Quadratic Deflation ETF (BNDD) Performance
BNDD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +4.8% since Dec 31, 2025
- 1 year
- −0.3% total return
- 5 years
- −4.0% a year
- Since first price
- −4.0% a year since 2021
BNDD trailing returns vs AGG, TLT, SPY
| Period | BNDD total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −0.2% | −0.5% | +0.9% | +1.5% | −1.0% |
| 3 months | +1.7% | +0.7% | −0.4% | −1.0% | +3.2% |
| 6 months | +1.5% | −0.3% | −1.5% | −3.8% | +7.8% |
| YTD | +4.8% | +2.0% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.3% | −3.8% | −1.1% | −6.9% | +14.4% |
| 3 years | +0.2%+0.1%/yr | −10.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −18.5%−4.0%/yr | −32.3% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 21, 2021 | −18.6%−4.0%/yr | −32.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BNDD vs AGG
From Sep 21, 2021: BNDD grew to $8,135, AGG to $9,762.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BNDD returns by calendar year
1 of 4 full years positive. Best 2023 (+4.0%), worst 2022 (−17.5%). 2026 is year to date.
BNDD annual returns table
| Year | BNDD | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +4.8% | −6.9% | −1.0% | −3.4% | +12.3% |
| 2025 | −8.2% | −12.2% | +7.2% | +4.3% | +17.7% |
| 2024 | −6.7% | −8.8% | +1.3% | −8.1% | +24.9% |
| 2023 | +4.0% | −16.5% | +5.7% | +2.8% | +26.2% |
| 2022 | −17.5% | −23.5% | −13.0% | −31.2% | −18.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BNDD largest drawdowns
Now 26.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 3, 2021 | −30.9% | Sep 2, 2025 | not yet | 3.7 years | 4.9 years so far |
| Sep 22, 2021 | −6.5% | Oct 11, 2021 | Oct 27, 2021 | 19 days | 35 days |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
BNDD risk statistics
| Statistic | 3 years | 5 years |
|---|---|---|
| Annualized return | −2.3% | −3.8% |
| Volatility (annualized) | 10.3% | 11.3% |
| Sharpe ratio | -0.60 | -0.61 |
| Sortino ratio | -0.78 | -0.77 |
| Best month | +6.6% | +8.2% |
| Worst month | −5.2% | −7.0% |
| Best 12 months | +10.1% | +10.1% |
| Worst 12 months | −14.5% | −19.8% |
| Positive months | 47% | 45% |
| Beta vs S&P 500 | 0.34 | 0.28 |
| Correlation with S&P 500 | 0.41 | 0.39 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BNDD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 50 | −19.8% | −4.6% | +10.1% | 22% |
| 3-year (a year) | 26 | −7.1% | −4.7% | +0.4% | 4% |
| 5-year (a year) | 2 | −4.7% | −4.3% | −3.8% | 0% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
BNDD performance overview
Quadratic Deflation ETF (BNDD) returned −0.3% over the past year and −4.0% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −4.0% a year, turning $10,000 into about $8,135. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −30.9%, from Dec 3, 2021 to Sep 2, 2025; the fund has not yet regained that high. BNDD finished 1 of its 4 full calendar years with a gain; the best year was 2023 (+4.0%) and the worst 2022 (−17.5%). Volatility has been 11.3% a year.
Related: BNDD chart, BNDD dividends, BNDD bond profile. See the BNDD overview for the latest quote and fund facts.
BNDD performance FAQ
What is the BNDD return over the past year?
BNDD returned −0.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.8%.
What is the average annual return of BNDD?
BNDD has returned −4.0% a year over 5 years, −4.0% a year since September 21, 2021 (total return, distributions reinvested).
How much would $10,000 invested in BNDD be worth?
$10,000 invested in BNDD at its first recorded close on September 21, 2021 would be worth about $8,135 on October 23, 2026 with distributions reinvested.
What was the worst year for BNDD?
The worst calendar year was 2022, with a total return of −17.5%. The best was 2023 at +4.0%.
What is the biggest drawdown of BNDD?
The largest peak-to-trough decline was −30.9% between December 3, 2021 and September 2, 2025. It has not yet recovered to that high; it is 26.2% below its peak.
How volatile is BNDD?
Over the past 3 years BNDD had an annualized volatility of 10.3% and a Sharpe ratio of -0.60 (excess return over 1–3 month T-bills per unit of risk).