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GOVI vs. BNDD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GOVI vs. BNDD

Last updated Jun 5, 2026

GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. GOVI is passively managed, while BNDD is actively managed. Over the past 3 years, GOVI returned 0.97%/yr vs -3.83%/yr for BNDD. A 0.67 correlation means they provide meaningful diversification when combined. GOVI charges 0.15%/yr vs 1.02%/yr for BNDD.

Performance

GOVI vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GOVI achieves a -0.34% return, which is significantly lower than BNDD's 4.38% return.

GOVI

1D
0.20%
1M
0.24%
YTD
-0.34%
6M
-0.80%
1Y
3.44%
3Y*
0.97%
5Y*
-2.73%
10Y*
-0.05%

BNDD

1D
0.06%
1M
0.95%
YTD
4.38%
6M
2.33%
1Y
2.37%
3Y*
-3.83%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVI vs. BNDD - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GOVI
Invesco Equal Weight 0-30 Year Treasury ETF		-0.34%5.84%-2.95%3.31%-19.98%-1.45%
BNDD
Quadratic Deflation ETF		4.38%-8.17%-6.65%4.02%-17.48%5.54%

Correlation

The correlation between GOVI and BNDD is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2021

0.67

The correlation between GOVI and BNDD shifts across timeframes, from 0.56 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

GOVI vs. BNDD - Sectors Allocation Comparison

Sectors
GOVI
BNDD

Financial Services

0.0%
77.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

GOVI
0.0%
BNDD
77.7%

Basic Materials

GOVI

-

BNDD

-

Communication Services

GOVI

-

BNDD

-

Consumer Cyclical

GOVI

-

BNDD

-

Consumer Defensive

GOVI

-

BNDD

-

Energy

GOVI

-

BNDD

-

Healthcare

GOVI

-

BNDD

-

Industrials

GOVI

-

BNDD

-

Real Estate

GOVI

-

BNDD

-

Technology

GOVI

-

BNDD

-

Utilities

GOVI

-

BNDD

-

Compare stocks, funds, or ETFs

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Invesco Equal Weight 0-30 Year Treasury ETF

Quadratic Deflation ETF

Often compared with GOVI:
GOVI vs. GOVTGOVI vs. BNDGOVI vs. SPTLGOVI vs. BONDGOVI vs. VTIGOVI vs. ^GSPCGOVI vs. VGT
Often compared with BNDD:
BNDD vs. SPYBNDD vs. BNDBNDD vs. UUPBNDD vs. VGITBNDD vs. TLTBNDD vs. VTBNDD vs. XDTE

Return for Risk

GOVI vs. BNDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GOVI
GOVI Risk / Return Rank: 1717
Overall Rank
GOVI Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
GOVI Sortino Ratio Rank: 1717
Sortino Ratio Rank
GOVI Omega Ratio Rank: 1616
Omega Ratio Rank
GOVI Calmar Ratio Rank: 1717
Calmar Ratio Rank
GOVI Martin Ratio Rank: 1818
Martin Ratio Rank
BNDD
BNDD Risk / Return Rank: 1313
Overall Rank
BNDD Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
BNDD Sortino Ratio Rank: 1212
Sortino Ratio Rank
BNDD Omega Ratio Rank: 1212
Omega Ratio Rank
BNDD Calmar Ratio Rank: 1414
Calmar Ratio Rank
BNDD Martin Ratio Rank: 1313
Martin Ratio Rank
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.

GOVI vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.

GOVIBNDDDifference
Sharpe ratioReturn per unit of total volatility
0.53
0.23

+0.31

Sortino ratioReturn per unit of downside risk
0.81
0.39

+0.42

Omega ratioGain probability vs. loss probability

1.09

1.05

+0.04

Calmar ratioReturn relative to maximum drawdown

0.63

0.39

+0.24

Martin ratioReturn relative to average drawdown

1.76

0.84

+0.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVI vs. BNDD - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.53, which is higher than the BNDD Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of GOVI 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.

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Sharpe Ratios by Period

GOVIBNDDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.53

0.23

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.28

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.01

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

-0.33

+0.64

Drawdowns

GOVI vs. BNDD - Drawdown Comparison

The maximum GOVI drawdown since its inception was -32.70%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for GOVI and BNDD.

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Drawdown Indicators

GOVIBNDDDifference

Max Drawdown

Largest peak-to-trough decline

-32.70%

-30.87%

-1.83%

Max Drawdown (1Y)

Largest decline over 1 year

-5.45%

-6.09%

+0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-11.58%

-20.75%

+9.17%

Max Drawdown (5Y)

Largest decline over 5 years

-28.30%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-32.70%

—

—

Current Drawdown

Current decline from peak

-22.22%

-26.46%

+4.24%

Average Drawdown

Average peak-to-trough decline

-9.65%

-19.34%

+9.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

2.83%

-0.88%

Volatility

GOVI vs. BNDD - Volatility Comparison

The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 2.03%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.17%. This indicates that GOVI 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.

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Volatility by Period

GOVIBNDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.03%

2.17%

-0.14%

Volatility (6M)

Calculated over the trailing 6-month period

4.54%

8.07%

-3.53%

Volatility (1Y)

Calculated over the trailing 1-year period

6.58%

10.59%

-4.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.86%

13.37%

-3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.10%

13.37%

-4.27%

GOVI vs. BNDD - Expense Ratio Comparison

GOVI has a 0.15% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

GOVI vs. BNDD - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 3.82%, more than BNDD's 3.60% yield.

PositionTTM20252024202320222021202020192018201720162015
BNDD
Quadratic Deflation ETF		3.60%3.82%3.85%4.30%43.17%1.04%0.00%0.00%0.00%0.00%0.00%0.00%
GOVI
Invesco Equal Weight 0-30 Year Treasury ETF		3.82%3.75%3.56%2.87%1.97%1.15%1.00%1.96%2.14%2.02%2.00%2.14%

Frequently Asked Questions

GOVI and BNDD have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNDD has higher volatility (2.17%) compared to GOVI (2.03%). In terms of maximum drawdown, GOVI dropped -32.70% vs BNDD's -30.87%.

On 3-year performance, GOVI leads with 0.97% vs -3.83% for BNDD. On fees, GOVI is cheaper at 0.15% per year. On volatility, GOVI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, GOVI has performed better with a 0.97% return vs -3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GOVI is cheaper with a 0.15% expense ratio, compared with 1.02% for BNDD.

GOVI has the higher dividend yield at 3.82%, compared with 3.60% for BNDD.

They also come from different issuers: Invesco and KraneShares. Their fees differ too: 0.15% for GOVI and 1.02% for BNDD.

GOVI currently has the higher Sharpe Ratio (0.53 vs 0.23), 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.

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