KRBN vs. BNDD

Last updated Aug 4, 2026

KRBN (KraneShares Global Carbon Strategy ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KRBN is a Commodities fund tracking the S&P Global Carbon Credit Index, while BNDD is a Government Bonds fund actively managed by KraneShares. KRBN is passively managed, while BNDD is actively managed. Over the past 3 years, KRBN returned 0.62%/yr vs -3.71%/yr for BNDD. Their -0.05 correlation means they have often moved in opposite directions in the past. KRBN charges 0.90%/yr vs 1.02%/yr for BNDD.

Performance

KRBN vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Global Carbon Strategy ETF (KRBN) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KRBN achieves a -4.92% return, which is significantly lower than BNDD's 2.42% return.

KRBN

• 1D: -0.27%
• 1M: 1.51%
• 6M: 0.75%
• YTD: -4.92%
• 1Y: 14.02%
• 3Y*: 0.62%
• 5Y*: 5.83%
• 10Y*: —
• ALL TIME*: 16.28%

BNDD

• 1D: 0.26%
• 1M: -3.90%
• 6M: 1.87%
• YTD: 2.42%
• 1Y: 1.48%
• 3Y*: -3.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNDD Quadratic Deflation ETF	$1.98M	$4.75M	$3.15M
KRBN KraneShares Global Carbon Strategy ETF	$1.61M	$1.01M	$686.57K

KRBN vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KRBN KraneShares Global Carbon Strategy ETF	-4.92%	23.11%	-13.56%	8.01%	-12.75%	28.27%
BNDD Quadratic Deflation ETF	2.42%	-8.17%	-6.65%	4.02%	-17.48%	5.63%

Correlation

The correlation between KRBN and BNDD is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	-0.00
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	-0.05

Return for Risk

KRBN vs. BNDD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KRBN

KRBN Risk / Return Rank: 26
KRBN Sharpe Ratio Rank: 30
KRBN Sortino Ratio Rank: 28
KRBN Omega Ratio Rank: 29
KRBN Calmar Ratio Rank: 21
KRBN Martin Ratio Rank: 21

BNDD

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KRBN vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon Strategy ETF (KRBN) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KRBN	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.14	+0.57
Sortino ratio: Return per unit of downside risk	1.06	0.28	+0.78
Omega ratio: Gain probability vs. loss probability	1.14	1.03	+0.11
Calmar ratio: Return relative to maximum drawdown	0.56	0.24	+0.32
Martin ratio: Return relative to average drawdown	1.39	0.51	+0.88

KRBN vs. BNDD - Sharpe Ratio Comparison

The current KRBN Sharpe Ratio is 0.71, which is higher than the BNDD Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of KRBN 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.

Drawdowns

KRBN vs. BNDD - Drawdown Comparison

The maximum KRBN drawdown since its inception was -36.42%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for KRBN and BNDD.

Drawdown Indicators

	KRBN	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-30.87%	-5.55%
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	-6.09%	-18.89%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-17.70%	-8.35%
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	—	—
Current Drawdown Current decline from peak	-13.32%	-27.84%	+14.52%
Average Drawdown Average peak-to-trough decline	-16.07%	-19.54%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.10%	2.89%	+7.21%

Volatility

KRBN vs. BNDD - Volatility Comparison

KraneShares Global Carbon Strategy ETF (KRBN) has a higher volatility of 6.67% compared to Quadratic Deflation ETF (BNDD) at 2.63%. This indicates that KRBN'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

	KRBN	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	2.63%	+4.04%
Volatility (6M) Calculated over the trailing 6-month period	16.21%	6.90%	+9.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	10.28%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.84%	13.26%	+14.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.43%	13.26%	+15.17%

KRBN vs. BNDD - Expense Ratio Comparison

KRBN has a 0.90% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

KRBN vs. BNDD - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.00%, less than BNDD's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.69%	3.82%	3.85%	4.30%	43.17%	1.04%
KRBN KraneShares Global Carbon Strategy ETF	2.00%	1.90%	7.10%	7.60%	22.91%	0.49%

Frequently Asked Questions

Can I hold both KRBN and BNDD in my portfolio?

KRBN 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, KRBN or BNDD?

KRBN has higher volatility (6.67%) compared to BNDD (2.63%). In terms of maximum drawdown, KRBN dropped -36.42% vs BNDD's -30.87%.

Which ETF is better, KRBN or BNDD?

On 3-year performance, KRBN leads with 0.62% vs -3.71% for BNDD. On fees, KRBN is cheaper at 0.90% per year. On volatility, BNDD has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KRBN or BNDD?

Over the 3-year period, KRBN has performed better with a 0.62% return vs -3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KRBN or BNDD?

KRBN is cheaper with a 0.90% expense ratio, compared with 1.02% for BNDD.

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

BNDD has the higher dividend yield at 3.69%, compared with 2.00% for KRBN.

What is the main difference between KRBN and BNDD?

KRBN is categorized as Commodities, while BNDD is Government Bonds. Their fees differ too: 0.90% for KRBN and 1.02% for BNDD.

Which has better risk-adjusted returns?

KRBN currently has the higher Sharpe Ratio (0.71 vs 0.14), 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.