TROT vs. BNDD

Last updated Jul 1, 2026

TROT (Invesco MSCI Treasury Duration Rotation ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. TROT is passively managed, while BNDD is actively managed. At a 0.10 correlation, their price movements are largely independent.

Performance

TROT vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Treasury Duration Rotation ETF (TROT) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TROT

• 1D: -0.12%
• 1M: 0.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.15%
• 1M: 3.96%
• YTD: 7.53%
• 6M: 6.88%
• 1Y: 4.76%
• 3Y*: -4.49%
• 5Y*: —
• 10Y*: —

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

TROT vs. BNDD - Yearly Performance Comparison

	2026 (YTD)
TROT Invesco MSCI Treasury Duration Rotation ETF	-0.34%
BNDD Quadratic Deflation ETF	5.30%

Correlation

The correlation between TROT and BNDD is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.10

Return for Risk

TROT vs. BNDD — Risk / Return Rank

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

TROT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BNDD

BNDD Risk / Return Rank: 16
BNDD Sharpe Ratio Rank: 16
BNDD Sortino Ratio Rank: 15
BNDD Omega Ratio Rank: 15
BNDD Calmar Ratio Rank: 19
BNDD Martin Ratio Rank: 17

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.

TROT vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Treasury Duration Rotation ETF (TROT) 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.

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.

	TROT	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.46	—
Sortino ratio: Return per unit of downside risk	—	0.71	—
Omega ratio: Gain probability vs. loss probability	—	1.09	—
Calmar ratio: Return relative to maximum drawdown	—	0.78	—
Martin ratio: Return relative to average drawdown	—	1.69	—

Drawdowns

TROT vs. BNDD - Drawdown Comparison

The maximum TROT drawdown since its inception was -1.29%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for TROT and BNDD.

Drawdown Indicators

	TROT	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-1.29%	-30.87%	+29.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-0.62%	-24.24%	+23.62%
Average Drawdown Average peak-to-trough decline	-0.71%	-19.41%	+18.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.82%	—

Volatility

Volatility by Period

	TROT	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	10.48%	-8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.11%	13.32%	-11.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.11%	13.32%	-11.21%

Dividends

TROT vs. BNDD - Dividend Comparison

TROT's dividend yield for the trailing twelve months is around 1.16%, less than BNDD's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.51%	3.82%	3.85%	4.30%	43.17%	1.04%
TROT Invesco MSCI Treasury Duration Rotation ETF	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TROT and BNDD in my portfolio?

TROT and BNDD have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, TROT or BNDD?

BNDD has the higher dividend yield at 3.51%, compared with 1.16% for TROT.

What is the main difference between TROT and BNDD?

They also come from different issuers: Invesco and KraneShares.