GOVI vs. BNDD

Last updated Jun 25, 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 1.25%/yr vs -4.02%/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.

Returns By Period

In the year-to-date period, GOVI achieves a 0.99% return, which is significantly lower than BNDD's 7.17% return.

GOVI

• 1D: 0.87%
• 1M: 2.26%
• YTD: 0.99%
• 6M: 0.58%
• 1Y: 3.90%
• 3Y*: 1.25%
• 5Y*: -2.60%
• 10Y*: -0.09%

BNDD

• 1D: 0.60%
• 1M: 3.67%
• YTD: 7.17%
• 6M: 5.54%
• 1Y: 4.44%
• 3Y*: -4.02%
• 5Y*: —
• 10Y*: —

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

GOVI vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	0.99%	5.84%	-2.95%	3.31%	-19.98%	-1.50%
BNDD Quadratic Deflation ETF	7.17%	-8.17%	-6.65%	4.02%	-17.48%	5.63%

Correlation

The correlation between GOVI and BNDD is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	0.67

The correlation between GOVI and BNDD shifts across timeframes, from 0.53 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

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: 18
GOVI Sharpe Ratio Rank: 19
GOVI Sortino Ratio Rank: 18
GOVI Omega Ratio Rank: 17
GOVI Calmar Ratio Rank: 18
GOVI Martin Ratio Rank: 18

BNDD

BNDD Risk / Return Rank: 16
BNDD Sharpe Ratio Rank: 15
BNDD Sortino Ratio Rank: 14
BNDD Omega Ratio Rank: 14
BNDD Calmar Ratio Rank: 18
BNDD Martin Ratio Rank: 17

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.

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.

	GOVI	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.42	+0.18
Sortino ratio: Return per unit of downside risk	0.93	0.67	+0.26
Omega ratio: Gain probability vs. loss probability	1.10	1.08	+0.02
Calmar ratio: Return relative to maximum drawdown	0.72	0.73	-0.01
Martin ratio: Return relative to average drawdown	1.88	1.57	+0.31

GOVI vs. BNDD - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.61, which is higher than the BNDD Sharpe Ratio of 0.42. 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.

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.

Drawdown Indicators

	GOVI	BNDD	Difference
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	-21.18%	-24.50%	+3.32%
Average Drawdown Average peak-to-trough decline	-9.68%	-19.39%	+9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.82%	-0.74%

Volatility

GOVI vs. BNDD - Volatility Comparison

The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 1.79%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.65%. 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.

Volatility by Period

	GOVI	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	2.65%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	4.74%	8.28%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.47%	10.51%	-4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	13.34%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.09%	13.34%	-4.25%

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 3.79%, more than BNDD's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDD Quadratic Deflation ETF	3.51%	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	3.79%	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

Can I hold both GOVI and BNDD in my portfolio?

GOVI and BNDD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOVI or BNDD?

BNDD has higher volatility (2.65%) compared to GOVI (1.79%). In terms of maximum drawdown, GOVI dropped -32.70% vs BNDD's -30.87%.

Which ETF is better, GOVI or BNDD?

On 3-year performance, GOVI leads with 1.25% vs -4.02% for BNDD. On fees, GOVI is cheaper at 0.15% per year. On volatility, GOVI has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOVI or BNDD?

Over the 3-year period, GOVI has performed better with a 1.25% return vs -4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOVI or BNDD?

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

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

GOVI has the higher dividend yield at 3.79%, compared with 3.51% for BNDD.

What is the main difference between GOVI and BNDD?

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

Which has better risk-adjusted returns?

GOVI currently has the higher Sharpe Ratio (0.61 vs 0.42), 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.