IBTF vs. BNDD

Last updated Jun 4, 2026

IBTF (iShares iBonds Dec 2025 Term Treasury ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. IBTF is passively managed, while BNDD is actively managed. Over the past 3 years, IBTF returned 3.66%/yr vs -3.91%/yr for BNDD. At a 0.13 correlation, their price movements are largely independent. IBTF charges 0.07%/yr vs 1.02%/yr for BNDD.

Performance

IBTF vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2025 Term Treasury ETF (IBTF) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBTF

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.09%
• 1Y: 2.14%
• 3Y*: 3.66%
• 5Y*: 0.90%
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

IBTF vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBTF iShares iBonds Dec 2025 Term Treasury ETF	0.00%	3.81%	4.60%	4.12%	-6.39%	-1.31%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	4.02%	-17.48%	5.54%

Correlation

The correlation between IBTF and BNDD is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	0.13

The correlation between IBTF and BNDD shifts across timeframes, from -0.02 (3 years) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBTF vs. BNDD — Risk / Return Rank

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

IBTF

IBTF Risk / Return Rank: 99
IBTF Sharpe Ratio Rank: 99
IBTF Sortino Ratio Rank: 99
IBTF Omega Ratio Rank: 100
IBTF Calmar Ratio Rank: 100
IBTF Martin Ratio Rank: 99

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

IBTF vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2025 Term Treasury ETF (IBTF) 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.

	IBTF	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	7.08	0.32	+6.76
Sortino ratio: Return per unit of downside risk	20.07	0.52	+19.55
Omega ratio: Gain probability vs. loss probability	6.23	1.06	+5.17
Calmar ratio: Return relative to maximum drawdown	59.41	0.56	+58.85
Martin ratio: Return relative to average drawdown	269.70	1.20	+268.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTF vs. BNDD - Sharpe Ratio Comparison

The current IBTF Sharpe Ratio is 7.08, which is higher than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of IBTF 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.

Sharpe Ratios by Period

	IBTF	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.08	0.32	+6.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	-0.33	+0.77

Drawdowns

IBTF vs. BNDD - Drawdown Comparison

The maximum IBTF drawdown since its inception was -10.45%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for IBTF and BNDD.

Drawdown Indicators

	IBTF	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-10.45%	-30.87%	+20.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-6.09%	+6.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.67%	-20.75%	+20.08%
Max Drawdown (5Y) Largest decline over 5 years	-9.53%	—	—
Current Drawdown Current decline from peak	0.00%	-26.51%	+26.51%
Average Drawdown Average peak-to-trough decline	-3.33%	-19.34%	+16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	2.83%	-2.82%

Volatility

IBTF vs. BNDD - Volatility Comparison

The current volatility for iShares iBonds Dec 2025 Term Treasury ETF (IBTF) is 0.00%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.21%. This indicates that IBTF 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

	IBTF	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.21%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	8.11%	-7.92%
Volatility (1Y) Calculated over the trailing 1-year period	0.36%	10.59%	-10.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	13.38%	-11.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.56%	13.38%	-10.82%

IBTF vs. BNDD - Expense Ratio Comparison

IBTF has a 0.07% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

IBTF vs. BNDD - Dividend Comparison

IBTF's dividend yield for the trailing twelve months is around 2.08%, less than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%	0.00%
IBTF iShares iBonds Dec 2025 Term Treasury ETF	2.08%	3.83%	4.32%	4.03%	1.93%	0.57%	0.59%

Frequently Asked Questions

Can I hold both IBTF and BNDD in my portfolio?

IBTF and BNDD have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTF or BNDD?

BNDD has higher volatility (2.21%) compared to IBTF (0.00%). In terms of maximum drawdown, IBTF dropped -10.45% vs BNDD's -30.87%.

Which ETF is better, IBTF or BNDD?

On 3-year performance, IBTF leads with 3.66% vs -3.91% for BNDD. On fees, IBTF is cheaper at 0.07% per year. On volatility, IBTF has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTF or BNDD?

Over the 3-year period, IBTF has performed better with a 3.66% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTF or BNDD?

IBTF is cheaper with a 0.07% expense ratio, compared with 1.02% for BNDD.

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

BNDD has the higher dividend yield at 3.61%, compared with 2.08% for IBTF.

What is the main difference between IBTF and BNDD?

They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.07% for IBTF and 1.02% for BNDD.

Which has better risk-adjusted returns?

IBTF currently has the higher Sharpe Ratio (7.08 vs 0.32), 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.