BNKD vs. SPDN
BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - BNKD tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past year, BNKD returned -69.49% vs -14.33% for SPDN. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BNKD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
BNKD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, BNKD achieves a -47.45% return, which is significantly lower than SPDN's -9.32% return.
BNKD
- 1D
- -4.14%
- 1M
- -14.63%
- 6M
- -40.41%
- YTD
- -47.45%
- 1Y
- -69.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -65.56%
SPDN
- 1D
- -1.86%
- 1M
- -3.10%
- 6M
- -8.93%
- YTD
- -9.32%
- 1Y
- -14.33%
- 3Y*
- -12.32%
- 5Y*
- -8.28%
- 10Y*
- -12.36%
- ALL TIME*
- -12.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.59K | $10.52K | $9.72K | |
| $440.54M | $381.38M | $427.62M |
BNKD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs | -47.45% | -59.47% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -9.32% | -7.74% |
Correlation
The correlation between BNKD and SPDN is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | 0.67 |
The correlation between BNKD and SPDN has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.
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Return for Risk
BNKD vs. SPDN — Risk / Return Rank
BNKD
SPDN
BNKD vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.83 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.85 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.66 | +0.07 |
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Drawdowns
BNKD vs. SPDN - Drawdown Comparison
The maximum BNKD drawdown since its inception was -89.67%, which is greater than SPDN's maximum drawdown of -75.58%. Use the drawdown chart below to compare losses from any high point for BNKD and SPDN.
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Drawdown Indicators
| BNKD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.67% | -75.58% | -14.09% |
Max Drawdown (1Y)Largest decline over 1 year | -70.39% | -16.83% | -53.56% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.25% | — |
Current DrawdownCurrent decline from peak | -89.67% | -75.58% | -14.09% |
Average DrawdownAverage peak-to-trough decline | -66.59% | -48.95% | -17.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.77% | 8.67% | +35.10% |
Volatility
BNKD vs. SPDN - Volatility Comparison
MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a higher volatility of 16.93% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.07%. This indicates that BNKD's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNKD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.93% | 4.07% | +12.86% |
Volatility (6M)Calculated over the trailing 6-month period | 47.31% | 10.37% | +36.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.67% | 13.04% | +46.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.91% | 17.00% | +55.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.91% | 18.04% | +54.87% |
BNKD vs. SPDN - Expense Ratio Comparison
BNKD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
BNKD vs. SPDN - Dividend Comparison
BNKD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.42%.
| 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.42% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
BNKD and SPDN have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNKD has higher volatility (16.93%) compared to SPDN (4.07%). In terms of maximum drawdown, BNKD dropped -89.67% vs SPDN's -75.58%.
On 1-year performance, SPDN leads with -14.33% vs -69.49% for BNKD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPDN has performed better with a -14.33% return vs -69.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for BNKD.
SPDN has the higher dividend yield at 3.42%, compared with 0.00% for BNKD.
BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while SPDN tracks S&P 500 Index. They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for BNKD and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.11 vs -1.17), 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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