BNKU vs. TSMG

Last updated Jun 5, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. BNKU is passively managed, while TSMG is actively managed. Over the past year, BNKU returned 107.99% vs 292.24% for TSMG. At a 0.39 correlation, their price movements are largely independent. BNKU charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

BNKU vs. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKU achieves a 8.32% return, which is significantly lower than TSMG's 92.52% return.

BNKU

• 1D: 10.09%
• 1M: 13.36%
• YTD: 8.32%
• 6M: 19.85%
• 1Y: 107.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 3.47%
• 1M: 24.82%
• YTD: 92.52%
• 6M: 104.85%
• 1Y: 292.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNKU vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	8.32%	46.04%
TSMG Leverage Shares 2X Long TSM Daily ETF	92.52%	88.42%

Correlation

The correlation between BNKU and TSMG is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.39

Return for Risk

BNKU vs. TSMG — Risk / Return Rank

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

BNKU

BNKU Risk / Return Rank: 50
BNKU Sharpe Ratio Rank: 56
BNKU Sortino Ratio Rank: 46
BNKU Omega Ratio Rank: 48
BNKU Calmar Ratio Rank: 54
BNKU Martin Ratio Rank: 44

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 78
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). 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.

	BNKU	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.89	4.11	-2.22
Sortino ratio: Return per unit of downside risk	2.26	3.75	-1.49
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.16
Calmar ratio: Return relative to maximum drawdown	2.65	8.34	-5.69
Martin ratio: Return relative to average drawdown	7.00	27.23	-20.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNKU vs. TSMG - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.89, which is lower than the TSMG Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of BNKU and TSMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNKU	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	4.11	-2.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.76	-1.17

Drawdowns

BNKU vs. TSMG - Drawdown Comparison

The maximum BNKU drawdown since its inception was -58.03%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for BNKU and TSMG.

Drawdown Indicators

	BNKU	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-63.67%	+5.64%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-35.29%	-5.68%
Current Drawdown Current decline from peak	-8.18%	-0.93%	-7.25%
Average Drawdown Average peak-to-trough decline	-16.53%	-16.94%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.49%	10.79%	+4.70%

Volatility

BNKU vs. TSMG - Volatility Comparison

The current volatility for MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) is 16.53%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 22.71%. This indicates that BNKU experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.53%	22.71%	-6.18%
Volatility (6M) Calculated over the trailing 6-month period	46.00%	55.10%	-9.10%
Volatility (1Y) Calculated over the trailing 1-year period	57.51%	71.76%	-14.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.26%	80.99%	-7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.26%	80.99%	-7.73%

BNKU vs. TSMG - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

BNKU vs. TSMG - Dividend Comparison

BNKU has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 5.96%.

Position	TTM	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.96%	11.48%

Frequently Asked Questions

Can I hold both BNKU and TSMG in my portfolio?

BNKU and TSMG have a correlation of 0.30, 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 TSMG?

TSMG has higher volatility (22.71%) compared to BNKU (16.53%). In terms of maximum drawdown, BNKU dropped -58.03% vs TSMG's -63.67%.

Which ETF is better, BNKU or TSMG?

On 1-year performance, TSMG leads with 292.24% vs 107.99% for BNKU. On fees, TSMG is cheaper at 0.75% per year. On volatility, BNKU has been the lower-risk option at 16.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or TSMG?

Over the 1-year period, TSMG has performed better with a 292.24% return vs 107.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for BNKU.

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

TSMG has the higher dividend yield at 5.96%, compared with 0.00% for BNKU.

What is the main difference between BNKU and TSMG?

They also come from different issuers: Bank of Montreal and Leverage Shares. Their fees differ too: 0.95% for BNKU and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.11 vs 1.89), 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.