LFBE vs. BNDD

Last updated Aug 1, 2026

LFBE (LifeX 2065 Longevity Income ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. Both are actively managed. Over the past year, LFBE returned -1.97% vs 1.21% for BNDD. Their 0.65 correlation means they have sometimes moved together and sometimes differently. LFBE charges 0.25%/yr vs 1.02%/yr for BNDD.

Performance

LFBE vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2065 Longevity Income ETF (LFBE) 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, LFBE achieves a -3.24% return, which is significantly lower than BNDD's 2.15% return.

LFBE

• 1D: -0.74%
• 1M: -3.48%
• 6M: -3.19%
• YTD: -3.24%
• 1Y: -1.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.11%

BNDD

• 1D: -0.34%
• 1M: -4.15%
• 6M: 1.87%
• YTD: 2.15%
• 1Y: 1.21%
• 3Y*: -4.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.64%

*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	$5.09M	$5.48M	$3.08M
LFBE LifeX 2065 Longevity Income ETF	$4.00K	$2.68K	$1.31K

LFBE vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025
LFBE LifeX 2065 Longevity Income ETF	-3.24%	5.14%
BNDD Quadratic Deflation ETF	2.15%	-8.07%

Correlation

The correlation between LFBE and BNDD is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	0.65

The correlation between LFBE and BNDD has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.

Return for Risk

LFBE vs. BNDD — Risk / Return Rank

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

LFBE

LFBE Risk / Return Rank: 9
LFBE Sharpe Ratio Rank: 10
LFBE Sortino Ratio Rank: 8
LFBE Omega Ratio Rank: 8
LFBE Calmar Ratio Rank: 9
LFBE Martin Ratio Rank: 9

BNDD

BNDD Risk / Return Rank: 11
BNDD Sharpe Ratio Rank: 11
BNDD Sortino Ratio Rank: 10
BNDD Omega Ratio Rank: 10
BNDD Calmar Ratio Rank: 12
BNDD Martin Ratio Rank: 11

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.

LFBE vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2065 Longevity Income ETF (LFBE) 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.

	LFBE	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	0.03	-0.12
Sortino ratio: Return per unit of downside risk	-0.07	0.11	-0.18
Omega ratio: Gain probability vs. loss probability	0.99	1.01	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.11	0.04	-0.15
Martin ratio: Return relative to average drawdown	-0.24	0.09	-0.34

LFBE vs. BNDD - Sharpe Ratio Comparison

The current LFBE Sharpe Ratio is -0.09, which is lower than the BNDD Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of LFBE 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

LFBE vs. BNDD - Drawdown Comparison

The maximum LFBE drawdown since its inception was -7.65%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for LFBE and BNDD.

Drawdown Indicators

	LFBE	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-7.65%	-30.87%	+23.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-6.09%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.70%	—
Current Drawdown Current decline from peak	-6.86%	-28.03%	+21.17%
Average Drawdown Average peak-to-trough decline	-3.02%	-19.54%	+16.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.87%	+0.19%

Volatility

LFBE vs. BNDD - Volatility Comparison

The current volatility for LifeX 2065 Longevity Income ETF (LFBE) is 2.15%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.59%. This indicates that LFBE 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

	LFBE	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	2.59%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	6.93%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	8.06%	10.31%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	13.26%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	13.26%	-4.01%

LFBE vs. BNDD - Expense Ratio Comparison

LFBE has a 0.25% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

LFBE vs. BNDD - Dividend Comparison

LFBE's dividend yield for the trailing twelve months is around 8.53%, more than BNDD's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.70%	3.82%	3.85%	4.30%	43.17%	1.04%
LFBE LifeX 2065 Longevity Income ETF	8.53%	12.22%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LFBE and BNDD in my portfolio?

LFBE and BNDD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LFBE or BNDD?

BNDD has higher volatility (2.59%) compared to LFBE (2.15%). In terms of maximum drawdown, LFBE dropped -7.65% vs BNDD's -30.87%.

Which ETF is better, LFBE or BNDD?

On 1-year performance, BNDD leads with 1.21% vs -1.97% for LFBE. On fees, LFBE is cheaper at 0.25% per year. On volatility, LFBE has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LFBE or BNDD?

Over the 1-year period, BNDD has performed better with a 1.21% return vs -1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LFBE or BNDD?

LFBE is cheaper with a 0.25% expense ratio, compared with 1.02% for BNDD.

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

LFBE has the higher dividend yield at 8.53%, compared with 3.70% for BNDD.

What is the main difference between LFBE and BNDD?

They also come from different issuers: Stone Ridge and KraneShares. Their fees differ too: 0.25% for LFBE and 1.02% for BNDD.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.03 vs -0.09), 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.