TPLS vs. BNDI

Last updated Jun 24, 2026

TPLS (Thornburg Core Plus Bond ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, TPLS returned 4.49% vs 6.13% for BNDI. Their correlation of 0.92 suggests significant overlap in exposure. TPLS charges 0.45%/yr vs 0.58%/yr for BNDI.

Performance

TPLS vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Core Plus Bond ETF (TPLS) 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, TPLS achieves a 0.62% return, which is significantly lower than BNDI's 1.50% return.

TPLS

• 1D: 0.06%
• 1M: 0.90%
• YTD: 0.62%
• 6M: 0.81%
• 1Y: 4.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDI

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.50%
• 6M: 1.56%
• 1Y: 6.13%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

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

TPLS vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025
TPLS Thornburg Core Plus Bond ETF	0.62%	5.54%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.50%	7.02%

Correlation

The correlation between TPLS and BNDI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.92

The correlation between TPLS and BNDI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

TPLS vs. BNDI — Risk / Return Rank

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

TPLS

TPLS Risk / Return Rank: 33
TPLS Sharpe Ratio Rank: 36
TPLS Sortino Ratio Rank: 36
TPLS Omega Ratio Rank: 33
TPLS Calmar Ratio Rank: 32
TPLS Martin Ratio Rank: 31

BNDI

BNDI Risk / Return Rank: 45
BNDI Sharpe Ratio Rank: 43
BNDI Sortino Ratio Rank: 46
BNDI Omega Ratio Rank: 42
BNDI Calmar Ratio Rank: 47
BNDI Martin Ratio Rank: 48

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.

TPLS vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Core Plus Bond ETF (TPLS) 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.

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.

	TPLS	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.45	-0.29
Sortino ratio: Return per unit of downside risk	1.73	2.21	-0.48
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.06
Calmar ratio: Return relative to maximum drawdown	1.48	2.24	-0.76
Martin ratio: Return relative to average drawdown	4.02	7.76	-3.73

TPLS vs. BNDI - Sharpe Ratio Comparison

The current TPLS Sharpe Ratio is 1.17, which is comparable to the BNDI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of TPLS 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.

Drawdowns

TPLS vs. BNDI - Drawdown Comparison

The maximum TPLS drawdown since its inception was -3.04%, smaller than the maximum BNDI drawdown of -7.25%. Use the drawdown chart below to compare losses from any high point for TPLS and BNDI.

Drawdown Indicators

	TPLS	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-7.25%	+4.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-2.75%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.83%	—
Current Drawdown Current decline from peak	-1.38%	-0.64%	-0.74%
Average Drawdown Average peak-to-trough decline	-0.92%	-1.72%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.79%	+0.33%

Volatility

TPLS vs. BNDI - Volatility Comparison

The current volatility for Thornburg Core Plus Bond ETF (TPLS) is 0.97%, while Neos Enhanced Income Aggregate Bond ETF (BNDI) has a volatility of 1.43%. This indicates that TPLS experiences smaller price fluctuations and is considered to be less risky than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPLS	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	1.43%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	3.28%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	4.25%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.51%	6.18%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.51%	6.18%	-1.67%

TPLS vs. BNDI - Expense Ratio Comparison

TPLS has a 0.45% expense ratio, which is lower than BNDI's 0.58% expense ratio.

Dividends

TPLS vs. BNDI - Dividend Comparison

TPLS's dividend yield for the trailing twelve months is around 4.59%, less than BNDI's 6.30% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.30%	5.69%	5.54%	5.17%	1.68%
TPLS Thornburg Core Plus Bond ETF	4.59%	4.28%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPLS and BNDI in my portfolio?

With a correlation of 0.93, TPLS and BNDI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TPLS or BNDI?

BNDI has higher volatility (1.43%) compared to TPLS (0.97%). In terms of maximum drawdown, TPLS dropped -3.04% vs BNDI's -7.25%.

Which ETF is better, TPLS or BNDI?

On 1-year performance, BNDI leads with 6.13% vs 4.49% for TPLS. On fees, TPLS is cheaper at 0.45% per year. On volatility, TPLS has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPLS or BNDI?

Over the 1-year period, BNDI has performed better with a 6.13% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPLS or BNDI?

TPLS is cheaper with a 0.45% expense ratio, compared with 0.58% for BNDI.

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

BNDI has the higher dividend yield at 6.30%, compared with 4.59% for TPLS.

What is the main difference between TPLS and BNDI?

They also come from different issuers: Thornburg and Neos. Their fees differ too: 0.45% for TPLS and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.45 vs 1.17), 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.