TLH vs. BNDD
TLH (iShares 10-20 Year Treasury Bond ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. TLH is passively managed, while BNDD is actively managed. Over the past 3 years, TLH returned 0.59%/yr vs -3.91%/yr for BNDD. A 0.69 correlation means they provide meaningful diversification when combined. TLH charges 0.15%/yr vs 1.02%/yr for BNDD.
Performance
TLH vs. BNDD - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a -0.51% return, which is significantly lower than BNDD's 4.32% return.
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
BNDD
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.32%
- 6M
- 2.24%
- 1Y
- 3.39%
- 3Y*
- -3.91%
- 5Y*
- —
- 10Y*
- —
TLH vs. BNDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -4.21% | 4.03% | -25.24% | -1.94% |
BNDD Quadratic Deflation ETF | 4.32% | -8.17% | -6.65% | 4.02% | -17.48% | 5.54% |
Correlation
The correlation between TLH and BNDD is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.69 |
The correlation between TLH and BNDD has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.
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Return for Risk
TLH vs. BNDD — Risk / Return Rank
TLH
BNDD
TLH vs. BNDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) 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.
| TLH | BNDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.06 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 0.56 | +0.27 |
| Martin ratioReturn relative to average drawdown | 2.28 | 1.20 | +1.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLH | BNDD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.32 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.33 | +0.61 |
Drawdowns
TLH vs. BNDD - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for TLH and BNDD.
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Drawdown Indicators
| TLH | BNDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -30.87% | -10.27% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -6.09% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -20.75% | +5.40% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | — | — |
Current DrawdownCurrent decline from peak | -29.82% | -26.51% | -3.31% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -19.34% | +8.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 2.83% | -0.48% |
Volatility
TLH vs. BNDD - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 2.46% compared to Quadratic Deflation ETF (BNDD) at 2.21%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | BNDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 2.21% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 8.11% | -2.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 10.59% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 13.38% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 13.38% | -2.19% |
TLH vs. BNDD - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is lower than BNDD's 1.02% expense ratio.
Dividends
TLH vs. BNDD - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.48%, 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% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.48% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
TLH and BNDD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLH has higher volatility (2.46%) compared to BNDD (2.21%). In terms of maximum drawdown, TLH dropped -41.14% vs BNDD's -30.87%.
On 3-year performance, TLH leads with 0.59% vs -3.91% for BNDD. On fees, TLH is cheaper at 0.15% per year. On volatility, BNDD has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLH has performed better with a 0.59% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH is cheaper with a 0.15% expense ratio, compared with 1.02% for BNDD.
TLH has the higher dividend yield at 4.48%, compared with 3.61% for BNDD.
They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.15% for TLH and 1.02% for BNDD.
TLH currently has the higher Sharpe Ratio (0.67 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.
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