TCPB vs. BNDS

Last updated Aug 2, 2026

TCPB (Thrivent Core Plus Bond ETF) and BNDS (Infrastructure Capital Bond Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, TCPB returned 2.62% vs 9.23% for BNDS. Their 0.43 correlation means their historical movements had little consistent relationship. TCPB charges 0.39%/yr vs 0.81%/yr for BNDS.

Performance

TCPB vs. BNDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Core Plus Bond ETF (TCPB) and Infrastructure Capital Bond Income ETF (BNDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCPB achieves a -0.33% return, which is significantly lower than BNDS's 4.11% return.

TCPB

• 1D: -0.22%
• 1M: -1.18%
• 6M: -0.64%
• YTD: -0.33%
• 1Y: 2.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.17%

BNDS

• 1D: 0.01%
• 1M: -0.77%
• 6M: 1.77%
• YTD: 4.11%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.21%

*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)
BNDS Infrastructure Capital Bond Income ETF	$2.24M	$2.01M	$1.56M
TCPB Thrivent Core Plus Bond ETF	$1.03M	$1.25M	$1.56M

TCPB vs. BNDS - Yearly Performance Comparison

	2026 (YTD)	2025
TCPB Thrivent Core Plus Bond ETF	-0.33%	6.42%
BNDS Infrastructure Capital Bond Income ETF	4.11%	7.04%

Correlation

The correlation between TCPB and BNDS is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.43

Return for Risk

TCPB vs. BNDS — Risk / Return Rank

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

TCPB

TCPB Risk / Return Rank: 34
TCPB Sharpe Ratio Rank: 35
TCPB Sortino Ratio Rank: 34
TCPB Omega Ratio Rank: 32
TCPB Calmar Ratio Rank: 36
TCPB Martin Ratio Rank: 34

BNDS

BNDS Risk / Return Rank: 88
BNDS Sharpe Ratio Rank: 94
BNDS Sortino Ratio Rank: 94
BNDS Omega Ratio Rank: 94
BNDS Calmar Ratio Rank: 76
BNDS Martin Ratio Rank: 85

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.

TCPB vs. BNDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Core Plus Bond ETF (TCPB) and Infrastructure Capital Bond Income ETF (BNDS). 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.

	TCPB	BNDS	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.55	-1.70
Sortino ratio: Return per unit of downside risk	1.29	3.68	-2.39
Omega ratio: Gain probability vs. loss probability	1.15	1.50	-0.35
Calmar ratio: Return relative to maximum drawdown	1.25	2.66	-1.41
Martin ratio: Return relative to average drawdown	3.29	11.88	-8.58

TCPB vs. BNDS - Sharpe Ratio Comparison

The current TCPB Sharpe Ratio is 0.86, which is lower than the BNDS Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TCPB and BNDS, 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

TCPB vs. BNDS - Drawdown Comparison

The maximum TCPB drawdown since its inception was -2.74%, smaller than the maximum BNDS drawdown of -6.96%. Use the drawdown chart below to compare losses from any high point for TCPB and BNDS.

Drawdown Indicators

	TCPB	BNDS	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-6.96%	+4.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-3.45%	+0.71%
Current Drawdown Current decline from peak	-2.08%	-1.08%	-1.00%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.77%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.77%	+0.26%

Volatility

TCPB vs. BNDS - Volatility Comparison

Thrivent Core Plus Bond ETF (TCPB) and Infrastructure Capital Bond Income ETF (BNDS) have volatilities of 0.92% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCPB	BNDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.88%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.81%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	3.59%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	5.09%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	5.09%	-0.72%

TCPB vs. BNDS - Expense Ratio Comparison

TCPB has a 0.39% expense ratio, which is lower than BNDS's 0.81% expense ratio.

Dividends

TCPB vs. BNDS - Dividend Comparison

TCPB's dividend yield for the trailing twelve months is around 4.85%, less than BNDS's 8.11% yield.

Position	TTM	2025
BNDS Infrastructure Capital Bond Income ETF	8.11%	7.98%
TCPB Thrivent Core Plus Bond ETF	4.85%	3.85%

Frequently Asked Questions

Can I hold both TCPB and BNDS in my portfolio?

TCPB and BNDS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCPB or BNDS?

TCPB has higher volatility (0.92%) compared to BNDS (0.88%). In terms of maximum drawdown, TCPB dropped -2.74% vs BNDS's -6.96%.

Which ETF is better, TCPB or BNDS?

On 1-year performance, BNDS leads with 9.23% vs 2.62% for TCPB. On fees, TCPB is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCPB or BNDS?

Over the 1-year period, BNDS has performed better with a 9.23% return vs 2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCPB or BNDS?

TCPB is cheaper with a 0.39% expense ratio, compared with 0.81% for BNDS.

Which ETF pays a higher dividend yield, TCPB or BNDS?

BNDS has the higher dividend yield at 8.11%, compared with 4.85% for TCPB.

What is the main difference between TCPB and BNDS?

They also come from different issuers: Thrivent and InfraCap. Their fees differ too: 0.39% for TCPB and 0.81% for BNDS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (2.55 vs 0.86), 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.