PLW vs. BNDD

Last updated Jun 4, 2026

PLW (Invesco 1-30 Laddered Treasury ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. PLW is passively managed, while BNDD is actively managed. Over the past 3 years, PLW returned 0.89%/yr vs -3.91%/yr for BNDD. A 0.67 correlation means they provide meaningful diversification when combined. PLW charges 0.25%/yr vs 1.02%/yr for BNDD.

Performance

PLW vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco 1-30 Laddered Treasury ETF (PLW) 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, PLW achieves a -0.55% return, which is significantly lower than BNDD's 4.32% return.

PLW

• 1D: -0.33%
• 1M: 0.34%
• YTD: -0.55%
• 6M: -1.32%
• 1Y: 4.34%
• 3Y*: 0.89%
• 5Y*: -2.77%
• 10Y*: -0.10%

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)

PLW vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PLW Invesco 1-30 Laddered Treasury ETF	-0.55%	5.84%	-2.95%	3.31%	-19.98%	-1.45%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	4.02%	-17.48%	5.54%

Correlation

The correlation between PLW and BNDD 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 (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	0.67

The correlation between PLW and BNDD shifts across timeframes, from 0.57 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

PLW vs. BNDD - Sectors Allocation Comparison

Sectors	PLW	BNDD
Financial Services	0.0%	77.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PLW vs. BNDD — Risk / Return Rank

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

PLW

PLW Risk / Return Rank: 19
PLW Sharpe Ratio Rank: 20
PLW Sortino Ratio Rank: 19
PLW Omega Ratio Rank: 18
PLW Calmar Ratio Rank: 19
PLW Martin Ratio Rank: 20

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.

PLW vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) 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.

	PLW	BNDD	Difference
Sharpe ratio Return per unit of total volatility	0.66	0.32	+0.34
Sortino ratio Return per unit of downside risk	1.00	0.52	+0.48
Omega ratio Gain probability vs. loss probability	1.11	1.06	+0.05
Calmar ratio Return relative to maximum drawdown	0.80	0.56	+0.24
Martin ratio Return relative to average drawdown	2.24	1.20	+1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PLW vs. BNDD - Sharpe Ratio Comparison

The current PLW Sharpe Ratio is 0.66, which is higher than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of PLW 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

	PLW	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.32	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.33	+0.64

Drawdowns

PLW vs. BNDD - Drawdown Comparison

The maximum PLW drawdown since its inception was -32.70%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for PLW and BNDD.

Drawdown Indicators

	PLW	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-30.87%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-6.09%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-20.75%	+9.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	—	—
Current Drawdown Current decline from peak	-22.38%	-26.51%	+4.13%
Average Drawdown Average peak-to-trough decline	-9.65%	-19.34%	+9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	2.83%	-0.89%

Volatility

PLW vs. BNDD - Volatility Comparison

The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 2.04%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.21%. This indicates that PLW 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

	PLW	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.21%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	8.11%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	10.59%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	13.38%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	13.38%	-4.28%

PLW vs. BNDD - Expense Ratio Comparison

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

Dividends

PLW vs. BNDD - Dividend Comparison

PLW's dividend yield for the trailing twelve months is around 3.83%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PLW Invesco 1-30 Laddered Treasury ETF	3.83%	3.75%	3.56%	2.87%	1.97%	1.15%	1.00%	1.96%	2.14%	2.02%	2.00%	2.14%

Frequently Asked Questions

Can I hold both PLW and BNDD in my portfolio?

PLW and BNDD 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, PLW or BNDD?

BNDD has higher volatility (2.21%) compared to PLW (2.04%). In terms of maximum drawdown, PLW dropped -32.70% vs BNDD's -30.87%.

Which ETF is better, PLW or BNDD?

On 3-year performance, PLW leads with 0.89% vs -3.91% for BNDD. On fees, PLW is cheaper at 0.25% per year. On volatility, PLW has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLW or BNDD?

Over the 3-year period, PLW has performed better with a 0.89% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLW or BNDD?

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

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

PLW has the higher dividend yield at 3.83%, compared with 3.61% for BNDD.

What is the main difference between PLW and BNDD?

They also come from different issuers: Invesco and KraneShares. Their fees differ too: 0.25% for PLW and 1.02% for BNDD.

Which has better risk-adjusted returns?

PLW currently has the higher Sharpe Ratio (0.66 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.