GOVZ vs. BNDD

Last updated Apr 2, 2026

Compare and contrast key facts about iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) and Quadratic Deflation ETF (BNDD).

GOVZ and BNDD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GOVZ is a passively managed fund by iShares that tracks the performance of the ICE BofA Long US Treasury Principal STRIPS Index. It was launched on Sep 22, 2020. BNDD is an actively managed fund by Quadratic. It was launched on Sep 16, 2021.

Performance

GOVZ vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

GOVZ vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	-0.18%	-1.81%	-16.24%	0.90%	-41.03%	-0.76%
BNDD Quadratic Deflation ETF	3.22%	-8.17%	-6.65%	4.02%	-17.48%	5.54%

Returns By Period

In the year-to-date period, GOVZ achieves a -0.18% return, which is significantly lower than BNDD's 3.22% return.

GOVZ

• 1D: -0.12%
• 1M: -4.94%
• YTD: -0.18%
• 6M: -3.76%
• 1Y: -7.76%
• 3Y*: -8.80%
• 5Y*: -10.91%
• 10Y*: —

BNDD

• 1D: -0.66%
• 1M: 0.24%
• YTD: 3.22%
• 6M: -0.19%
• 1Y: -5.11%
• 3Y*: -4.63%
• 5Y*: —
• 10Y*: —

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

GOVZ vs. BNDD - Expense Ratio Comparison

GOVZ has a 0.15% expense ratio, which is lower than BNDD's 1.04% expense ratio.

BNDD

Quadratic Deflation ETF

GOVZ

iShares 25+ Year Treasury STRIPS Bond ETF

Return for Risk

GOVZ vs. BNDD — Risk / Return Rank

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

GOVZ

GOVZ Risk / Return Rank: 5
GOVZ Sharpe Ratio Rank: 5
GOVZ Sortino Ratio Rank: 5
GOVZ Omega Ratio Rank: 5
GOVZ Calmar Ratio Rank: 6
GOVZ Martin Ratio Rank: 7

BNDD

BNDD Risk / Return Rank: 5
BNDD Sharpe Ratio Rank: 5
BNDD Sortino Ratio Rank: 4
BNDD Omega Ratio Rank: 4
BNDD Calmar Ratio Rank: 6
BNDD Martin Ratio Rank: 7

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.

GOVZ vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.

	GOVZ	BNDD	Difference
Sharpe ratio Return per unit of total volatility	-0.41	-0.41	+0.01
Sortino ratio Return per unit of downside risk	-0.44	-0.48	+0.04
Omega ratio Gain probability vs. loss probability	0.95	0.94	+0.01
Calmar ratio Return relative to maximum drawdown	-0.40	-0.37	-0.02
Martin ratio Return relative to average drawdown	-0.68	-0.56	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVZ vs. BNDD - Sharpe Ratio Comparison

The current GOVZ Sharpe Ratio is -0.41, which is comparable to the BNDD Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of GOVZ and BNDD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GOVZ	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	-0.41	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-0.35	-0.24

Correlation

The correlation between GOVZ and BNDD is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GOVZ vs. BNDD - Dividend Comparison

GOVZ's dividend yield for the trailing twelve months is around 5.06%, more than BNDD's 3.64% yield.

	TTM	2025	2024	2023	2022	2021	2020
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	5.06%	5.00%	4.68%	3.84%	3.69%	1.76%	0.39%
BNDD Quadratic Deflation ETF	3.64%	3.82%	3.85%	4.30%	43.17%	1.04%	0.00%

Drawdowns

GOVZ vs. BNDD - Drawdown Comparison

The maximum GOVZ drawdown since its inception was -59.65%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for GOVZ and BNDD.

Drawdown Indicators

	GOVZ	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-59.65%	-30.87%	-28.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.08%	-10.93%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-57.63%	—	—
Current Drawdown Current decline from peak	-56.14%	-27.28%	-28.86%
Average Drawdown Average peak-to-trough decline	-39.39%	-19.03%	-20.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.42%	7.26%	+2.16%

Volatility

GOVZ vs. BNDD - Volatility Comparison

iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 5.79% compared to Quadratic Deflation ETF (BNDD) at 3.52%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVZ	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	3.52%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	8.09%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	12.44%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	13.55%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	13.55%	+10.05%