USE vs. BNDI

Last updated Jun 6, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - USE is a Commodities fund actively managed by USCF, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. Both are actively managed. Over the past 3 years, USE returned 15.57%/yr vs 4.64%/yr for BNDI. At a correlation of -0.20, they often move in opposite directions. USE charges 0.79%/yr vs 0.58%/yr for BNDI.

Performance

USE vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Energy Commodity Strategy Absolute Return Fund (USE) 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, USE achieves a 40.44% return, which is significantly higher than BNDI's 0.84% return.

USE

• 1D: -2.97%
• 1M: -1.03%
• YTD: 40.44%
• 6M: 44.80%
• 1Y: 32.58%
• 3Y*: 15.57%
• 5Y*: —
• 10Y*: —

BNDI

• 1D: -0.62%
• 1M: -0.73%
• YTD: 0.84%
• 6M: 1.12%
• 1Y: 6.17%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

USE vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	40.44%	-14.97%	22.58%	9.98%
BNDI Neos Enhanced Income Aggregate Bond ETF	0.84%	7.95%	1.74%	1.87%

Correlation

The correlation between USE and BNDI is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (All Time) Calculated using the full available price history since May 5, 2023	-0.20

The correlation between USE and BNDI shifts across timeframes, from -0.37 (1 year) to -0.19 (3 years), reflecting how their relationship changes across market environments.

USE vs. BNDI - Sectors Allocation Comparison

Sectors	USE	BNDI
Financial Services	23.5%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

USE vs. BNDI — Risk / Return Rank

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

USE

USE Risk / Return Rank: 28
USE Sharpe Ratio Rank: 31
USE Sortino Ratio Rank: 32
USE Omega Ratio Rank: 30
USE Calmar Ratio Rank: 27
USE Martin Ratio Rank: 21

BNDI

BNDI Risk / Return Rank: 46
BNDI Sharpe Ratio Rank: 44
BNDI Sortino Ratio Rank: 45
BNDI Omega Ratio Rank: 43
BNDI Calmar Ratio Rank: 48
BNDI Martin Ratio Rank: 50

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.

USE vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) 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.

	USE	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.48	-0.45
Sortino ratio: Return per unit of downside risk	1.60	2.20	-0.60
Omega ratio: Gain probability vs. loss probability	1.19	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.25	2.26	-1.01
Martin ratio: Return relative to average drawdown	2.45	8.00	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USE vs. BNDI - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 1.03, which is lower than the BNDI Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of USE 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.

Sharpe Ratios by Period

	USE	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	1.48	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.63	-0.01

Drawdowns

USE vs. BNDI - Drawdown Comparison

The maximum USE drawdown since its inception was -26.24%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for USE and BNDI.

Drawdown Indicators

	USE	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-6.98%	-19.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-2.75%	-23.49%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-5.83%	-20.41%
Current Drawdown Current decline from peak	-9.74%	-1.28%	-8.46%
Average Drawdown Average peak-to-trough decline	-7.96%	-1.71%	-6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.34%	0.77%	+12.57%

Volatility

USE vs. BNDI - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 10.19% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.44%. This indicates that USE's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USE	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	1.44%	+8.75%
Volatility (6M) Calculated over the trailing 6-month period	26.18%	3.14%	+23.04%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	4.19%	+27.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	6.19%	+20.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	6.19%	+20.93%

USE vs. BNDI - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

USE vs. BNDI - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.18%, less than BNDI's 5.83% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.83%	5.69%	5.54%	5.17%	1.68%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.18%	3.06%	38.65%	4.83%	0.00%

Frequently Asked Questions

Can I hold both USE and BNDI in my portfolio?

USE and BNDI have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USE or BNDI?

USE has higher volatility (10.19%) compared to BNDI (1.44%). In terms of maximum drawdown, USE dropped -26.24% vs BNDI's -6.98%.

Which ETF is better, USE or BNDI?

On 3-year performance, USE leads with 15.57% vs 4.64% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or BNDI?

Over the 3-year period, USE has performed better with a 15.57% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.79% for USE.

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

BNDI has the higher dividend yield at 5.83%, compared with 2.18% for USE.

What is the main difference between USE and BNDI?

USE is categorized as Commodities, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: USCF and Neos. Their fees differ too: 0.79% for USE and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.48 vs 1.03), 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.