DFEN vs. BNKU

Last updated Jul 22, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, DFEN returned 31.08% vs 89.64% for BNKU. At a 0.49 correlation, their price movements are largely independent. DFEN charges 0.96%/yr vs 0.95%/yr for BNKU.

Performance

DFEN vs. BNKU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 5.27% return, which is significantly lower than BNKU's 31.16% return.

DFEN

• 1D: 0.63%
• 1M: -12.98%
• 6M: -21.40%
• YTD: 5.27%
• 1Y: 31.08%
• 3Y*: 60.47%
• 5Y*: 31.33%
• 10Y*: —
• ALL TIME*: 15.24%

BNKU

• 1D: 3.44%
• 1M: 12.79%
• 6M: 32.85%
• YTD: 31.16%
• 1Y: 89.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 49.82%

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

DFEN vs. BNKU - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	5.27%	119.03%
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	31.16%	34.97%

Correlation

The correlation between DFEN and BNKU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.49

DFEN vs. BNKU - Sectors Allocation Comparison

Sectors	DFEN	BNKU
Industrials	22.0%	-
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. BNKU — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 23
DFEN Sharpe Ratio Rank: 20
DFEN Sortino Ratio Rank: 27
DFEN Omega Ratio Rank: 24
DFEN Calmar Ratio Rank: 23
DFEN Martin Ratio Rank: 20

BNKU

BNKU Risk / Return Rank: 55
BNKU Sharpe Ratio Rank: 62
BNKU Sortino Ratio Rank: 54
BNKU Omega Ratio Rank: 54
BNKU Calmar Ratio Rank: 58
BNKU Martin Ratio Rank: 47

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.

DFEN vs. BNKU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU). 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.

	DFEN	BNKU	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.53	-1.06
Sortino ratio: Return per unit of downside risk	1.11	2.01	-0.89
Omega ratio: Gain probability vs. loss probability	1.13	1.26	-0.13
Calmar ratio: Return relative to maximum drawdown	0.75	2.20	-1.45
Martin ratio: Return relative to average drawdown	1.61	5.78	-4.17

DFEN vs. BNKU - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.47, which is lower than the BNKU Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DFEN and BNKU, 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

DFEN vs. BNKU - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than BNKU's maximum drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for DFEN and BNKU.

Drawdown Indicators

	DFEN	BNKU	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-61.21%	-30.15%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-40.97%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.96%	—	—
Current Drawdown Current decline from peak	-31.01%	-6.30%	-24.71%
Average Drawdown Average peak-to-trough decline	-44.95%	-16.98%	-27.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.36%	15.57%	+3.79%

Volatility

DFEN vs. BNKU - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) have volatilities of 16.39% and 17.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	BNKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.39%	17.24%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	54.29%	46.55%	+7.74%
Volatility (1Y) Calculated over the trailing 1-year period	66.76%	58.83%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.52%	72.17%	-11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.51%	72.17%	-0.66%

DFEN vs. BNKU - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than BNKU's 0.95% expense ratio.

Dividends

DFEN vs. BNKU - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 8.43%, while BNKU has not paid dividends to shareholders.

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%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.43%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%

Frequently Asked Questions

Can I hold both DFEN and BNKU in my portfolio?

DFEN and BNKU have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEN or BNKU?

BNKU has higher volatility (17.24%) compared to DFEN (16.39%). In terms of maximum drawdown, DFEN dropped -91.36% vs BNKU's -61.21%.

Which ETF is better, DFEN or BNKU?

On 1-year performance, BNKU leads with 89.64% vs 31.08% for DFEN. On fees, BNKU is cheaper at 0.95% per year. On volatility, DFEN has been the lower-risk option at 16.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or BNKU?

Over the 1-year period, BNKU has performed better with a 89.64% return vs 31.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or BNKU?

BNKU is cheaper with a 0.95% expense ratio, compared with 0.96% for DFEN.

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

DFEN has the higher dividend yield at 8.43%, compared with 0.00% for BNKU.

What is the main difference between DFEN and BNKU?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 0.96% for DFEN and 0.95% for BNKU.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.53 vs 0.47), 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.