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 0.55% vs -65.56% for BNKD. Their correlation of 0.87 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 22.66% return, which is significantly higher than BNKD's -19.99% return.
FAZ
- 1D
- 3.45%
- 1M
- 5.24%
- YTD
- 22.66%
- 6M
- 14.22%
- 1Y
- 0.55%
- 3Y*
- -36.72%
- 5Y*
- -26.05%
- 10Y*
- -42.81%
BNKD
- 1D
- 3.59%
- 1M
- -8.82%
- YTD
- -19.99%
- 6M
- -30.69%
- 1Y
- -65.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FAZ vs. BNKD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 22.66% | -25.09% |
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs | -19.99% | -62.08% |
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 21, 2025 | 0.87 |
The correlation between FAZ and BNKD has been stable across timeframes, ranging from 0.85 to 0.87 - 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.
| FAZ | BNKD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.77 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.97 | +0.99 |
| Martin ratioReturn relative to average drawdown | 0.03 | -1.33 | +1.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FAZ | BNKD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | -1.15 | +1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.69 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.72 | -0.82 | +0.10 |
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 -84.82%. 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% | -84.82% | -15.18% |
Max Drawdown (1Y)Largest decline over 1 year | -30.20% | -67.85% | +37.65% |
Max Drawdown (3Y)Largest decline over 3 years | -83.61% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -87.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -84.28% | -15.72% |
Average DrawdownAverage peak-to-trough decline | -99.14% | -64.01% | -35.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.58% | 49.30% | -32.72% |
Volatility
FAZ vs. BNKD - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 9.30%, while MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a volatility of 14.65%. 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 | 9.30% | 14.65% | -5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 32.18% | 45.42% | -13.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.09% | 57.40% | -14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.83% | 74.17% | -18.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.07% | 74.17% | -12.10% |
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 2.77%, 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 | 2.77% | 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 (14.65%) compared to FAZ (9.30%). In terms of maximum drawdown, FAZ dropped -100.00% vs BNKD's -84.82%.
On 1-year performance, FAZ leads with 0.55% vs -65.56% for BNKD. On fees, BNKD is cheaper at 0.95% per year. On volatility, FAZ has been the lower-risk option at 9.30%. 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 0.55% return vs -65.56%. 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 2.77%, 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 (0.01 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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