BNKD vs. SH

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) and ProShares Short S&P500 (SH).

BNKD and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BNKD is a passively managed fund by REX that tracks the performance of the Solactive MicroSectors U.S. Big Banks Index (-300%). It was launched on Apr 2, 2019. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. Both BNKD and SH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BNKD vs. SH - 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 S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

BNKD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	7.72%	-62.08%
SH ProShares Short S&P500	5.77%	-8.46%

Returns By Period

In the year-to-date period, BNKD achieves a 7.72% return, which is significantly higher than SH's 5.77% return.

BNKD

• 1D: -10.54%
• 1M: 1.51%
• YTD: 7.72%
• 6M: -19.30%
• 1Y: -68.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -2.82%
• 1M: 5.57%
• YTD: 5.77%
• 6M: 4.49%
• 1Y: -11.46%
• 3Y*: -9.86%
• 5Y*: -7.57%
• 10Y*: -11.84%

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

BNKD vs. SH - Expense Ratio Comparison

BNKD has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.

BNKD

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs

SH

ProShares Short S&P500

Return for Risk

BNKD vs. SH — 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: 4

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 3
SH Sortino Ratio Rank: 3
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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. SH - 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 S&P500 (SH). 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	SH	Difference
Sharpe ratio Return per unit of total volatility	-0.91	-0.63	-0.28
Sortino ratio Return per unit of downside risk	-1.72	-0.79	-0.94
Omega ratio Gain probability vs. loss probability	0.80	0.89	-0.09
Calmar ratio Return relative to maximum drawdown	-0.83	-0.45	-0.38
Martin ratio Return relative to average drawdown	-1.02	-0.55	-0.47
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. SH - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -0.91, which is lower than the SH Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of BNKD and SH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BNKD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	-0.63	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-0.56	-0.16

Correlation

The correlation between BNKD and SH is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BNKD vs. SH - Dividend Comparison

BNKD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 3.92%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
SH ProShares Short S&P500	3.92%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Drawdowns

BNKD vs. SH - Drawdown Comparison

The maximum BNKD drawdown since its inception was -84.27%, smaller than the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for BNKD and SH.

Drawdown Indicators

	BNKD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-84.27%	-94.26%	+9.99%
Max Drawdown (1Y) Largest decline over 1 year	-84.27%	-26.61%	-57.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.31%	—
Current Drawdown Current decline from peak	-78.83%	-93.82%	+14.99%
Average Drawdown Average peak-to-trough decline	-61.01%	-67.49%	+6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.67%	21.81%	+46.86%

Volatility

BNKD vs. SH - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 19.01% compared to ProShares Short S&P500 (SH) at 5.30%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.01%	5.30%	+13.71%
Volatility (6M) Calculated over the trailing 6-month period	45.69%	9.43%	+36.26%
Volatility (1Y) Calculated over the trailing 1-year period	75.20%	18.17%	+57.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.02%	16.87%	+60.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.02%	17.99%	+59.03%