GTO vs. BNDI

Last updated Jun 4, 2026

GTO (Invesco Total Return Bond ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past 3 years, GTO returned 4.86%/yr vs 4.83%/yr for BNDI. Their correlation of 0.95 suggests significant overlap in exposure. GTO charges 0.35%/yr vs 0.58%/yr for BNDI.

Performance

GTO vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Total Return Bond ETF (GTO) 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, GTO achieves a 0.68% return, which is significantly lower than BNDI's 1.29% return.

GTO

• 1D: -0.15%
• 1M: 0.49%
• YTD: 0.68%
• 6M: 0.69%
• 1Y: 6.41%
• 3Y*: 4.86%
• 5Y*: 0.07%
• 10Y*: 2.93%

BNDI

• 1D: -0.21%
• 1M: 0.36%
• YTD: 1.29%
• 6M: 1.22%
• 1Y: 7.00%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

GTO vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GTO Invesco Total Return Bond ETF	0.68%	7.17%	2.63%	5.95%	-2.57%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.29%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between GTO and BNDI is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.95

The correlation between GTO and BNDI has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

GTO vs. BNDI - Sectors Allocation Comparison

Sectors	GTO	BNDI
Technology	24.2%	35.6%
Healthcare	13.6%	8.5%
Financial Services	13.5%	11.8%
Consumer Cyclical	12.5%	10.1%
Communication Services	10.8%	11.2%
Industrials	8.8%	8.3%
Consumer Defensive	7.0%	4.9%
Utilities	2.8%	2.4%
Real Estate	2.4%	1.9%
Energy	2.3%	3.5%
Basic Materials	2.3%	1.8%

Return for Risk

GTO vs. BNDI — Risk / Return Rank

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

GTO

GTO Risk / Return Rank: 53
GTO Sharpe Ratio Rank: 55
GTO Sortino Ratio Rank: 59
GTO Omega Ratio Rank: 56
GTO Calmar Ratio Rank: 47
GTO Martin Ratio Rank: 46

BNDI

BNDI Risk / Return Rank: 50
BNDI Sharpe Ratio Rank: 48
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 47
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

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.

GTO vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.

	GTO	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.69	+0.19
Sortino ratio: Return per unit of downside risk	2.80	2.54	+0.26
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	2.36	2.56	-0.20
Martin ratio: Return relative to average drawdown	7.50	9.12	-1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTO vs. BNDI - Sharpe Ratio Comparison

The current GTO Sharpe Ratio is 1.88, which is comparable to the BNDI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of GTO 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.

Sharpe Ratios by Period

	GTO	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.69	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.65	-0.13

Drawdowns

GTO vs. BNDI - Drawdown Comparison

The maximum GTO drawdown since its inception was -20.61%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for GTO and BNDI.

Drawdown Indicators

	GTO	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-6.98%	-13.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-2.75%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-5.83%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-20.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.61%	—	—
Current Drawdown Current decline from peak	-1.62%	-0.84%	-0.78%
Average Drawdown Average peak-to-trough decline	-4.80%	-1.71%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.77%	+0.09%

Volatility

GTO vs. BNDI - Volatility Comparison

The current volatility for Invesco Total Return Bond ETF (GTO) is 1.19%, while Neos Enhanced Income Aggregate Bond ETF (BNDI) has a volatility of 1.38%. This indicates that GTO experiences smaller price fluctuations and is considered to be less risky than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTO	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.38%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	3.08%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	4.17%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	6.19%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	6.19%	-0.61%

GTO vs. BNDI - Expense Ratio Comparison

GTO has a 0.35% expense ratio, which is lower than BNDI's 0.58% expense ratio.

Dividends

GTO vs. BNDI - Dividend Comparison

GTO's dividend yield for the trailing twelve months is around 4.76%, less than BNDI's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BNDI Neos Enhanced Income Aggregate Bond ETF	5.80%	5.69%	5.54%	5.17%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GTO Invesco Total Return Bond ETF	4.76%	4.70%	4.42%	4.05%	3.47%	1.93%	4.04%	2.97%	5.25%	2.81%	2.57%

Frequently Asked Questions

Can I hold both GTO and BNDI in my portfolio?

With a correlation of 0.92, GTO and BNDI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GTO or BNDI?

BNDI has higher volatility (1.38%) compared to GTO (1.19%). In terms of maximum drawdown, GTO dropped -20.61% vs BNDI's -6.98%.

Which ETF is better, GTO or BNDI?

On 3-year performance, GTO leads with 4.86% vs 4.83% for BNDI. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTO or BNDI?

Over the 3-year period, GTO has performed better with a 4.86% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTO or BNDI?

GTO is cheaper with a 0.35% expense ratio, compared with 0.58% for BNDI.

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

BNDI has the higher dividend yield at 5.80%, compared with 4.76% for GTO.

What is the main difference between GTO and BNDI?

They also come from different issuers: Invesco and Neos. Their fees differ too: 0.35% for GTO and 0.58% for BNDI.

Which has better risk-adjusted returns?

GTO currently has the higher Sharpe Ratio (1.88 vs 1.69), 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.