TYA vs. BNDD

Last updated Jun 4, 2026

TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. Both are actively managed. Over the past 3 years, TYA returned -2.45%/yr vs -3.91%/yr for BNDD. At a 0.45 correlation, their price movements are largely independent. TYA charges 0.15%/yr vs 1.02%/yr for BNDD.

Performance

TYA vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYA achieves a -5.08% return, which is significantly lower than BNDD's 4.32% return.

TYA

• 1D: -0.63%
• 1M: -0.93%
• YTD: -5.08%
• 6M: -6.88%
• 1Y: 2.03%
• 3Y*: -2.45%
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

TYA vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	-5.08%	14.38%	-9.63%	-2.23%	-37.62%	-0.68%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	4.02%	-17.48%	9.87%

Correlation

The correlation between TYA and BNDD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.45

The correlation between TYA and BNDD shifts across timeframes, from 0.34 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

TYA vs. BNDD - Sectors Allocation Comparison

Sectors	TYA	BNDD
Financial Services	24.7%	77.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TYA vs. BNDD — Risk / Return Rank

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

TYA

TYA Risk / Return Rank: 10
TYA Sharpe Ratio Rank: 11
TYA Sortino Ratio Rank: 10
TYA Omega Ratio Rank: 10
TYA Calmar Ratio Rank: 10
TYA Martin Ratio Rank: 11

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

TYA vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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.

	TYA	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.32	-0.16
Sortino ratio: Return per unit of downside risk	0.32	0.52	-0.20
Omega ratio: Gain probability vs. loss probability	1.04	1.06	-0.03
Calmar ratio: Return relative to maximum drawdown	0.17	0.56	-0.39
Martin ratio: Return relative to average drawdown	0.49	1.20	-0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYA vs. BNDD - Sharpe Ratio Comparison

The current TYA Sharpe Ratio is 0.16, which is lower than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of TYA and BNDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TYA	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.32	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.33	-0.18

Drawdowns

TYA vs. BNDD - Drawdown Comparison

The maximum TYA drawdown since its inception was -51.15%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for TYA and BNDD.

Drawdown Indicators

	TYA	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-51.15%	-30.87%	-20.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-6.09%	-5.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-20.75%	-1.76%
Current Drawdown Current decline from peak	-41.49%	-26.51%	-14.98%
Average Drawdown Average peak-to-trough decline	-35.85%	-19.34%	-16.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.83%	+1.34%

Volatility

TYA vs. BNDD - Volatility Comparison

Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.11% compared to Quadratic Deflation ETF (BNDD) at 2.21%. This indicates that TYA'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.

Volatility by Period

	TYA	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	2.21%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	8.11%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	10.59%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	13.38%	+7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	13.38%	+7.19%

TYA vs. BNDD - Expense Ratio Comparison

TYA has a 0.15% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

TYA vs. BNDD - Dividend Comparison

TYA's dividend yield for the trailing twelve months is around 3.87%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	3.87%	3.85%	4.84%	4.28%	2.23%	0.11%

Frequently Asked Questions

Can I hold both TYA and BNDD in my portfolio?

TYA and BNDD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYA or BNDD?

TYA has higher volatility (4.11%) compared to BNDD (2.21%). In terms of maximum drawdown, TYA dropped -51.15% vs BNDD's -30.87%.

Which ETF is better, TYA or BNDD?

On 3-year performance, TYA leads with -2.45% vs -3.91% for BNDD. On fees, TYA 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.

Which ETF has performed better, TYA or BNDD?

Over the 3-year period, TYA has performed better with a -2.45% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYA or BNDD?

TYA is cheaper with a 0.15% expense ratio, compared with 1.02% for BNDD.

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

TYA has the higher dividend yield at 3.87%, compared with 3.61% for BNDD.

What is the main difference between TYA and BNDD?

They also come from different issuers: Simplify and KraneShares. Their fees differ too: 0.15% for TYA and 1.02% for BNDD.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.32 vs 0.16), 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.