TLT vs. BNDD
Compare and contrast key facts about iShares 20+ Year Treasury Bond ETF (TLT) and Quadratic Deflation ETF (BNDD).
TLT and BNDD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. BNDD is an actively managed fund by Quadratic. It was launched on Sep 16, 2021.
Performance
TLT vs. BNDD - Performance Comparison
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TLT vs. BNDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.17% | 4.25% | -8.05% | 2.77% | -31.23% | -1.31% |
BNDD Quadratic Deflation ETF | 3.22% | -8.17% | -6.65% | 4.02% | -17.48% | 5.54% |
Returns By Period
In the year-to-date period, TLT achieves a 0.17% return, which is significantly lower than BNDD's 3.22% return.
TLT
- 1D
- -0.10%
- 1M
- -4.23%
- YTD
- 0.17%
- 6M
- -0.87%
- 1Y
- -0.49%
- 3Y*
- -2.78%
- 5Y*
- -5.85%
- 10Y*
- -1.38%
BNDD
- 1D
- -0.66%
- 1M
- 0.24%
- YTD
- 3.22%
- 6M
- -0.19%
- 1Y
- -5.11%
- 3Y*
- -4.63%
- 5Y*
- —
- 10Y*
- —
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TLT vs. BNDD - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than BNDD's 1.04% expense ratio.
Return for Risk
TLT vs. BNDD — Risk / Return Rank
TLT
BNDD
TLT vs. BNDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | BNDD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.04 | -0.41 | +0.37 |
Sortino ratioReturn per unit of downside risk | 0.02 | -0.48 | +0.50 |
Omega ratioGain probability vs. loss probability | 1.00 | 0.94 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.37 | +0.43 |
Martin ratioReturn relative to average drawdown | 0.11 | -0.56 | +0.68 |
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
| TLT | BNDD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | -0.41 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | -0.35 | +0.61 |
Correlation
The correlation between TLT and BNDD is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TLT vs. BNDD - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.49%, more than BNDD's 3.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.49% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
BNDD Quadratic Deflation ETF | 3.64% | 3.82% | 3.85% | 4.30% | 43.17% | 1.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TLT vs. BNDD - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for TLT and BNDD.
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Drawdown Indicators
| TLT | BNDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -30.87% | -17.48% |
Max Drawdown (1Y)Largest decline over 1 year | -9.23% | -10.93% | +1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.17% | -27.28% | -12.89% |
Average DrawdownAverage peak-to-trough decline | -13.62% | -19.03% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 7.26% | -2.88% |
Volatility
TLT vs. BNDD - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 3.71% compared to Quadratic Deflation ETF (BNDD) at 3.52%. This indicates that TLT'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
| TLT | BNDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.71% | 3.52% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.61% | 8.09% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.44% | 12.44% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.90% | 13.55% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 13.55% | +1.38% |