BNKU vs. BRZU

Last updated Jun 13, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both Leveraged Equities funds - BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while BRZU tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past year, BNKU returned 111.56% vs 53.22% for BRZU. At a 0.39 correlation, their price movements are largely independent. BNKU charges 0.95%/yr vs 1.29%/yr for BRZU.

Performance

BNKU vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BNKU having a 14.86% return and BRZU slightly lower at 14.47%.

BNKU

• 1D: 5.30%
• 1M: 29.28%
• YTD: 14.86%
• 6M: 15.82%
• 1Y: 111.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BRZU

• 1D: 1.74%
• 1M: -9.87%
• YTD: 14.47%
• 6M: 11.16%
• 1Y: 53.22%
• 3Y*: 6.31%
• 5Y*: -2.87%
• 10Y*: -15.10%

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

BNKU vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	14.86%	34.97%
BRZU Direxion Daily Brazil Bull 2X Shares	14.47%	49.53%

Correlation

The correlation between BNKU and BRZU is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.39

BNKU vs. BRZU - Sectors Allocation Comparison

Sectors	BNKU	BRZU
Financial Services	100.0%	32.7%
Basic Materials	-	13.7%
Communication Services	-	2.2%
Consumer Cyclical	-	1.5%
Consumer Defensive	-	4.2%
Energy	-	18.7%
Healthcare	-	2.4%
Industrials	-	10.9%
Real Estate	-	-
Technology	-	0.9%
Utilities	-	12.8%

Return for Risk

BNKU vs. BRZU — Risk / Return Rank

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

BNKU

BNKU Risk / Return Rank: 58
BNKU Sharpe Ratio Rank: 68
BNKU Sortino Ratio Rank: 54
BNKU Omega Ratio Rank: 55
BNKU Calmar Ratio Rank: 62
BNKU Martin Ratio Rank: 49

BRZU

BRZU Risk / Return Rank: 34
BRZU Sharpe Ratio Rank: 33
BRZU Sortino Ratio Rank: 33
BRZU Omega Ratio Rank: 34
BRZU Calmar Ratio Rank: 34
BRZU Martin Ratio Rank: 34

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.

BNKU vs. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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.

	BNKU	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.07	+0.88
Sortino ratio: Return per unit of downside risk	2.30	1.59	+0.70
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	2.74	1.49	+1.25
Martin ratio: Return relative to average drawdown	7.20	4.43	+2.78

BNKU vs. BRZU - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.94, which is higher than the BRZU Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of BNKU and BRZU, 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

BNKU vs. BRZU - Drawdown Comparison

The maximum BNKU drawdown since its inception was -61.21%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for BNKU and BRZU.

Drawdown Indicators

	BNKU	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-61.21%	-99.71%	+38.50%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-35.97%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-65.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.11%	—
Current Drawdown Current decline from peak	-2.63%	-99.18%	+96.55%
Average Drawdown Average peak-to-trough decline	-18.05%	-89.55%	+71.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.55%	12.06%	+3.49%

Volatility

BNKU vs. BRZU - Volatility Comparison

MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a higher volatility of 15.55% compared to Direxion Daily Brazil Bull 2X Shares (BRZU) at 14.76%. This indicates that BNKU's price experiences larger fluctuations and is considered to be riskier than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.55%	14.76%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	45.72%	39.95%	+5.77%
Volatility (1Y) Calculated over the trailing 1-year period	57.72%	50.10%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.10%	55.45%	+17.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.10%	82.91%	-9.81%

BNKU vs. BRZU - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

BNKU vs. BRZU - Dividend Comparison

BNKU has not paid dividends to shareholders, while BRZU's dividend yield for the trailing twelve months is around 2.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BRZU Direxion Daily Brazil Bull 2X Shares	2.33%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%

Frequently Asked Questions

Can I hold both BNKU and BRZU in my portfolio?

BNKU and BRZU have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNKU or BRZU?

BNKU has higher volatility (15.55%) compared to BRZU (14.76%). In terms of maximum drawdown, BNKU dropped -61.21% vs BRZU's -99.71%.

Which ETF is better, BNKU or BRZU?

On 1-year performance, BNKU leads with 111.56% vs 53.22% for BRZU. On fees, BNKU is cheaper at 0.95% per year. On volatility, BRZU has been the lower-risk option at 14.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or BRZU?

Over the 1-year period, BNKU has performed better with a 111.56% return vs 53.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or BRZU?

BNKU is cheaper with a 0.95% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, BNKU or BRZU?

BRZU has the higher dividend yield at 2.33%, compared with 0.00% for BNKU.

What is the main difference between BNKU and BRZU?

BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while BRZU tracks MSCI Brazil 25/50 Index. They also come from different issuers: Bank of Montreal and Direxion. Their fees differ too: 0.95% for BNKU and 1.29% for BRZU.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.94 vs 1.07), 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.