BNKD vs. FIAT

Last updated Jun 5, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - BNKD is a Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%), while FIAT is a Derivative Income fund actively managed by YieldMax. BNKD is passively managed, while FIAT is actively managed. Over the past year, BNKD returned -69.69% vs -1.90% for FIAT. At a 0.47 correlation, their price movements are largely independent. BNKD charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

BNKD vs. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKD achieves a -28.25% return, which is significantly lower than FIAT's 13.21% return.

BNKD

• 1D: -10.32%
• 1M: -15.34%
• YTD: -28.25%
• 6M: -36.58%
• 1Y: -69.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: -0.56%
• 1M: 13.73%
• YTD: 13.21%
• 6M: 31.80%
• 1Y: -1.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNKD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-28.25%	-62.08%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.21%	-21.44%

Correlation

The correlation between BNKD and FIAT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.47

Return for Risk

BNKD vs. FIAT — 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: 0
BNKD Calmar Ratio Rank: 0
BNKD Martin Ratio Rank: 2

FIAT

FIAT Risk / Return Rank: 10
FIAT Sharpe Ratio Rank: 9
FIAT Sortino Ratio Rank: 11
FIAT Omega Ratio Rank: 11
FIAT Calmar Ratio Rank: 9
FIAT Martin Ratio Rank: 9

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. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-0.03	-1.17
Sortino ratio: Return per unit of downside risk	-2.40	0.33	-2.73
Omega ratio: Gain probability vs. loss probability	0.75	1.04	-0.30
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.05	-0.95
Martin ratio: Return relative to average drawdown	-1.41	-0.07	-1.34
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. FIAT - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -1.20, which is lower than the FIAT Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of BNKD and FIAT, 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	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.20	-0.03	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	-0.38	-0.48

Drawdowns

BNKD vs. FIAT - Drawdown Comparison

The maximum BNKD drawdown since its inception was -85.90%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for BNKD and FIAT.

Drawdown Indicators

	BNKD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-85.90%	-70.50%	-15.40%
Max Drawdown (1Y) Largest decline over 1 year	-70.14%	-42.26%	-27.88%
Current Drawdown Current decline from peak	-85.90%	-51.21%	-34.69%
Average Drawdown Average peak-to-trough decline	-64.08%	-45.36%	-18.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.49%	27.35%	+22.14%

Volatility

BNKD vs. FIAT - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 17.80% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 15.31%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.80%	15.31%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	46.63%	42.02%	+4.61%
Volatility (1Y) Calculated over the trailing 1-year period	58.20%	55.36%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.59%	60.50%	+14.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.59%	60.50%	+14.09%

BNKD vs. FIAT - Expense Ratio Comparison

BNKD has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

BNKD vs. FIAT - Dividend Comparison

BNKD has not paid dividends to shareholders, while FIAT's dividend yield for the trailing twelve months is around 96.37%.

Position	TTM	2025	2024
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%
FIAT YieldMax Short COIN Option Income Strategy ETF	96.37%	178.11%	70.99%

Frequently Asked Questions

Can I hold both BNKD and FIAT in my portfolio?

BNKD and FIAT have a correlation of 0.37, 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 FIAT?

BNKD has higher volatility (17.80%) compared to FIAT (15.31%). In terms of maximum drawdown, BNKD dropped -85.90% vs FIAT's -70.50%.

Which ETF is better, BNKD or FIAT?

On 1-year performance, FIAT leads with -1.90% vs -69.69% for BNKD. On fees, BNKD is cheaper at 0.95% per year. On volatility, FIAT has been the lower-risk option at 15.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKD or FIAT?

Over the 1-year period, FIAT has performed better with a -1.90% return vs -69.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKD or FIAT?

BNKD is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 96.37%, compared with 0.00% for BNKD.

What is the main difference between BNKD and FIAT?

BNKD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: REX and YieldMax. Their fees differ too: 0.95% for BNKD and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (-0.03 vs -1.20), 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.