SDCI vs. BNDI

Last updated Jun 5, 2026

SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - SDCI is a Commodities fund actively managed by Wainwright, Inc., while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. Both are actively managed. Over the past 3 years, SDCI returned 22.95%/yr vs 4.89%/yr for BNDI. At a correlation of -0.05, they often move in opposite directions. SDCI charges 0.70%/yr vs 0.58%/yr for BNDI.

Performance

SDCI vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) and Neos Enhanced Income Aggregate Bond ETF (BNDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDCI achieves a 26.96% return, which is significantly higher than BNDI's 1.46% return.

SDCI

• 1D: -1.51%
• 1M: -2.95%
• YTD: 26.96%
• 6M: 23.85%
• 1Y: 38.59%
• 3Y*: 22.95%
• 5Y*: 19.79%
• 10Y*: —

BNDI

• 1D: 0.17%
• 1M: 0.31%
• YTD: 1.46%
• 6M: 1.61%
• 1Y: 6.66%
• 3Y*: 4.89%
• 5Y*: —
• 10Y*: —

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

SDCI vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	26.96%	17.60%	17.91%	-0.88%	1.99%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.46%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between SDCI and BNDI is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	-0.05

Over the past year, the inverse relationship between SDCI and BNDI has strengthened: their correlation has moved from -0.05 to -0.29, meaning they now move in opposite directions more often than their long-term average.

SDCI vs. BNDI - Sectors Allocation Comparison

Sectors	SDCI	BNDI
Financial Services	15.4%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

SDCI vs. BNDI — Risk / Return Rank

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

SDCI

SDCI Risk / Return Rank: 72
SDCI Sharpe Ratio Rank: 71
SDCI Sortino Ratio Rank: 64
SDCI Omega Ratio Rank: 65
SDCI Calmar Ratio Rank: 82
SDCI Martin Ratio Rank: 79

BNDI

BNDI Risk / Return Rank: 49
BNDI Sharpe Ratio Rank: 47
BNDI Sortino Ratio Rank: 51
BNDI Omega Ratio Rank: 46
BNDI Calmar Ratio Rank: 50
BNDI Martin Ratio Rank: 52

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.

SDCI vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	SDCI	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.61	+0.68
Sortino ratio: Return per unit of downside risk	2.93	2.42	+0.51
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	4.29	2.43	+1.85
Martin ratio: Return relative to average drawdown	15.33	8.67	+6.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDCI vs. BNDI - Sharpe Ratio Comparison

The current SDCI Sharpe Ratio is 2.30, which is higher than the BNDI Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SDCI and BNDI, 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

	SDCI	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.61	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.66	+0.01

Drawdowns

SDCI vs. BNDI - Drawdown Comparison

The maximum SDCI drawdown since its inception was -45.79%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for SDCI and BNDI.

Drawdown Indicators

	SDCI	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-45.79%	-6.98%	-38.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-2.75%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-11.96%	-5.83%	-6.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	—	—
Current Drawdown Current decline from peak	-4.51%	-0.67%	-3.84%
Average Drawdown Average peak-to-trough decline	-11.58%	-1.71%	-9.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	0.77%	+1.75%

Volatility

SDCI vs. BNDI - Volatility Comparison

USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) has a higher volatility of 4.82% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.37%. This indicates that SDCI's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDCI	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	1.37%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	3.08%	+11.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	4.17%	+12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	6.19%	+12.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	6.19%	+10.89%

SDCI vs. BNDI - Expense Ratio Comparison

SDCI has a 0.70% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

SDCI vs. BNDI - Dividend Comparison

SDCI's dividend yield for the trailing twelve months is around 2.90%, less than BNDI's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDI Neos Enhanced Income Aggregate Bond ETF	5.79%	5.69%	5.54%	5.17%	1.68%	0.00%	0.00%	0.00%	0.00%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	2.90%	3.68%	5.92%	3.46%	33.49%	19.26%	0.20%	0.93%	0.68%

Frequently Asked Questions

Can I hold both SDCI and BNDI in my portfolio?

SDCI and BNDI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDCI or BNDI?

SDCI has higher volatility (4.82%) compared to BNDI (1.37%). In terms of maximum drawdown, SDCI dropped -45.79% vs BNDI's -6.98%.

Which ETF is better, SDCI or BNDI?

On 3-year performance, SDCI leads with 22.95% vs 4.89% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDCI or BNDI?

Over the 3-year period, SDCI has performed better with a 22.95% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDCI or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.70% for SDCI.

Which ETF pays a higher dividend yield, SDCI or BNDI?

BNDI has the higher dividend yield at 5.79%, compared with 2.90% for SDCI.

What is the main difference between SDCI and BNDI?

SDCI is categorized as Commodities, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: Wainwright, Inc. and Neos. Their fees differ too: 0.70% for SDCI and 0.58% for BNDI.

Which has better risk-adjusted returns?

SDCI currently has the higher Sharpe Ratio (2.30 vs 1.61), 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.