BNKD vs. FAZ
BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and FAZ (Direxion Daily Financial Bear 3X Shares) are both exchange-traded funds - BNKD is a Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%), while FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%). Both are passively managed. Over the past year, BNKD returned -67.91% vs -20.83% for FAZ. Their correlation of 0.86 suggests significant overlap in exposure. BNKD charges 0.95%/yr vs 1.07%/yr for FAZ.
Performance
BNKD vs. FAZ - Performance Comparison
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Returns By Period
In the year-to-date period, BNKD achieves a -42.87% return, which is significantly lower than FAZ's -9.37% return.
BNKD
- 1D
- 1.01%
- 1M
- -14.74%
- 6M
- -37.59%
- YTD
- -42.87%
- 1Y
- -67.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FAZ
- 1D
- -1.91%
- 1M
- -14.72%
- 6M
- -6.80%
- YTD
- -9.37%
- 1Y
- -20.83%
- 3Y*
- -40.21%
- 5Y*
- -32.04%
- 10Y*
- -44.22%
BNKD vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs | -42.87% | -59.47% |
FAZ Direxion Daily Financial Bear 3X Shares | -9.37% | -21.42% |
Correlation
The correlation between BNKD and FAZ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | 0.86 |
The correlation between BNKD and FAZ has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.
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Return for Risk
BNKD vs. FAZ — Risk / Return Rank
BNKD
FAZ
BNKD vs. FAZ - 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 Direxion Daily Financial Bear 3X Shares (FAZ). 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.
| BNKD | FAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.95 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.54 | -0.45 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.31 | -0.34 |
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Drawdowns
BNKD vs. FAZ - Drawdown Comparison
The maximum BNKD drawdown since its inception was -88.89%, smaller than the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BNKD and FAZ.
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Drawdown Indicators
| BNKD | FAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.89% | -100.00% | +11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -68.72% | -38.56% | -30.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -83.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.71% | — |
Current DrawdownCurrent decline from peak | -88.77% | -100.00% | +11.23% |
Average DrawdownAverage peak-to-trough decline | -65.56% | -99.12% | +33.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.16% | 15.97% | +25.19% |
Volatility
BNKD vs. FAZ - Volatility Comparison
MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 17.15% compared to Direxion Daily Financial Bear 3X Shares (FAZ) at 12.94%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than FAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNKD | FAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.15% | 12.94% | +4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 46.91% | 33.63% | +13.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.10% | 44.06% | +15.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.52% | 55.56% | +17.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.52% | 61.85% | +11.67% |
BNKD vs. FAZ - Expense Ratio Comparison
BNKD has a 0.95% expense ratio, which is lower than FAZ's 1.07% expense ratio.
Dividends
BNKD vs. FAZ - Dividend Comparison
BNKD has not paid dividends to shareholders, while FAZ's dividend yield for the trailing twelve months is around 3.41%.
| 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% |
FAZ Direxion Daily Financial Bear 3X Shares | 3.41% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
Frequently Asked Questions
BNKD and FAZ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNKD has higher volatility (17.15%) compared to FAZ (12.94%). In terms of maximum drawdown, BNKD dropped -88.89% vs FAZ's -100.00%.
On 1-year performance, FAZ leads with -20.83% vs -67.91% for BNKD. On fees, BNKD is cheaper at 0.95% per year. On volatility, FAZ has been the lower-risk option at 12.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FAZ has performed better with a -20.83% return vs -67.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNKD is cheaper with a 0.95% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.41%, compared with 0.00% for BNKD.
BNKD is categorized as Inverse Equities, while FAZ is Leveraged Equities. BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while FAZ tracks Russell 1000 Financial Services Index (-300%). They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for BNKD and 1.07% for FAZ.
FAZ currently has the higher Sharpe Ratio (-0.48 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.
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