BNKD vs. CEPI

Last updated Jun 4, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BNKD is a Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%), while CEPI is a Cryptocurrency fund actively managed by REX. BNKD is passively managed, while CEPI is actively managed. Over the past year, BNKD returned -65.56% vs 34.07% for CEPI. At a correlation of -0.55, they often move in opposite directions. BNKD charges 0.95%/yr vs 0.85%/yr for CEPI.

Performance

BNKD vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKD achieves a -19.99% return, which is significantly lower than CEPI's 20.71% return.

BNKD

• 1D: 3.59%
• 1M: -8.82%
• YTD: -19.99%
• 6M: -30.69%
• 1Y: -65.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -1.35%
• 1M: 7.21%
• YTD: 20.71%
• 6M: 18.40%
• 1Y: 34.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNKD vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-19.99%	-62.08%
CEPI REX Crypto Equity Premium Income ETF	20.71%	2.06%

Correlation

The correlation between BNKD and CEPI is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.55

The correlation between BNKD and CEPI has been stable across timeframes, ranging from -0.55 to -0.46 - a consistent structural relationship.

Return for Risk

BNKD vs. CEPI — Risk / Return Rank

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

BNKD

BNKD Risk / Return Rank: 1
BNKD Sharpe Ratio Rank: 1
BNKD Sortino Ratio Rank: 0
BNKD Omega Ratio Rank: 1
BNKD Calmar Ratio Rank: 1
BNKD Martin Ratio Rank: 2

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 36
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 26

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.

BNKD vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	BNKD	CEPI	Difference
Sharpe ratio Return per unit of total volatility	-1.15	1.28	-2.43
Sortino ratio Return per unit of downside risk	-2.18	1.78	-3.96
Omega ratio Gain probability vs. loss probability	0.77	1.24	-0.47
Calmar ratio Return relative to maximum drawdown	-0.97	1.52	-2.49
Martin ratio Return relative to average drawdown	-1.33	3.62	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNKD vs. CEPI - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -1.15, which is lower than the CEPI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of BNKD and CEPI, 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

	BNKD	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	1.28	-2.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	0.45	-1.27

Drawdowns

BNKD vs. CEPI - Drawdown Comparison

The maximum BNKD drawdown since its inception was -84.82%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BNKD and CEPI.

Drawdown Indicators

	BNKD	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-84.82%	-29.48%	-55.34%
Max Drawdown (1Y) Largest decline over 1 year	-67.85%	-22.47%	-45.38%
Current Drawdown Current decline from peak	-84.28%	-2.08%	-82.20%
Average Drawdown Average peak-to-trough decline	-64.01%	-8.65%	-55.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.30%	9.43%	+39.87%

Volatility

BNKD vs. CEPI - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 14.65% compared to REX Crypto Equity Premium Income ETF (CEPI) at 5.92%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKD	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.65%	5.92%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	45.42%	20.94%	+24.48%
Volatility (1Y) Calculated over the trailing 1-year period	57.40%	26.79%	+30.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.17%	31.57%	+42.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.17%	31.57%	+42.60%

BNKD vs. CEPI - Expense Ratio Comparison

BNKD has a 0.95% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BNKD vs. CEPI - Dividend Comparison

BNKD has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 42.71%.

Position	TTM	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	42.71%	50.78%

Frequently Asked Questions

Can I hold both BNKD and CEPI in my portfolio?

BNKD and CEPI have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNKD or CEPI?

BNKD has higher volatility (14.65%) compared to CEPI (5.92%). In terms of maximum drawdown, BNKD dropped -84.82% vs CEPI's -29.48%.

Which ETF is better, BNKD or CEPI?

On 1-year performance, CEPI leads with 34.07% vs -65.56% for BNKD. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKD or CEPI?

Over the 1-year period, CEPI has performed better with a 34.07% return vs -65.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKD or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.95% for BNKD.

Which ETF pays a higher dividend yield, BNKD or CEPI?

CEPI has the higher dividend yield at 42.71%, compared with 0.00% for BNKD.

What is the main difference between BNKD and CEPI?

BNKD is categorized as Inverse Equities, while CEPI is Cryptocurrency. Their fees differ too: 0.95% for BNKD and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.28 vs -1.15), 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.