PALD vs. BMNZ

Last updated Jun 30, 2026

PALD (Direxion Daily PANW Bear 1X Shares) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds. PALD is actively managed, while BMNZ is passively managed. At a 0.24 correlation, their price movements are largely independent. PALD charges 1.02%/yr vs 1.31%/yr for BMNZ.

Performance

PALD vs. BMNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily PANW Bear 1X Shares (PALD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALD achieves a -49.10% return, which is significantly lower than BMNZ's 20.89% return.

PALD

• 1D: -9.16%
• 1M: -17.17%
• YTD: -49.10%
• 6M: -48.38%
• 1Y: -45.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNZ

• 1D: -3.73%
• 1M: 64.84%
• YTD: 20.89%
• 6M: 33.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PALD vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
PALD Direxion Daily PANW Bear 1X Shares	-49.10%	13.58%
BMNZ Defiance Daily Target 2X Short BMNR ETF	20.89%	15.30%

Correlation

The correlation between PALD and BMNZ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.24

Return for Risk

PALD vs. BMNZ — Risk / Return Rank

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

PALD

PALD Risk / Return Rank: 1
PALD Sharpe Ratio Rank: 1
PALD Sortino Ratio Rank: 1
PALD Omega Ratio Rank: 1
PALD Calmar Ratio Rank: 3
PALD Martin Ratio Rank: 0

BMNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PALD vs. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily PANW Bear 1X Shares (PALD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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.

	PALD	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	—	—
Sortino ratio: Return per unit of downside risk	-1.77	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.76	—	—
Martin ratio: Return relative to average drawdown	-2.01	—	—

Drawdowns

PALD vs. BMNZ - Drawdown Comparison

The maximum PALD drawdown since its inception was -60.23%, smaller than the maximum BMNZ drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for PALD and BMNZ.

Drawdown Indicators

	PALD	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-70.80%	+10.57%
Max Drawdown (1Y) Largest decline over 1 year	-60.23%	—	—
Current Drawdown Current decline from peak	-60.23%	-32.32%	-27.91%
Average Drawdown Average peak-to-trough decline	-23.31%	-50.40%	+27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.61%	—	—

Volatility

Volatility by Period

	PALD	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.26%	186.00%	-145.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.97%	186.00%	-145.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.97%	186.00%	-145.03%

PALD vs. BMNZ - Expense Ratio Comparison

PALD has a 1.02% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

PALD vs. BMNZ - Dividend Comparison

PALD's dividend yield for the trailing twelve months is around 5.11%, while BMNZ has not paid dividends to shareholders.

Position	TTM	2025
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%
PALD Direxion Daily PANW Bear 1X Shares	5.11%	3.31%

Frequently Asked Questions

Can I hold both PALD and BMNZ in my portfolio?

PALD and BMNZ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PALD or BMNZ?

On fees, PALD is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PALD or BMNZ?

PALD is cheaper with a 1.02% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, PALD or BMNZ?

PALD has the higher dividend yield at 5.11%, compared with 0.00% for BMNZ.

What is the main difference between PALD and BMNZ?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.02% for PALD and 1.31% for BMNZ.