BNKD vs. EFZ

Last updated Jun 4, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - BNKD tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past year, BNKD returned -65.56% vs -14.24% for EFZ. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BNKD vs. EFZ - 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 ProShares Short MSCI EAFE (EFZ). 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 EFZ's -6.98% return.

BNKD

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

EFZ

• 1D: 0.88%
• 1M: -3.23%
• YTD: -6.98%
• 6M: -8.53%
• 1Y: -14.24%
• 3Y*: -9.77%
• 5Y*: -5.38%
• 10Y*: -8.29%

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

BNKD vs. EFZ - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-19.99%	-62.08%
EFZ ProShares Short MSCI EAFE	-6.98%	-14.91%

Correlation

The correlation between BNKD and EFZ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.48

Return for Risk

BNKD vs. EFZ — 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

EFZ

EFZ Risk / Return Rank: 2
EFZ Sharpe Ratio Rank: 2
EFZ Sortino Ratio Rank: 3
EFZ Omega Ratio Rank: 3
EFZ Calmar Ratio Rank: 2
EFZ Martin Ratio Rank: 1

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. EFZ - 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 ProShares Short MSCI EAFE (EFZ). 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	EFZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-0.88	-0.27
Sortino ratio: Return per unit of downside risk	-2.18	-1.18	-1.00
Omega ratio: Gain probability vs. loss probability	0.77	0.86	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.82	-0.15
Martin ratio: Return relative to average drawdown	-1.33	-1.47	+0.14
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. EFZ - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -1.15, which is lower than the EFZ Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of BNKD and EFZ, 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	EFZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	-0.88	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.32	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	-0.34	-0.48

Drawdowns

BNKD vs. EFZ - Drawdown Comparison

The maximum BNKD drawdown since its inception was -84.82%, roughly equal to the maximum EFZ drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for BNKD and EFZ.

Drawdown Indicators

	BNKD	EFZ	Difference
Max Drawdown Largest peak-to-trough decline	-84.82%	-88.08%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-67.85%	-17.36%	-50.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.88%	—
Current Drawdown Current decline from peak	-84.28%	-87.82%	+3.54%
Average Drawdown Average peak-to-trough decline	-64.01%	-67.08%	+3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.30%	9.71%	+39.59%

Volatility

BNKD vs. EFZ - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 14.65% compared to ProShares Short MSCI EAFE (EFZ) at 5.19%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKD	EFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.65%	5.19%	+9.46%
Volatility (6M) Calculated over the trailing 6-month period	45.42%	13.49%	+31.93%
Volatility (1Y) Calculated over the trailing 1-year period	57.40%	16.35%	+41.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.17%	16.72%	+57.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.17%	17.38%	+56.79%

BNKD vs. EFZ - Expense Ratio Comparison

Both BNKD and EFZ have an expense ratio of 0.95%.

Dividends

BNKD vs. EFZ - Dividend Comparison

BNKD has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 4.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EFZ ProShares Short MSCI EAFE	4.04%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%

Frequently Asked Questions

Can I hold both BNKD and EFZ in my portfolio?

BNKD and EFZ have a correlation of 0.47, 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 EFZ?

BNKD has higher volatility (14.65%) compared to EFZ (5.19%). In terms of maximum drawdown, BNKD dropped -84.82% vs EFZ's -88.08%.

Which ETF is better, BNKD or EFZ?

On 1-year performance, EFZ leads with -14.24% vs -65.56% for BNKD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKD or EFZ?

Over the 1-year period, EFZ has performed better with a -14.24% 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 EFZ?

BNKD and EFZ have the same expense ratio: 0.95% per year.

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

EFZ has the higher dividend yield at 4.04%, compared with 0.00% for BNKD.

What is the main difference between BNKD and EFZ?

BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: REX and ProShares.

Which has better risk-adjusted returns?

EFZ currently has the higher Sharpe Ratio (-0.88 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.