FAZ vs. BNKD
FAZ (Direxion Daily Financial Bear 3X Shares) and BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while BNKD is a Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, FAZ returned -20.83% vs -67.91% for BNKD. Their correlation of 0.86 suggests significant overlap in exposure. FAZ charges 1.07%/yr vs 0.95%/yr for BNKD.
Performance
FAZ vs. BNKD - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -9.37% return, which is significantly higher than BNKD's -42.87% return.
FAZ
- 1D
- -1.91%
- 1M
- -14.72%
- 6M
- -6.80%
- YTD
- -9.37%
- 1Y
- -20.83%
- 3Y*
- -40.21%
- 5Y*
- -32.04%
- 10Y*
- -44.22%
BNKD
- 1D
- 1.01%
- 1M
- -14.74%
- 6M
- -37.59%
- YTD
- -42.87%
- 1Y
- -67.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FAZ vs. BNKD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -9.37% | -21.42% |
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs | -42.87% | -59.47% |
Correlation
The correlation between FAZ and BNKD is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | 0.86 |
The correlation between FAZ and BNKD has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.
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Return for Risk
FAZ vs. BNKD — Risk / Return Rank
FAZ
BNKD
FAZ vs. BNKD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) 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.
| FAZ | BNKD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.76 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.99 | +0.45 |
| Martin ratioReturn relative to average drawdown | -1.31 | -1.65 | +0.34 |
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Drawdowns
FAZ vs. BNKD - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than BNKD's maximum drawdown of -88.89%. Use the drawdown chart below to compare losses from any high point for FAZ and BNKD.
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Drawdown Indicators
| FAZ | BNKD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.89% | -11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -38.56% | -68.72% | +30.16% |
Max Drawdown (3Y)Largest decline over 3 years | -83.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -87.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -88.77% | -11.23% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -65.56% | -33.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 41.16% | -25.19% |
Volatility
FAZ vs. BNKD - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 12.94%, while MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a volatility of 17.15%. This indicates that FAZ 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.
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Volatility by Period
| FAZ | BNKD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.94% | 17.15% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 46.91% | -13.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 59.10% | -15.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.56% | 73.52% | -17.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.85% | 73.52% | -11.67% |
FAZ vs. BNKD - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than BNKD's 0.95% expense ratio.
Dividends
FAZ vs. BNKD - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.41%, 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% |
FAZ Direxion Daily Financial Bear 3X Shares | 3.41% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
Frequently Asked Questions
FAZ and BNKD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNKD has higher volatility (17.15%) compared to FAZ (12.94%). In terms of maximum drawdown, FAZ dropped -100.00% vs BNKD's -88.89%.
On 1-year performance, FAZ leads with -20.83% vs -67.91% for BNKD. On fees, BNKD is cheaper at 0.95% per year. On volatility, FAZ has been the lower-risk option at 12.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FAZ has performed better with a -20.83% return vs -67.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNKD is cheaper with a 0.95% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.41%, compared with 0.00% for BNKD.
FAZ is categorized as Leveraged Equities, while BNKD is Inverse Equities. FAZ tracks Russell 1000 Financial Services Index (-300%), while BNKD tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: Direxion and REX. Their fees differ too: 1.07% for FAZ and 0.95% for BNKD.
FAZ currently has the higher Sharpe Ratio (-0.48 vs -1.15), 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.
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