BNKU vs. USL

Last updated Jun 4, 2026

BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - BNKU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past year, BNKU returned 85.57% vs 57.86% for USL. At a correlation of -0.03, they often move in opposite directions. BNKU charges 0.95%/yr vs 0.88%/yr for USL.

Performance

BNKU vs. USL - 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 United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNKU achieves a -1.60% return, which is significantly lower than USL's 63.07% return.

BNKU

• 1D: -3.18%
• 1M: 6.20%
• YTD: -1.60%
• 6M: 10.64%
• 1Y: 85.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

BNKU vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	-1.60%	46.04%
USL United States 12 Month Oil Fund LP	63.07%	-14.58%

Correlation

The correlation between BNKU and USL is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.03

The correlation between BNKU and USL shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

BNKU vs. USL - Sectors Allocation Comparison

Sectors	BNKU	USL
Financial Services	100.0%	4.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BNKU vs. USL — Risk / Return Rank

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

BNKU

BNKU Risk / Return Rank: 39
BNKU Sharpe Ratio Rank: 43
BNKU Sortino Ratio Rank: 37
BNKU Omega Ratio Rank: 39
BNKU Calmar Ratio Rank: 43
BNKU Martin Ratio Rank: 36

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - 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 United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.04	-0.52
Sortino ratio: Return per unit of downside risk	1.96	2.58	-0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.10	3.47	-1.37
Martin ratio: Return relative to average drawdown	5.55	7.02	-1.47
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. USL - Sharpe Ratio Comparison

The current BNKU Sharpe Ratio is 1.52, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BNKU and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.04	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.01	+0.44

Drawdowns

BNKU vs. USL - Drawdown Comparison

The maximum BNKU drawdown since its inception was -58.03%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BNKU and USL.

Drawdown Indicators

	BNKU	USL	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-89.06%	+31.03%
Max Drawdown (1Y) Largest decline over 1 year	-40.97%	-16.76%	-24.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-16.59%	-38.16%	+21.57%
Average Drawdown Average peak-to-trough decline	-16.56%	-61.46%	+44.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.48%	8.27%	+7.21%

Volatility

BNKU vs. USL - Volatility Comparison

MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a higher volatility of 13.86% compared to United States 12 Month Oil Fund LP (USL) at 10.53%. This indicates that BNKU's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKU	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	10.53%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	45.02%	23.33%	+21.69%
Volatility (1Y) Calculated over the trailing 1-year period	56.70%	28.54%	+28.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.86%	30.08%	+42.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.86%	32.35%	+40.51%

BNKU vs. USL - Expense Ratio Comparison

BNKU has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

BNKU vs. USL - Dividend Comparison

Neither BNKU nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BNKU and USL in my portfolio?

BNKU and USL have a correlation of -0.17, 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 USL?

BNKU has higher volatility (13.86%) compared to USL (10.53%). In terms of maximum drawdown, BNKU dropped -58.03% vs USL's -89.06%.

Which ETF is better, BNKU or USL?

On 1-year performance, BNKU leads with 85.57% vs 57.86% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNKU or USL?

Over the 1-year period, BNKU has performed better with a 85.57% return vs 57.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNKU or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.95% for BNKU.

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

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

What is the main difference between BNKU and USL?

BNKU is categorized as Leveraged Equities, while USL is Oil & Gas. BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Bank of Montreal and Concierge Technologies. Their fees differ too: 0.95% for BNKU and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 1.52), 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.