BNKU vs. TMF

Last updated Jun 13, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - BNKU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past year, BNKU returned 111.56% vs -4.90% for TMF. At a 0.04 correlation, their price movements are largely independent. BNKU charges 0.95%/yr vs 1.01%/yr for TMF.

Performance

BNKU vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 higher than TMF's -5.18% return.

BNKU

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

TMF

• 1D: -0.93%
• 1M: 3.29%
• YTD: -5.18%
• 6M: -5.04%
• 1Y: -4.90%
• 3Y*: -19.82%
• 5Y*: -31.10%
• 10Y*: -16.87%

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

BNKU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	14.86%	34.97%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-4.80%

Correlation

The correlation between BNKU and TMF is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.04

BNKU vs. TMF - Sectors Allocation Comparison

Sectors	BNKU	TMF
Financial Services	100.0%	18.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BNKU vs. TMF — 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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-0.17	+2.12
Sortino ratio: Return per unit of downside risk	2.30	-0.05	+2.35
Omega ratio: Gain probability vs. loss probability	1.30	0.99	+0.30
Calmar ratio: Return relative to maximum drawdown	2.74	-0.19	+2.92
Martin ratio: Return relative to average drawdown	7.20	-0.41	+7.61

BNKU vs. TMF - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.94, which is higher than the TMF Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of BNKU and TMF, 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. TMF - Drawdown Comparison

The maximum BNKU drawdown since its inception was -61.21%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for BNKU and TMF.

Drawdown Indicators

	BNKU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-61.21%	-92.89%	+31.68%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-26.51%	-14.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-2.63%	-92.15%	+89.52%
Average Drawdown Average peak-to-trough decline	-18.05%	-43.70%	+25.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.55%	11.96%	+3.59%

Volatility

BNKU vs. TMF - Volatility Comparison

MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a higher volatility of 15.55% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.43%. This indicates that BNKU's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.55%	8.43%	+7.12%
Volatility (6M) Calculated over the trailing 6-month period	45.72%	19.46%	+26.26%
Volatility (1Y) Calculated over the trailing 1-year period	57.72%	28.49%	+29.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.10%	46.72%	+26.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.10%	43.92%	+29.18%

BNKU vs. TMF - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

BNKU vs. TMF - Dividend Comparison

BNKU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.11%.

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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both BNKU and TMF in my portfolio?

BNKU and TMF have a correlation of 0.08, 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 TMF?

BNKU has higher volatility (15.55%) compared to TMF (8.43%). In terms of maximum drawdown, BNKU dropped -61.21% vs TMF's -92.89%.

Which ETF is better, BNKU or TMF?

On 1-year performance, BNKU leads with 111.56% vs -4.90% for TMF. On fees, BNKU is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or TMF?

Over the 1-year period, BNKU has performed better with a 111.56% return vs -4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or TMF?

BNKU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.11%, compared with 0.00% for BNKU.

What is the main difference between BNKU and TMF?

BNKU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Bank of Montreal and Direxion. Their fees differ too: 0.95% for BNKU and 1.01% for TMF.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.94 vs -0.17), 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.