TBF vs. BNDI

Last updated Jun 5, 2026

TBF (ProShares Short 20+ Year Treasury) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. TBF is passively managed, while BNDI is actively managed. Over the past 3 years, TBF returned 7.78%/yr vs 4.89%/yr for BNDI. At a correlation of -0.89, they often move in opposite directions. TBF charges 0.94%/yr vs 0.58%/yr for BNDI.

Performance

TBF vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) 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, TBF achieves a 2.13% return, which is significantly higher than BNDI's 1.46% return.

TBF

• 1D: -0.24%
• 1M: -0.08%
• YTD: 2.13%
• 6M: 3.96%
• 1Y: 1.98%
• 3Y*: 7.78%
• 5Y*: 9.95%
• 10Y*: 2.68%

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)

TBF vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBF ProShares Short 20+ Year Treasury	2.13%	1.27%	16.33%	2.43%	12.26%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.46%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between TBF and BNDI is -0.86, 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	-0.86
Correlation (3Y) Calculated over the trailing 3-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	-0.89

The correlation between TBF and BNDI has been stable across timeframes, ranging from -0.89 to -0.86 - a consistent structural relationship.

TBF vs. BNDI - Sectors Allocation Comparison

Sectors	TBF	BNDI
Financial Services	48.6%	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

TBF vs. BNDI — Risk / Return Rank

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

TBF

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

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.

TBF vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.

	TBF	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	0.21	1.61	-1.40
Sortino ratio: Return per unit of downside risk	0.36	2.42	-2.06
Omega ratio: Gain probability vs. loss probability	1.04	1.29	-0.25
Calmar ratio: Return relative to maximum drawdown	0.28	2.43	-2.16
Martin ratio: Return relative to average drawdown	0.61	8.67	-8.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBF vs. BNDI - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.21, which is lower than the BNDI Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TBF 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

	TBF	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	1.61	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.66	-0.87

Drawdowns

TBF vs. BNDI - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for TBF and BNDI.

Drawdown Indicators

	TBF	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-6.98%	-63.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-2.75%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-5.83%	-11.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.39%	—	—
Current Drawdown Current decline from peak	-43.53%	-0.67%	-42.86%
Average Drawdown Average peak-to-trough decline	-47.43%	-1.71%	-45.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.77%	+2.50%

Volatility

TBF vs. BNDI - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.77% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.37%. This indicates that TBF'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

	TBF	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	1.37%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	3.08%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	4.17%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	6.19%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	6.19%	+8.32%

TBF vs. BNDI - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

TBF vs. BNDI - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.85%, 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%
TBF ProShares Short 20+ Year Treasury	2.85%	3.39%	4.06%	4.99%	0.36%	0.00%	0.22%	1.68%	0.88%

Frequently Asked Questions

Can I hold both TBF and BNDI in my portfolio?

TBF and BNDI have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBF or BNDI?

TBF has higher volatility (2.77%) compared to BNDI (1.37%). In terms of maximum drawdown, TBF dropped -70.40% vs BNDI's -6.98%.

Which ETF is better, TBF or BNDI?

On 3-year performance, TBF leads with 7.78% 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, TBF or BNDI?

Over the 3-year period, TBF has performed better with a 7.78% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBF or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.94% for TBF.

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

BNDI has the higher dividend yield at 5.79%, compared with 2.85% for TBF.

What is the main difference between TBF and BNDI?

TBF is categorized as Inverse Bonds, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.94% for TBF and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.61 vs 0.21), 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.