EFZ vs. BNKD

Last updated Jun 5, 2026

EFZ (ProShares Short MSCI EAFE) and BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) are both Inverse Equities funds - EFZ tracks the MSCI EAFE Index (-100%) while BNKD tracks the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, EFZ returned -14.29% vs -69.69% for BNKD. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

EFZ vs. BNKD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) 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, EFZ achieves a -7.64% return, which is significantly higher than BNKD's -28.25% return.

EFZ

• 1D: -0.71%
• 1M: -2.63%
• YTD: -7.64%
• 6M: -9.27%
• 1Y: -14.29%
• 3Y*: -10.18%
• 5Y*: -5.52%
• 10Y*: -8.30%

BNKD

• 1D: -10.32%
• 1M: -15.34%
• YTD: -28.25%
• 6M: -36.58%
• 1Y: -69.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFZ vs. BNKD - Yearly Performance Comparison

	2026 (YTD)	2025
EFZ ProShares Short MSCI EAFE	-7.64%	-14.91%
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-28.25%	-62.08%

Correlation

The correlation between EFZ and BNKD is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.48

Return for Risk

EFZ vs. BNKD — Risk / Return Rank

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

EFZ

EFZ Risk / Return Rank: 2
EFZ Sharpe Ratio Rank: 2
EFZ Sortino Ratio Rank: 3
EFZ Omega Ratio Rank: 3
EFZ Calmar Ratio Rank: 2
EFZ Martin Ratio Rank: 1

BNKD

BNKD Risk / Return Rank: 1
BNKD Sharpe Ratio Rank: 1
BNKD Sortino Ratio Rank: 0
BNKD Omega Ratio Rank: 0
BNKD Calmar Ratio Rank: 0
BNKD Martin Ratio Rank: 2

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.

EFZ vs. BNKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.

	EFZ	BNKD	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-1.20	+0.32
Sortino ratio: Return per unit of downside risk	-1.19	-2.40	+1.22
Omega ratio: Gain probability vs. loss probability	0.86	0.75	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.83	-1.00	+0.17
Martin ratio: Return relative to average drawdown	-1.47	-1.41	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFZ vs. BNKD - Sharpe Ratio Comparison

The current EFZ Sharpe Ratio is -0.88, which is comparable to the BNKD Sharpe Ratio of -1.20. The chart below compares the historical Sharpe Ratios of EFZ 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.

Sharpe Ratios by Period

	EFZ	BNKD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	-1.20	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.86	+0.51

Drawdowns

EFZ vs. BNKD - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.08%, roughly equal to the maximum BNKD drawdown of -85.90%. Use the drawdown chart below to compare losses from any high point for EFZ and BNKD.

Drawdown Indicators

	EFZ	BNKD	Difference
Max Drawdown Largest peak-to-trough decline	-88.08%	-85.90%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.36%	-70.14%	+52.78%
Max Drawdown (3Y) Largest decline over 3 years	-35.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.88%	—	—
Current Drawdown Current decline from peak	-87.91%	-85.90%	-2.01%
Average Drawdown Average peak-to-trough decline	-67.09%	-64.08%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.77%	49.49%	-39.72%

Volatility

EFZ vs. BNKD - Volatility Comparison

The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.08%, while MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a volatility of 17.80%. This indicates that EFZ 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

	EFZ	BNKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	17.80%	-12.72%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	46.63%	-33.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.34%	58.20%	-41.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	74.59%	-57.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	74.59%	-57.21%

EFZ vs. BNKD - Expense Ratio Comparison

Both EFZ and BNKD have an expense ratio of 0.95%.

Dividends

EFZ vs. BNKD - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 4.07%, while BNKD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EFZ ProShares Short MSCI EAFE	4.07%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%

Frequently Asked Questions

Can I hold both EFZ and BNKD in my portfolio?

EFZ and BNKD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFZ or BNKD?

BNKD has higher volatility (17.80%) compared to EFZ (5.08%). In terms of maximum drawdown, EFZ dropped -88.08% vs BNKD's -85.90%.

Which ETF is better, EFZ or BNKD?

On 1-year performance, EFZ leads with -14.29% vs -69.69% for BNKD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFZ or BNKD?

Over the 1-year period, EFZ has performed better with a -14.29% return vs -69.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFZ or BNKD?

EFZ and BNKD have the same expense ratio: 0.95% per year.

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

EFZ has the higher dividend yield at 4.07%, compared with 0.00% for BNKD.

What is the main difference between EFZ and BNKD?

EFZ tracks MSCI EAFE Index (-100%), while BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

EFZ currently has the higher Sharpe Ratio (-0.88 vs -1.20), 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.