UTHY vs. BNDD

Last updated Aug 5, 2026

UTHY (US Treasury 30 Year Bond ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. UTHY is passively managed, while BNDD is actively managed. Over the past 3 years, UTHY returned -1.17%/yr vs -3.62%/yr for BNDD. Their 0.69 correlation means they have sometimes moved together and sometimes differently. UTHY charges 0.15%/yr vs 1.02%/yr for BNDD.

Performance

UTHY vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 30 Year Bond ETF (UTHY) 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, UTHY achieves a -2.44% return, which is significantly lower than BNDD's 2.69% return.

UTHY

• 1D: 0.77%
• 1M: -2.84%
• 6M: -2.13%
• YTD: -2.44%
• 1Y: -1.50%
• 3Y*: -1.17%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.02%

BNDD

• 1D: 0.27%
• 1M: -3.64%
• 6M: 2.03%
• YTD: 2.69%
• 1Y: 0.67%
• 3Y*: -3.62%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNDD Quadratic Deflation ETF	$1.11M	$4.58M	$3.16M
UTHY US Treasury 30 Year Bond ETF	$5.77M	$5.13M	$5.93M

UTHY vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTHY US Treasury 30 Year Bond ETF	-2.44%	3.47%	-8.07%	-2.77%
BNDD Quadratic Deflation ETF	2.69%	-8.17%	-6.65%	-1.91%

Correlation

The correlation between UTHY and BNDD is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.69

The correlation between UTHY and BNDD shifts across timeframes, from 0.59 (1 year) to 0.71 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

UTHY vs. BNDD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTHY

UTHY Risk / Return Rank: 8
UTHY Sharpe Ratio Rank: 8
UTHY Sortino Ratio Rank: 7
UTHY Omega Ratio Rank: 7
UTHY Calmar Ratio Rank: 8
UTHY Martin Ratio Rank: 7

BNDD

BNDD Risk / Return Rank: 11
BNDD Sharpe Ratio Rank: 11
BNDD Sortino Ratio Rank: 10
BNDD Omega Ratio Rank: 10
BNDD Calmar Ratio Rank: 12
BNDD Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTHY vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 30 Year Bond ETF (UTHY) 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.

	UTHY	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	0.07	-0.23
Sortino ratio: Return per unit of downside risk	-0.18	0.16	-0.34
Omega ratio: Gain probability vs. loss probability	0.98	1.02	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.20	0.11	-0.31
Martin ratio: Return relative to average drawdown	-0.44	0.23	-0.66

UTHY vs. BNDD - Sharpe Ratio Comparison

The current UTHY Sharpe Ratio is -0.17, which is lower than the BNDD Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of UTHY 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.

Drawdowns

UTHY vs. BNDD - Drawdown Comparison

The maximum UTHY drawdown since its inception was -21.86%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for UTHY and BNDD.

Drawdown Indicators

	UTHY	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-30.87%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-6.09%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-17.70%	+2.80%
Current Drawdown Current decline from peak	-13.30%	-27.65%	+14.35%
Average Drawdown Average peak-to-trough decline	-10.75%	-19.55%	+8.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.91%	+0.55%

Volatility

UTHY vs. BNDD - Volatility Comparison

US Treasury 30 Year Bond ETF (UTHY) and Quadratic Deflation ETF (BNDD) have volatilities of 2.54% and 2.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTHY	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.66%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	6.90%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	10.26%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	13.25%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	13.25%	+0.21%

UTHY vs. BNDD - Expense Ratio Comparison

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

Dividends

UTHY vs. BNDD - Dividend Comparison

UTHY's dividend yield for the trailing twelve months is around 4.81%, more than BNDD's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.68%	3.82%	3.85%	4.30%	43.17%	1.04%
UTHY US Treasury 30 Year Bond ETF	4.81%	4.53%	4.58%	2.81%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTHY and BNDD in my portfolio?

UTHY and BNDD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTHY or BNDD?

BNDD has higher volatility (2.66%) compared to UTHY (2.54%). In terms of maximum drawdown, UTHY dropped -21.86% vs BNDD's -30.87%.

Which ETF is better, UTHY or BNDD?

On 3-year performance, UTHY leads with -1.17% vs -3.62% for BNDD. On fees, UTHY is cheaper at 0.15% per year. On volatility, UTHY has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTHY or BNDD?

Over the 3-year period, UTHY has performed better with a -1.17% return vs -3.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTHY or BNDD?

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

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

UTHY has the higher dividend yield at 4.81%, compared with 3.68% for BNDD.

What is the main difference between UTHY and BNDD?

They also come from different issuers: US Benchmark Series and KraneShares. Their fees differ too: 0.15% for UTHY and 1.02% for BNDD.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.07 vs -0.17), 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.