CEPI vs. BNKD

Last updated Jun 24, 2026

CEPI (REX Crypto Equity Premium Income ETF) and BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) are both exchange-traded funds - CEPI is a Cryptocurrency fund actively managed by REX, while BNKD is a Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%). CEPI is actively managed, while BNKD is passively managed. Over the past year, CEPI returned 32.91% vs -71.32% for BNKD. At a correlation of -0.54, they often move in opposite directions. CEPI charges 0.85%/yr vs 0.95%/yr for BNKD.

Performance

CEPI vs. BNKD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Crypto Equity Premium Income ETF (CEPI) and MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEPI achieves a 22.16% return, which is significantly higher than BNKD's -38.75% return.

CEPI

• 1D: -1.96%
• 1M: 3.45%
• YTD: 22.16%
• 6M: 19.60%
• 1Y: 32.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNKD

• 1D: -2.15%
• 1M: -25.95%
• YTD: -38.75%
• 6M: -36.05%
• 1Y: -71.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEPI vs. BNKD - Yearly Performance Comparison

	2026 (YTD)	2025
CEPI REX Crypto Equity Premium Income ETF	22.16%	1.35%
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-38.75%	-59.47%

Correlation

The correlation between CEPI and BNKD is -0.44, 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	-0.44
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.54

The correlation between CEPI and BNKD has been stable across timeframes, ranging from -0.54 to -0.44 - a consistent structural relationship.

Return for Risk

CEPI vs. BNKD — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 35
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 27

BNKD

BNKD Risk / Return Rank: 0
BNKD Sharpe Ratio Rank: 0
BNKD Sortino Ratio Rank: 0
BNKD Omega Ratio Rank: 0
BNKD Calmar Ratio Rank: 0
BNKD Martin Ratio Rank: 1

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.

CEPI vs. BNKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) and MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD). 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.

	CEPI	BNKD	Difference
Sharpe ratio: Return per unit of total volatility	1.21	-1.23	+2.44
Sortino ratio: Return per unit of downside risk	1.69	-2.52	+4.21
Omega ratio: Gain probability vs. loss probability	1.23	0.74	+0.49
Calmar ratio: Return relative to maximum drawdown	1.47	-1.02	+2.49
Martin ratio: Return relative to average drawdown	3.49	-1.61	+5.10

CEPI vs. BNKD - Sharpe Ratio Comparison

The current CEPI Sharpe Ratio is 1.21, which is higher than the BNKD Sharpe Ratio of -1.23. The chart below compares the historical Sharpe Ratios of CEPI and BNKD, 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

CEPI vs. BNKD - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, smaller than the maximum BNKD drawdown of -87.96%. Use the drawdown chart below to compare losses from any high point for CEPI and BNKD.

Drawdown Indicators

	CEPI	BNKD	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-87.96%	+58.48%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	-69.98%	+47.51%
Current Drawdown Current decline from peak	-1.96%	-87.96%	+86.00%
Average Drawdown Average peak-to-trough decline	-8.41%	-64.69%	+56.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.45%	46.47%	-37.02%

Volatility

CEPI vs. BNKD - Volatility Comparison

The current volatility for REX Crypto Equity Premium Income ETF (CEPI) is 8.13%, while MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a volatility of 16.87%. This indicates that CEPI experiences smaller price fluctuations and is considered to be less risky than BNKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEPI	BNKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	16.87%	-8.74%
Volatility (6M) Calculated over the trailing 6-month period	21.59%	46.81%	-25.22%
Volatility (1Y) Calculated over the trailing 1-year period	27.39%	58.19%	-30.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.62%	74.00%	-42.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.62%	74.00%	-42.38%

CEPI vs. BNKD - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is lower than BNKD's 0.95% expense ratio.

Dividends

CEPI vs. BNKD - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 44.52%, while BNKD has not paid dividends to shareholders.

Position	TTM	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	44.52%	50.78%

Frequently Asked Questions

Can I hold both CEPI and BNKD in my portfolio?

CEPI and BNKD have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEPI or BNKD?

BNKD has higher volatility (16.87%) compared to CEPI (8.13%). In terms of maximum drawdown, CEPI dropped -29.48% vs BNKD's -87.96%.

Which ETF is better, CEPI or BNKD?

On 1-year performance, CEPI leads with 32.91% vs -71.32% for BNKD. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEPI or BNKD?

Over the 1-year period, CEPI has performed better with a 32.91% return vs -71.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEPI or BNKD?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.95% for BNKD.

Which ETF pays a higher dividend yield, CEPI or BNKD?

CEPI has the higher dividend yield at 44.52%, compared with 0.00% for BNKD.

What is the main difference between CEPI and BNKD?

CEPI is categorized as Cryptocurrency, while BNKD is Inverse Equities. Their fees differ too: 0.85% for CEPI and 0.95% for BNKD.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.21 vs -1.23), 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.