BNKD vs. SH

Last updated Jul 16, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and SH (ProShares Short S&P500) are both Inverse Equities funds - BNKD tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past year, BNKD returned -70.64% vs -13.90% for SH. A 0.66 correlation means they provide meaningful diversification when combined. BNKD charges 0.95%/yr vs 0.89%/yr for SH.

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.

Returns By Period

In the year-to-date period, BNKD achieves a -46.93% return, which is significantly lower than SH's -7.83% return.

BNKD

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

SH

• 1D: -0.37%
• 1M: 0.19%
• 6M: -6.87%
• YTD: -7.83%
• 1Y: -13.90%
• 3Y*: -11.71%
• 5Y*: -8.57%
• 10Y*: -12.57%

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

BNKD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-46.93%	-59.47%
SH ProShares Short S&P500	-7.83%	-8.08%

Correlation

The correlation between BNKD and SH is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.66

The correlation between BNKD and SH has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

BNKD vs. SH - Sectors Allocation Comparison

Sectors	BNKD	SH
Financial Services	100.0%	98.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 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

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 0

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.

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	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-1.12	-0.08
Sortino ratio: Return per unit of downside risk	-2.42	-1.59	-0.83
Omega ratio: Gain probability vs. loss probability	0.75	0.83	-0.08
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.87	-0.13
Martin ratio: Return relative to average drawdown	-1.70	-1.63	-0.06

BNKD vs. SH - Sharpe Ratio Comparison

The current BNKD Sharpe Ratio is -1.20, which is comparable to the SH Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of BNKD and SH, 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. SH - Drawdown Comparison

The maximum BNKD drawdown since its inception was -89.57%, smaller than the maximum SH drawdown of -94.66%. 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	-89.57%	-94.66%	+5.09%
Max Drawdown (1Y) Largest decline over 1 year	-70.65%	-16.06%	-54.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.80%	—
Current Drawdown Current decline from peak	-89.57%	-94.61%	+5.04%
Average Drawdown Average peak-to-trough decline	-65.70%	-67.86%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.63%	8.52%	+33.11%

Volatility

BNKD vs. SH - Volatility Comparison

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 16.68% compared to ProShares Short S&P500 (SH) at 3.76%. 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	16.68%	3.76%	+12.92%
Volatility (6M) Calculated over the trailing 6-month period	47.12%	9.94%	+37.18%
Volatility (1Y) Calculated over the trailing 1-year period	59.14%	12.49%	+46.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.43%	16.96%	+56.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.43%	18.00%	+55.43%

BNKD vs. SH - Expense Ratio Comparison

BNKD has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

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 4.24%.

Position	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	4.24%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both BNKD and SH in my portfolio?

BNKD and SH have a correlation of 0.56, 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 SH?

BNKD has higher volatility (16.68%) compared to SH (3.76%). In terms of maximum drawdown, BNKD dropped -89.57% vs SH's -94.66%.

Which ETF is better, BNKD or SH?

On 1-year performance, SH leads with -13.90% vs -70.64% for BNKD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKD or SH?

Over the 1-year period, SH has performed better with a -13.90% 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 SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for BNKD.

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

SH has the higher dividend yield at 4.24%, compared with 0.00% for BNKD.

What is the main difference between BNKD and SH?

BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: REX and ProShares. Their fees differ too: 0.95% for BNKD and 0.89% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.12 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.