs. BNDI - Volatility Comparison

Aptus Deferred Income ETF (DEFR) has a higher volatility of 1.61% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.48%. This indicates that DEFR's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFR	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	1.48%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	3.31%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	4.26%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	6.18%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.34%	6.18%	-0.84%

DEFR vs. BNDI - Expense Ratio Comparison

DEFR has a 0.79% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

DEFR vs. BNDI - Dividend Comparison

DEFR has not paid dividends to shareholders, while BNDI's dividend yield for the trailing twelve months is around 6.27%.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.27%	5.69%	5.54%	5.17%	1.68%
DEFR Aptus Deferred Income ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEFR and BNDI in my portfolio?

DEFR and BNDI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFR or BNDI?

DEFR has higher volatility (1.61%) compared to BNDI (1.48%). In terms of maximum drawdown, DEFR dropped -3.90% vs BNDI's -7.25%.

Which ETF is better, DEFR or BNDI?

On 1-year performance, BNDI leads with 6.18% vs 4.53% for DEFR. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFR or BNDI?

Over the 1-year period, BNDI has performed better with a 6.18% return vs 4.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFR or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.79% for DEFR.

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

BNDI has the higher dividend yield at 6.27%, compared with 0.00% for DEFR.

What is the main difference between DEFR and BNDI?

They also come from different issuers: Aptus and Neos. Their fees differ too: 0.79% for DEFR and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.46 vs 0.88), 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.