UTRE vs. BNDD

Last updated Apr 1, 2026

Compare and contrast key facts about US Treasury 3 Year Note ETF (UTRE) and Quadratic Deflation ETF (BNDD).

UTRE and BNDD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UTRE is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross. It was launched on Mar 27, 2023. BNDD is an actively managed fund by Quadratic. It was launched on Sep 16, 2021.

Performance

UTRE vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

UTRE vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	0.13%	5.68%	2.96%	2.16%
BNDD Quadratic Deflation ETF	3.22%	-8.17%	-6.65%	-1.91%

Returns By Period

In the year-to-date period, UTRE achieves a 0.13% return, which is significantly lower than BNDD's 3.22% return.

UTRE

• 1D: 0.12%
• 1M: -0.85%
• YTD: 0.13%
• 6M: 1.22%
• 1Y: 3.73%
• 3Y*: 3.57%
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.66%
• 1M: 0.24%
• YTD: 3.22%
• 6M: -0.19%
• 1Y: -5.11%
• 3Y*: -4.63%
• 5Y*: —
• 10Y*: —

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

UTRE vs. BNDD - Expense Ratio Comparison

UTRE has a 0.15% expense ratio, which is lower than BNDD's 1.04% expense ratio.

BNDD

Quadratic Deflation ETF

UTRE

US Treasury 3 Year Note ETF

Return for Risk

UTRE vs. BNDD — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 84
UTRE Sharpe Ratio Rank: 83
UTRE Sortino Ratio Rank: 89
UTRE Omega Ratio Rank: 80
UTRE Calmar Ratio Rank: 85
UTRE Martin Ratio Rank: 81

BNDD

BNDD Risk / Return Rank: 5
BNDD Sharpe Ratio Rank: 5
BNDD Sortino Ratio Rank: 4
BNDD Omega Ratio Rank: 4
BNDD Calmar Ratio Rank: 6
BNDD Martin Ratio Rank: 7

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.

UTRE vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.

	UTRE	BNDD	Difference
Sharpe ratio Return per unit of total volatility	1.64	-0.41	+2.06
Sortino ratio Return per unit of downside risk	2.52	-0.48	+3.00
Omega ratio Gain probability vs. loss probability	1.31	0.94	+0.37
Calmar ratio Return relative to maximum drawdown	2.63	-0.37	+3.00
Martin ratio Return relative to average drawdown	9.11	-0.56	+9.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTRE vs. BNDD - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 1.64, which is higher than the BNDD Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of UTRE and BNDD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UTRE	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	-0.41	+2.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	-0.35	+1.68

Correlation

The correlation between UTRE and BNDD is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UTRE vs. BNDD - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.81%, more than BNDD's 3.64% yield.

	TTM	2025	2024	2023	2022	2021
UTRE US Treasury 3 Year Note ETF	3.81%	3.60%	4.01%	3.14%	0.00%	0.00%
BNDD Quadratic Deflation ETF	3.64%	3.82%	3.85%	4.30%	43.17%	1.04%

Drawdowns

UTRE vs. BNDD - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for UTRE and BNDD.

Drawdown Indicators

	UTRE	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-30.87%	+28.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-10.93%	+9.49%
Current Drawdown Current decline from peak	-0.85%	-27.28%	+26.43%
Average Drawdown Average peak-to-trough decline	-0.77%	-19.03%	+18.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	7.26%	-6.85%

Volatility

UTRE vs. BNDD - Volatility Comparison

The current volatility for US Treasury 3 Year Note ETF (UTRE) is 0.82%, while Quadratic Deflation ETF (BNDD) has a volatility of 3.52%. This indicates that UTRE experiences smaller price fluctuations and is considered to be less risky than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTRE	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	3.52%	-2.70%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	8.09%	-6.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	12.44%	-10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.74%	13.55%	-10.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	13.55%	-10.81%