BNKU vs. SPXL

Last updated Jun 13, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past year, BNKU returned 111.56% vs 65.66% for SPXL. A 0.70 correlation means they provide meaningful diversification when combined. BNKU charges 0.95%/yr vs 0.84%/yr for SPXL.

Performance

BNKU vs. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKU achieves a 14.86% return, which is significantly lower than SPXL's 20.98% return.

BNKU

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

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

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

BNKU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	14.86%	34.97%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	17.93%

Correlation

The correlation between BNKU and SPXL is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.70

The correlation between BNKU and SPXL has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

BNKU vs. SPXL - Sectors Allocation Comparison

Sectors	BNKU	SPXL
Financial Services	100.0%	2.4%
Basic Materials	-	0.4%
Communication Services	-	2.3%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	1.0%
Energy	-	0.7%
Healthcare	-	1.8%
Industrials	-	1.7%
Real Estate	-	0.4%
Technology	-	8.4%
Utilities	-	0.6%

Return for Risk

BNKU vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

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. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.79	+0.15
Sortino ratio: Return per unit of downside risk	2.30	2.25	+0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.74	2.47	+0.27
Martin ratio: Return relative to average drawdown	7.20	10.16	-2.96

BNKU vs. SPXL - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.94, which is comparable to the SPXL Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of BNKU and SPXL, 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. SPXL - Drawdown Comparison

The maximum BNKU drawdown since its inception was -61.21%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for BNKU and SPXL.

Drawdown Indicators

	BNKU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-61.21%	-76.86%	+15.65%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-26.77%	-14.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-2.63%	-7.55%	+4.92%
Average Drawdown Average peak-to-trough decline	-18.05%	-16.11%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.55%	6.49%	+9.06%

Volatility

BNKU vs. SPXL - Volatility Comparison

MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a higher volatility of 15.55% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 13.20%. This indicates that BNKU's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.55%	13.20%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	45.72%	28.79%	+16.93%
Volatility (1Y) Calculated over the trailing 1-year period	57.72%	36.81%	+20.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.10%	50.44%	+22.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.10%	53.50%	+19.60%

BNKU vs. SPXL - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

BNKU vs. SPXL - Dividend Comparison

BNKU has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.56%.

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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both BNKU and SPXL in my portfolio?

BNKU and SPXL have a correlation of 0.63, 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 SPXL?

BNKU has higher volatility (15.55%) compared to SPXL (13.20%). In terms of maximum drawdown, BNKU dropped -61.21% vs SPXL's -76.86%.

Which ETF is better, BNKU or SPXL?

On 1-year performance, BNKU leads with 111.56% vs 65.66% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or SPXL?

Over the 1-year period, BNKU has performed better with a 111.56% return vs 65.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for BNKU.

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

SPXL has the higher dividend yield at 0.56%, compared with 0.00% for BNKU.

What is the main difference between BNKU and SPXL?

BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while SPXL tracks S&P 500. They also come from different issuers: Bank of Montreal and Direxion. Their fees differ too: 0.95% for BNKU and 0.84% for SPXL.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.94 vs 1.79), 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.