OBIL vs. BNDD

Last updated Jun 4, 2026

OBIL (US Treasury 12 Month Bill ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. OBIL is passively managed, while BNDD is actively managed. Over the past 3 years, OBIL returned 4.55%/yr vs -3.91%/yr for BNDD. At a 0.04 correlation, their price movements are largely independent. OBIL charges 0.15%/yr vs 1.02%/yr for BNDD.

Performance

OBIL vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 12 Month Bill ETF (OBIL) 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, OBIL achieves a 1.17% return, which is significantly lower than BNDD's 4.32% return.

OBIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.17%
• 6M: 1.51%
• 1Y: 3.83%
• 3Y*: 4.55%
• 5Y*: —
• 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)

OBIL vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OBIL US Treasury 12 Month Bill ETF	1.17%	4.19%	4.94%	4.69%	0.53%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	4.02%	3.21%

Correlation

The correlation between OBIL and BNDD is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.04

Return for Risk

OBIL vs. BNDD — Risk / Return Rank

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

OBIL

OBIL Risk / Return Rank: 99
OBIL Sharpe Ratio Rank: 99
OBIL Sortino Ratio Rank: 99
OBIL Omega Ratio Rank: 99
OBIL Calmar Ratio Rank: 99
OBIL 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.

OBIL vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) 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.

	OBIL	BNDD	Difference
Sharpe ratio Return per unit of total volatility	7.07	0.32	+6.75
Sortino ratio Return per unit of downside risk	16.19	0.52	+15.67
Omega ratio Gain probability vs. loss probability	3.70	1.06	+2.64
Calmar ratio Return relative to maximum drawdown	27.56	0.56	+27.00
Martin ratio Return relative to average drawdown	150.40	1.20	+149.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBIL vs. BNDD - Sharpe Ratio Comparison

The current OBIL Sharpe Ratio is 7.07, which is higher than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of OBIL 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

	OBIL	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.07	0.32	+6.75
Sharpe Ratio (All Time) Calculated using the full available price history	5.38	-0.33	+5.70

Drawdowns

OBIL vs. BNDD - Drawdown Comparison

The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for OBIL and BNDD.

Drawdown Indicators

	OBIL	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-0.33%	-30.87%	+30.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-6.09%	+5.95%
Max Drawdown (3Y) Largest decline over 3 years	-0.21%	-20.75%	+20.54%
Current Drawdown Current decline from peak	0.00%	-26.51%	+26.51%
Average Drawdown Average peak-to-trough decline	-0.03%	-19.34%	+19.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	2.83%	-2.80%

Volatility

OBIL vs. BNDD - Volatility Comparison

The current volatility for US Treasury 12 Month Bill ETF (OBIL) is 0.10%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.21%. This indicates that OBIL 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

	OBIL	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	2.21%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	0.33%	8.11%	-7.78%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	10.59%	-10.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	13.38%	-12.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	13.38%	-12.56%

OBIL vs. BNDD - Expense Ratio Comparison

OBIL has a 0.15% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

OBIL vs. BNDD - Dividend Comparison

OBIL's dividend yield for the trailing twelve months is around 3.65%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
OBIL US Treasury 12 Month Bill ETF	3.65%	3.83%	4.56%	4.92%	0.52%	0.00%

Frequently Asked Questions

Can I hold both OBIL and BNDD in my portfolio?

OBIL and BNDD have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBIL or BNDD?

BNDD has higher volatility (2.21%) compared to OBIL (0.10%). In terms of maximum drawdown, OBIL dropped -0.33% vs BNDD's -30.87%.

Which ETF is better, OBIL or BNDD?

On 3-year performance, OBIL leads with 4.55% vs -3.91% for BNDD. On fees, OBIL is cheaper at 0.15% per year. On volatility, OBIL has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBIL or BNDD?

Over the 3-year period, OBIL has performed better with a 4.55% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBIL or BNDD?

OBIL is cheaper with a 0.15% expense ratio, compared with 1.02% for BNDD.

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

OBIL has the higher dividend yield at 3.65%, compared with 3.61% for BNDD.

What is the main difference between OBIL and BNDD?

They also come from different issuers: US Benchmark Series and KraneShares. Their fees differ too: 0.15% for OBIL and 1.02% for BNDD.

Which has better risk-adjusted returns?

OBIL currently has the higher Sharpe Ratio (7.07 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.