GTO vs. BNDS

Last updated Jun 4, 2026

GTO (Invesco Total Return Bond ETF) and BNDS (Infrastructure Capital Bond Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, GTO returned 6.41% vs 12.86% for BNDS. A 0.51 correlation means they provide meaningful diversification when combined. GTO charges 0.35%/yr vs 0.81%/yr for BNDS.

Performance

GTO vs. BNDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Total Return Bond ETF (GTO) and Infrastructure Capital Bond Income ETF (BNDS). 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 BNDS's 4.23% 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%

BNDS

• 1D: -0.20%
• 1M: 0.17%
• YTD: 4.23%
• 6M: 4.33%
• 1Y: 12.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GTO vs. BNDS - Yearly Performance Comparison

	2026 (YTD)	2025
GTO Invesco Total Return Bond ETF	0.68%	7.42%
BNDS Infrastructure Capital Bond Income ETF	4.23%	8.30%

Correlation

The correlation between GTO and BNDS is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.51

The correlation between GTO and BNDS has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

GTO vs. BNDS — 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

BNDS

BNDS Risk / Return Rank: 89
BNDS Sharpe Ratio Rank: 94
BNDS Sortino Ratio Rank: 96
BNDS Omega Ratio Rank: 96
BNDS Calmar Ratio Rank: 75
BNDS Martin Ratio Rank: 84

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. BNDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) and Infrastructure Capital Bond Income ETF (BNDS). 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	BNDS	Difference
Sharpe ratio: Return per unit of total volatility	1.88	3.65	-1.77
Sortino ratio: Return per unit of downside risk	2.80	5.40	-2.59
Omega ratio: Gain probability vs. loss probability	1.35	1.78	-0.43
Calmar ratio: Return relative to maximum drawdown	2.36	3.75	-1.39
Martin ratio: Return relative to average drawdown	7.50	17.29	-9.79
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. BNDS - Sharpe Ratio Comparison

The current GTO Sharpe Ratio is 1.88, which is lower than the BNDS Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of GTO and BNDS, 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	BNDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	3.65	-1.77
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	1.75	-1.23

Drawdowns

GTO vs. BNDS - Drawdown Comparison

The maximum GTO drawdown since its inception was -20.61%, which is greater than BNDS's maximum drawdown of -6.96%. Use the drawdown chart below to compare losses from any high point for GTO and BNDS.

Drawdown Indicators

	GTO	BNDS	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-6.96%	-13.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-3.45%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	—	—
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%	-0.34%	-1.28%
Average Drawdown Average peak-to-trough decline	-4.80%	-0.82%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.75%	+0.11%

Volatility

GTO vs. BNDS - Volatility Comparison

Invesco Total Return Bond ETF (GTO) has a higher volatility of 1.19% compared to Infrastructure Capital Bond Income ETF (BNDS) at 0.86%. This indicates that GTO's price experiences larger fluctuations and is considered to be riskier than BNDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTO	BNDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	0.86%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	2.74%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	3.55%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	5.29%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	5.29%	+0.29%

GTO vs. BNDS - Expense Ratio Comparison

GTO has a 0.35% expense ratio, which is lower than BNDS's 0.81% expense ratio.

Dividends

GTO vs. BNDS - Dividend Comparison

GTO's dividend yield for the trailing twelve months is around 4.76%, less than BNDS's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BNDS Infrastructure Capital Bond Income ETF	7.97%	7.98%	0.00%	0.00%	0.00%	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 BNDS in my portfolio?

GTO and BNDS have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTO or BNDS?

GTO has higher volatility (1.19%) compared to BNDS (0.86%). In terms of maximum drawdown, GTO dropped -20.61% vs BNDS's -6.96%.

Which ETF is better, GTO or BNDS?

On 1-year performance, BNDS leads with 12.86% vs 6.41% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, BNDS has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTO or BNDS?

Over the 1-year period, BNDS has performed better with a 12.86% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTO or BNDS?

GTO is cheaper with a 0.35% expense ratio, compared with 0.81% for BNDS.

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

BNDS has the higher dividend yield at 7.97%, compared with 4.76% for GTO.

What is the main difference between GTO and BNDS?

They also come from different issuers: Invesco and InfraCap. Their fees differ too: 0.35% for GTO and 0.81% for BNDS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (3.65 vs 1.88), 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.