BNKU vs. IFED

Last updated Aug 4, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past year, BNKU returned 100.75% vs 11.16% for IFED. Their 0.52 correlation means they have sometimes moved together and sometimes differently. BNKU charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

BNKU vs. IFED - 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 ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKU achieves a 31.56% return, which is significantly higher than IFED's 6.57% return.

BNKU

• 1D: 1.66%
• 1M: 7.26%
• 6M: 22.79%
• YTD: 31.56%
• 1Y: 100.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 48.65%

IFED

• 1D: -3.14%
• 1M: 10.34%
• 6M: 10.05%
• YTD: 6.57%
• 1Y: 11.16%
• 3Y*: 18.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	$287.92K	$638.07K	$490.60K
IFED ETRACS IFED Invest with the Fed TR Index ETN	$137.39K	$84.48K	$45.67K

BNKU vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	31.56%	34.97%
IFED ETRACS IFED Invest with the Fed TR Index ETN	6.57%	4.64%

Correlation

The correlation between BNKU and IFED is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.52

The correlation between BNKU and IFED shifts across timeframes, from 0.40 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BNKU vs. IFED — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BNKU

BNKU Risk / Return Rank: 63
BNKU Sharpe Ratio Rank: 72
BNKU Sortino Ratio Rank: 61
BNKU Omega Ratio Rank: 62
BNKU Calmar Ratio Rank: 68
BNKU Martin Ratio Rank: 53

IFED

IFED Risk / Return Rank: 22
IFED Sharpe Ratio Rank: 19
IFED Sortino Ratio Rank: 21
IFED Omega Ratio Rank: 27
IFED Calmar Ratio Rank: 20
IFED Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BNKU vs. IFED - 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 ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	1.71	0.38	+1.33
Sortino ratio: Return per unit of downside risk	2.14	0.75	+1.39
Omega ratio: Gain probability vs. loss probability	1.28	1.13	+0.15
Calmar ratio: Return relative to maximum drawdown	2.47	0.56	+1.92
Martin ratio: Return relative to average drawdown	6.51	1.73	+4.78

BNKU vs. IFED - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.71, which is higher than the IFED Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of BNKU and IFED, 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. IFED - Drawdown Comparison

The maximum BNKU drawdown since its inception was -61.21%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for BNKU and IFED.

Drawdown Indicators

	BNKU	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-61.21%	-22.36%	-38.85%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-20.18%	-20.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-6.02%	-10.51%	+4.49%
Average Drawdown Average peak-to-trough decline	-16.74%	-5.85%	-10.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.54%	6.47%	+9.07%

Volatility

BNKU vs. IFED - Volatility Comparison

The current volatility for MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) is 18.49%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.37%. This indicates that BNKU experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.49%	24.37%	-5.88%
Volatility (6M) Calculated over the trailing 6-month period	46.92%	28.13%	+18.79%
Volatility (1Y) Calculated over the trailing 1-year period	59.32%	29.53%	+29.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.91%	22.60%	+49.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.91%	22.60%	+49.31%

BNKU vs. IFED - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

BNKU vs. IFED - Dividend Comparison

Neither BNKU nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BNKU and IFED in my portfolio?

BNKU and IFED have a correlation of 0.40, 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 IFED?

IFED has higher volatility (24.37%) compared to BNKU (18.49%). In terms of maximum drawdown, BNKU dropped -61.21% vs IFED's -22.36%.

Which ETF is better, BNKU or IFED?

On 1-year performance, BNKU leads with 100.75% vs 11.16% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, BNKU has been the lower-risk option at 18.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or IFED?

Over the 1-year period, BNKU has performed better with a 100.75% return vs 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for BNKU.

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

BNKU and IFED have nearly identical dividend yields, around 0.00%.

What is the main difference between BNKU and IFED?

BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: BMO and UBS. Their fees differ too: 0.95% for BNKU and 0.45% for IFED.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.71 vs 0.38), 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.