ICAP vs. BNDS

Last updated Jun 4, 2026

ICAP (InfraCap Equity Income Fund ETF) and BNDS (Infrastructure Capital Bond Income ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while BNDS is a Intermediate Core-Plus Bond fund actively managed by InfraCap. Both are actively managed. Over the past year, ICAP returned 25.61% vs 13.48% for BNDS. A 0.61 correlation means they provide meaningful diversification when combined. ICAP charges 0.80%/yr vs 0.81%/yr for BNDS.

Performance

ICAP vs. BNDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) 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, ICAP achieves a 7.55% return, which is significantly higher than BNDS's 4.44% return.

ICAP

• 1D: -1.34%
• 1M: 1.75%
• YTD: 7.55%
• 6M: 7.96%
• 1Y: 25.61%
• 3Y*: 18.21%
• 5Y*: —
• 10Y*: —

BNDS

• 1D: 0.10%
• 1M: 0.18%
• YTD: 4.44%
• 6M: 4.74%
• 1Y: 13.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICAP vs. BNDS - Yearly Performance Comparison

	2026 (YTD)	2025
ICAP InfraCap Equity Income Fund ETF	7.55%	15.02%
BNDS Infrastructure Capital Bond Income ETF	4.44%	8.30%

Correlation

The correlation between ICAP and BNDS is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.61

The correlation between ICAP and BNDS has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

ICAP vs. BNDS — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 54
ICAP Sharpe Ratio Rank: 58
ICAP Sortino Ratio Rank: 57
ICAP Omega Ratio Rank: 55
ICAP Calmar Ratio Rank: 49
ICAP Martin Ratio Rank: 54

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: 85

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.

ICAP vs. BNDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) 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.

	ICAP	BNDS	Difference
Sharpe ratio Return per unit of total volatility	1.97	3.82	-1.85
Sortino ratio Return per unit of downside risk	2.74	5.66	-2.92
Omega ratio Gain probability vs. loss probability	1.34	1.82	-0.48
Calmar ratio Return relative to maximum drawdown	2.41	3.88	-1.46
Martin ratio Return relative to average drawdown	9.27	17.93	-8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICAP vs. BNDS - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.97, which is lower than the BNDS Sharpe Ratio of 3.82. The chart below compares the historical Sharpe Ratios of ICAP 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

	ICAP	BNDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.82	-1.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.78	-1.34

Drawdowns

ICAP vs. BNDS - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than BNDS's maximum drawdown of -6.96%. Use the drawdown chart below to compare losses from any high point for ICAP and BNDS.

Drawdown Indicators

	ICAP	BNDS	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-6.96%	-17.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-3.45%	-7.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	—	—
Current Drawdown Current decline from peak	-1.34%	-0.15%	-1.19%
Average Drawdown Average peak-to-trough decline	-7.82%	-0.82%	-7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	0.75%	+2.02%

Volatility

ICAP vs. BNDS - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 3.47% compared to Infrastructure Capital Bond Income ETF (BNDS) at 0.86%. This indicates that ICAP'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

	ICAP	BNDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.86%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	2.74%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	3.55%	+9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	5.29%	+12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	5.29%	+12.88%

ICAP vs. BNDS - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is lower than BNDS's 0.81% expense ratio.

Dividends

ICAP vs. BNDS - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.50%, more than BNDS's 7.96% yield.

Position	TTM	2025	2024	2023	2022
BNDS Infrastructure Capital Bond Income ETF	7.96%	7.98%	0.00%	0.00%	0.00%
ICAP InfraCap Equity Income Fund ETF	9.50%	8.89%	8.30%	8.65%	8.95%

Frequently Asked Questions

Can I hold both ICAP and BNDS in my portfolio?

ICAP and BNDS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or BNDS?

ICAP has higher volatility (3.47%) compared to BNDS (0.86%). In terms of maximum drawdown, ICAP dropped -24.20% vs BNDS's -6.96%.

Which ETF is better, ICAP or BNDS?

On 1-year performance, ICAP leads with 25.61% vs 13.48% for BNDS. On fees, ICAP is cheaper at 0.80% 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, ICAP or BNDS?

Over the 1-year period, ICAP has performed better with a 25.61% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or BNDS?

ICAP is cheaper with a 0.80% expense ratio, compared with 0.81% for BNDS.

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

ICAP has the higher dividend yield at 9.50%, compared with 7.96% for BNDS.

What is the main difference between ICAP and BNDS?

Their fees differ too: 0.80% for ICAP and 0.81% for BNDS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (3.82 vs 1.97), 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.