FPAS vs. BNDD

Last updated Jun 4, 2026

FPAS (FPA Short Duration Government ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. Both are actively managed. Over the past year, FPAS returned 3.02% vs 3.39% for BNDD. At a 0.26 correlation, their price movements are largely independent. FPAS charges 0.09%/yr vs 1.02%/yr for BNDD.

Performance

FPAS vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Short Duration Government ETF (FPAS) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAS achieves a -0.75% return, which is significantly lower than BNDD's 4.32% return.

FPAS

• 1D: -0.14%
• 1M: -0.21%
• YTD: -0.75%
• 6M: -0.62%
• 1Y: 3.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

FPAS vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPAS FPA Short Duration Government ETF	-0.75%	7.15%	-0.03%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-3.08%

Correlation

The correlation between FPAS and BNDD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 4, 2024	0.26

Return for Risk

FPAS vs. BNDD — Risk / Return Rank

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

FPAS

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

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

FPAS vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Quadratic Deflation ETF (BNDD). 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.

	FPAS	BNDD	Difference
Sharpe ratio Return per unit of total volatility	0.93	0.32	+0.61
Sortino ratio Return per unit of downside risk	1.39	0.52	+0.87
Omega ratio Gain probability vs. loss probability	1.16	1.06	+0.10
Calmar ratio Return relative to maximum drawdown	1.23	0.56	+0.67
Martin ratio Return relative to average drawdown	3.71	1.20	+2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAS vs. BNDD - Sharpe Ratio Comparison

The current FPAS Sharpe Ratio is 0.93, which is higher than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of FPAS and BNDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPAS	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	0.32	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	-0.33	+1.30

Drawdowns

FPAS vs. BNDD - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for FPAS and BNDD.

Drawdown Indicators

	FPAS	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-30.87%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-6.09%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-1.85%	-26.51%	+24.66%
Average Drawdown Average peak-to-trough decline	-0.67%	-19.34%	+18.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.83%	-2.01%

Volatility

FPAS vs. BNDD - Volatility Comparison

The current volatility for FPA Short Duration Government ETF (FPAS) is 1.10%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.21%. This indicates that FPAS experiences smaller price fluctuations and is considered to be less risky than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAS	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	2.21%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	8.11%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	10.59%	-7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	13.38%	-9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	13.38%	-9.29%

FPAS vs. BNDD - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

FPAS vs. BNDD - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.78%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
FPAS FPA Short Duration Government ETF	4.78%	4.75%	0.68%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAS and BNDD in my portfolio?

FPAS and BNDD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAS or BNDD?

BNDD has higher volatility (2.21%) compared to FPAS (1.10%). In terms of maximum drawdown, FPAS dropped -2.47% vs BNDD's -30.87%.

Which ETF is better, FPAS or BNDD?

On 1-year performance, BNDD leads with 3.39% vs 3.02% for FPAS. On fees, FPAS is cheaper at 0.09% per year. On volatility, FPAS has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAS or BNDD?

Over the 1-year period, BNDD has performed better with a 3.39% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAS or BNDD?

FPAS is cheaper with a 0.09% expense ratio, compared with 1.02% for BNDD.

Which ETF pays a higher dividend yield, FPAS or BNDD?

FPAS has the higher dividend yield at 4.78%, compared with 3.61% for BNDD.

What is the main difference between FPAS and BNDD?

They also come from different issuers: FPA and KraneShares. Their fees differ too: 0.09% for FPAS and 1.02% for BNDD.

Which has better risk-adjusted returns?

FPAS currently has the higher Sharpe Ratio (0.93 vs 0.32), 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.