BNKD vs. SEF

Last updated Jul 16, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and SEF (ProShares Short Financials) are both Inverse Equities funds - BNKD tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past year, BNKD returned -70.64% vs -5.66% for SEF. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

BNKD vs. SEF - 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 Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKD achieves a -46.93% return, which is significantly lower than SEF's -1.80% return.

BNKD

• 1D: -4.61%
• 1M: -21.61%
• 6M: -46.27%
• YTD: -46.93%
• 1Y: -70.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEF

• 1D: -0.52%
• 1M: -5.26%
• 6M: -3.06%
• YTD: -1.80%
• 1Y: -5.66%
• 3Y*: -12.23%
• 5Y*: -7.53%
• 10Y*: -12.30%

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

BNKD vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-46.93%	-59.47%
SEF ProShares Short Financials	-1.80%	-3.33%

Correlation

The correlation between BNKD and SEF is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.86

The correlation between BNKD and SEF has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

BNKD vs. SEF - Sectors Allocation Comparison

Sectors	BNKD	SEF
Financial Services	100.0%	74.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BNKD vs. SEF — Risk / Return Rank

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

BNKD

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

SEF

SEF Risk / Return Rank: 5
SEF Sharpe Ratio Rank: 6
SEF Sortino Ratio Rank: 5
SEF Omega Ratio Rank: 5
SEF Calmar Ratio Rank: 6
SEF Martin Ratio Rank: 4

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. SEF - 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 Financials (SEF). 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	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-0.39	-0.81
Sortino ratio: Return per unit of downside risk	-2.42	-0.48	-1.93
Omega ratio: Gain probability vs. loss probability	0.75	0.95	-0.20
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.39	-0.61
Martin ratio: Return relative to average drawdown	-1.70	-1.02	-0.68

BNKD vs. SEF - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -1.20, which is lower than the SEF Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of BNKD and SEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNKD vs. SEF - Drawdown Comparison

The maximum BNKD drawdown since its inception was -89.57%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for BNKD and SEF.

Drawdown Indicators

	BNKD	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-89.57%	-96.51%	+6.94%
Max Drawdown (1Y) Largest decline over 1 year	-70.65%	-14.57%	-56.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.40%	—
Current Drawdown Current decline from peak	-89.57%	-96.47%	+6.90%
Average Drawdown Average peak-to-trough decline	-65.70%	-82.78%	+17.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.63%	5.58%	+36.05%

Volatility

BNKD vs. SEF - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 16.68% compared to ProShares Short Financials (SEF) at 4.21%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKD	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.68%	4.21%	+12.47%
Volatility (6M) Calculated over the trailing 6-month period	47.12%	11.31%	+35.81%
Volatility (1Y) Calculated over the trailing 1-year period	59.14%	14.62%	+44.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.43%	17.98%	+55.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.43%	20.45%	+52.98%

BNKD vs. SEF - Expense Ratio Comparison

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

Dividends

BNKD vs. SEF - Dividend Comparison

BNKD has not paid dividends to shareholders, while SEF's dividend yield for the trailing twelve months is around 3.42%.

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%
SEF ProShares Short Financials	3.42%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both BNKD and SEF in my portfolio?

BNKD and SEF have a correlation of 0.84, 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 SEF?

BNKD has higher volatility (16.68%) compared to SEF (4.21%). In terms of maximum drawdown, BNKD dropped -89.57% vs SEF's -96.51%.

Which ETF is better, BNKD or SEF?

On 1-year performance, SEF leads with -5.66% vs -70.64% for BNKD. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKD or SEF?

Over the 1-year period, SEF has performed better with a -5.66% return vs -70.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKD or SEF?

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

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

SEF has the higher dividend yield at 3.42%, compared with 0.00% for BNKD.

What is the main difference between BNKD and SEF?

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

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.39 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.