BMNZ vs. EUM

Last updated Jun 26, 2026

BMNZ (Defiance Daily Target 2X Short BMNR ETF) and EUM (ProShares Short MSCI Emerging Markets) are both Inverse Equities funds - BMNZ tracks the BitMine Immersion Technologies, Inc. while EUM tracks the MSCI Emerging Markets Index (-100%). Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. BMNZ charges 1.31%/yr vs 0.95%/yr for EUM.

Performance

BMNZ vs. EUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short BMNR ETF (BMNZ) and ProShares Short MSCI Emerging Markets (EUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMNZ achieves a 29.97% return, which is significantly higher than EUM's -21.23% return.

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EUM

• 1D: -1.02%
• 1M: -0.61%
• YTD: -21.23%
• 6M: -21.58%
• 1Y: -30.32%
• 3Y*: -15.89%
• 5Y*: -5.11%
• 10Y*: -10.61%

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

BMNZ vs. EUM - Yearly Performance Comparison

	2026 (YTD)	2025
BMNZ Defiance Daily Target 2X Short BMNR ETF	29.97%	15.30%
EUM ProShares Short MSCI Emerging Markets	-21.23%	0.70%

Correlation

The correlation between BMNZ and EUM is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.55

Return for Risk

BMNZ vs. EUM — Risk / Return Rank

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

BMNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

EUM

EUM Risk / Return Rank: 1
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 1
EUM Omega Ratio Rank: 1
EUM Calmar Ratio Rank: 1
EUM Martin Ratio Rank: 0

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.

BMNZ vs. EUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short BMNR ETF (BMNZ) and ProShares Short MSCI Emerging Markets (EUM). 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.

	BMNZ	EUM	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.31	—
Sortino ratio: Return per unit of downside risk	—	-1.99	—
Omega ratio: Gain probability vs. loss probability	—	0.77	—
Calmar ratio: Return relative to maximum drawdown	—	-0.92	—
Martin ratio: Return relative to average drawdown	—	-1.84	—

Drawdowns

BMNZ vs. EUM - Drawdown Comparison

The maximum BMNZ drawdown since its inception was -70.80%, smaller than the maximum EUM drawdown of -93.19%. Use the drawdown chart below to compare losses from any high point for BMNZ and EUM.

Drawdown Indicators

	BMNZ	EUM	Difference
Max Drawdown Largest peak-to-trough decline	-70.80%	-93.19%	+22.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-33.23%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-47.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-50.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-67.83%	—
Current Drawdown Current decline from peak	-27.23%	-92.89%	+65.66%
Average Drawdown Average peak-to-trough decline	-50.65%	-77.20%	+26.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.56%	—

Volatility

Volatility by Period

	BMNZ	EUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	187.04%	23.14%	+163.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	187.04%	19.78%	+167.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	187.04%	20.71%	+166.33%

BMNZ vs. EUM - Expense Ratio Comparison

BMNZ has a 1.31% expense ratio, which is higher than EUM's 0.95% expense ratio.

Dividends

BMNZ vs. EUM - Dividend Comparison

BMNZ has not paid dividends to shareholders, while EUM's dividend yield for the trailing twelve months is around 4.28%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EUM ProShares Short MSCI Emerging Markets	4.28%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%

Frequently Asked Questions

Can I hold both BMNZ and EUM in my portfolio?

BMNZ and EUM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMNZ or EUM?

On fees, EUM is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMNZ or EUM?

EUM is cheaper with a 0.95% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, BMNZ or EUM?

EUM has the higher dividend yield at 4.28%, compared with 0.00% for BMNZ.

What is the main difference between BMNZ and EUM?

BMNZ tracks BitMine Immersion Technologies, Inc., while EUM tracks MSCI Emerging Markets Index (-100%). They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for BMNZ and 0.95% for EUM.