PCLO vs. BNKU

Last updated Jun 25, 2026

PCLO (Virtus SEIX AAA Private Credit CLO ETF) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both exchange-traded funds - PCLO is a CLO fund actively managed by Virtus, while BNKU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%). PCLO is actively managed, while BNKU is passively managed. Over the past year, PCLO returned 5.17% vs 104.61% for BNKU. At a 0.04 correlation, their price movements are largely independent. PCLO charges 0.29%/yr vs 0.95%/yr for BNKU.

Performance

PCLO vs. BNKU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus SEIX AAA Private Credit CLO ETF (PCLO) and MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCLO achieves a 2.13% return, which is significantly lower than BNKU's 21.05% return.

PCLO

• 1D: 0.04%
• 1M: 0.26%
• YTD: 2.13%
• 6M: 2.23%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNKU

• 1D: -2.83%
• 1M: 25.98%
• YTD: 21.05%
• 6M: 11.99%
• 1Y: 104.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCLO vs. BNKU - Yearly Performance Comparison

	2026 (YTD)	2025
PCLO Virtus SEIX AAA Private Credit CLO ETF	2.13%	4.57%
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	21.05%	34.97%

Correlation

The correlation between PCLO and BNKU is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.04

The correlation between PCLO and BNKU shifts across timeframes, from -0.14 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCLO vs. BNKU — Risk / Return Rank

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

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 99
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO Martin Ratio Rank: 99

BNKU

BNKU Risk / Return Rank: 53
BNKU Sharpe Ratio Rank: 62
BNKU Sortino Ratio Rank: 51
BNKU Omega Ratio Rank: 51
BNKU Calmar Ratio Rank: 58
BNKU Martin Ratio Rank: 45

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.

PCLO vs. BNKU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus SEIX AAA Private Credit CLO ETF (PCLO) 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.

	PCLO	BNKU	Difference
Sharpe ratio: Return per unit of total volatility	5.74	1.82	+3.91
Sortino ratio: Return per unit of downside risk	9.95	2.22	+7.73
Omega ratio: Gain probability vs. loss probability	2.65	1.29	+1.37
Calmar ratio: Return relative to maximum drawdown	19.79	2.57	+17.22
Martin ratio: Return relative to average drawdown	115.18	6.75	+108.43

PCLO vs. BNKU - Sharpe Ratio Comparison

The current PCLO Sharpe Ratio is 5.74, which is higher than the BNKU Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PCLO and BNKU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCLO vs. BNKU - Drawdown Comparison

The maximum PCLO drawdown since its inception was -0.76%, smaller than the maximum BNKU drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for PCLO and BNKU.

Drawdown Indicators

	PCLO	BNKU	Difference
Max Drawdown Largest peak-to-trough decline	-0.76%	-61.21%	+60.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.26%	-40.97%	+40.71%
Current Drawdown Current decline from peak	-0.04%	-2.83%	+2.79%
Average Drawdown Average peak-to-trough decline	-0.03%	-17.70%	+17.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	15.55%	-15.50%

Volatility

PCLO vs. BNKU - Volatility Comparison

The current volatility for Virtus SEIX AAA Private Credit CLO ETF (PCLO) is 0.23%, while MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a volatility of 16.75%. This indicates that PCLO 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.

Volatility by Period

	PCLO	BNKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	16.75%	-16.52%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	46.18%	-45.48%
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	57.79%	-56.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.14%	72.78%	-71.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.14%	72.78%	-71.64%

PCLO vs. BNKU - Expense Ratio Comparison

PCLO has a 0.29% expense ratio, which is lower than BNKU's 0.95% expense ratio.

Dividends

PCLO vs. BNKU - Dividend Comparison

PCLO's dividend yield for the trailing twelve months is around 5.25%, while BNKU has not paid dividends to shareholders.

Position	TTM	2025	2024
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	0.00%	0.00%	0.00%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.25%	5.53%	0.44%

Frequently Asked Questions

Can I hold both PCLO and BNKU in my portfolio?

PCLO and BNKU have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCLO or BNKU?

BNKU has higher volatility (16.75%) compared to PCLO (0.23%). In terms of maximum drawdown, PCLO dropped -0.76% vs BNKU's -61.21%.

Which ETF is better, PCLO or BNKU?

On 1-year performance, BNKU leads with 104.61% vs 5.17% for PCLO. On fees, PCLO is cheaper at 0.29% per year. On volatility, PCLO has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCLO or BNKU?

Over the 1-year period, BNKU has performed better with a 104.61% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCLO or BNKU?

PCLO is cheaper with a 0.29% expense ratio, compared with 0.95% for BNKU.

Which ETF pays a higher dividend yield, PCLO or BNKU?

PCLO has the higher dividend yield at 5.25%, compared with 0.00% for BNKU.

What is the main difference between PCLO and BNKU?

PCLO is categorized as CLO, while BNKU is Leveraged Equities. They also come from different issuers: Virtus and Bank of Montreal. Their fees differ too: 0.29% for PCLO and 0.95% for BNKU.

Which has better risk-adjusted returns?

PCLO currently has the higher Sharpe Ratio (5.74 vs 1.82), 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.