FAZ vs. BNKU
FAZ (Direxion Daily Financial Bear 3X Shares) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both Leveraged Equities funds - FAZ tracks the Russell 1000 Financial Services Index (-300%) while BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, FAZ returned -27.65% vs 97.48% for BNKU. Their -0.83 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.95%/yr for BNKU.
Performance
FAZ vs. BNKU - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -13.28% return, which is significantly lower than BNKU's 29.42% return.
FAZ
- 1D
- 0.43%
- 1M
- -6.62%
- 6M
- -19.32%
- YTD
- -13.28%
- 1Y
- -27.65%
- 3Y*
- -39.34%
- 5Y*
- -32.28%
- 10Y*
- -44.48%
- ALL TIME*
- -53.80%
BNKU
- 1D
- 1.30%
- 1M
- 5.51%
- 6M
- 25.35%
- YTD
- 29.42%
- 1Y
- 97.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $317.79K | $636.80K | $487.95K | |
| $19.80M | $17.81M | $19.33M |
FAZ vs. BNKU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -21.42% |
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs | 29.42% | 34.97% |
Correlation
The correlation between FAZ and BNKU is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | -0.83 |
The correlation between FAZ and BNKU has been stable across timeframes, ranging from -0.83 to -0.82 - a consistent structural relationship.
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Return for Risk
FAZ vs. BNKU — Risk / Return Rank
FAZ
BNKU
FAZ vs. BNKU - 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 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.
| FAZ | BNKU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.24 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.05 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.29 | 5.41 | -6.69 |
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Drawdowns
FAZ vs. BNKU - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than BNKU's maximum drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for FAZ and BNKU.
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Drawdown Indicators
| FAZ | BNKU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -61.21% | -38.79% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -40.97% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -7.55% | -92.45% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -16.77% | -82.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 15.55% | +2.90% |
Volatility
FAZ vs. BNKU - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 11.94%, while MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a volatility of 18.44%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than BNKU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | BNKU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 18.44% | -6.50% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 46.92% | -14.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 59.78% | -15.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 72.00% | -16.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 72.00% | -10.13% |
FAZ vs. BNKU - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than BNKU's 0.95% expense ratio.
Dividends
FAZ vs. BNKU - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, while BNKU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FAZ Direxion Daily Financial Bear 3X Shares | 3.57% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
Frequently Asked Questions
FAZ and BNKU have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNKU has higher volatility (18.44%) compared to FAZ (11.94%). In terms of maximum drawdown, FAZ dropped -100.00% vs BNKU's -61.21%.
On 1-year performance, BNKU leads with 97.48% vs -27.65% for FAZ. On fees, BNKU is cheaper at 0.95% per year. On volatility, FAZ has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNKU has performed better with a 97.48% return vs -27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNKU is cheaper with a 0.95% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.57%, compared with 0.00% for BNKU.
FAZ tracks Russell 1000 Financial Services Index (-300%), while BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for FAZ and 0.95% for BNKU.
BNKU currently has the higher Sharpe Ratio (1.41 vs -0.54), 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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