PIC.AX vs. BNKD

Last updated Jun 5, 2026

PIC.AX (Perpetual Equity Investment Company Limited) is a stock, while BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) is Inverse Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%). Over the past year, PIC.AX returned 2.66% vs -71.38% for BNKD. At a 0.11 correlation, their price movements are largely independent.

Performance

PIC.AX vs. BNKD - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Perpetual Equity Investment Company Limited (PIC.AX) and MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PIC.AX is traded in AUD, while BNKD is traded in USD. To make them comparable, the BNKD values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PIC.AX achieves a -3.67% return, which is significantly higher than BNKD's -30.44% return.

PIC.AX

• 1D: -1.27%
• 1M: 1.30%
• YTD: -3.67%
• 6M: -2.89%
• 1Y: 2.66%
• 3Y*: 6.13%
• 5Y*: 3.82%
• 10Y*: 8.08%

BNKD

• 1D: 3.64%
• 1M: -8.26%
• YTD: -30.44%
• 6M: -38.53%
• 1Y: -71.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIC.AX vs. BNKD - Yearly Performance Comparison

	2026 (YTD)	2025
PIC.AX Perpetual Equity Investment Company Limited	-3.67%	8.41%
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-30.44%	-63.63%

Correlation

The correlation between PIC.AX and BNKD is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.11

Return for Risk

PIC.AX vs. BNKD — Risk / Return Rank

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

PIC.AX

PIC.AX Risk / Return Rank: 46
PIC.AX Sharpe Ratio Rank: 49
PIC.AX Sortino Ratio Rank: 41
PIC.AX Omega Ratio Rank: 40
PIC.AX Calmar Ratio Rank: 49
PIC.AX Martin Ratio Rank: 52

BNKD

BNKD Risk / Return Rank: 1
BNKD Sharpe Ratio Rank: 1
BNKD Sortino Ratio Rank: 0
BNKD Omega Ratio Rank: 0
BNKD Calmar Ratio Rank: 0
BNKD Martin Ratio Rank: 2

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.

PIC.AX vs. BNKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Perpetual Equity Investment Company Limited (PIC.AX) 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.

	PIC.AX	BNKD	Difference
Sharpe ratio: Return per unit of total volatility	0.22	-1.16	+1.39
Sortino ratio: Return per unit of downside risk	0.44	-2.34	+2.77
Omega ratio: Gain probability vs. loss probability	1.05	0.75	+0.30
Calmar ratio: Return relative to maximum drawdown	0.36	-0.98	+1.34
Martin ratio: Return relative to average drawdown	0.96	-1.39	+2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIC.AX vs. BNKD - Sharpe Ratio Comparison

The current PIC.AX Sharpe Ratio is 0.22, which is higher than the BNKD Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of PIC.AX and BNKD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIC.AX	BNKD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	-1.16	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.84	+1.19

Drawdowns

PIC.AX vs. BNKD - Drawdown Comparison

The maximum PIC.AX drawdown since its inception was -44.79%, smaller than the maximum BNKD drawdown of -88.06%. Use the drawdown chart below to compare losses from any high point for PIC.AX and BNKD.

Drawdown Indicators

	PIC.AX	BNKD	Difference
Max Drawdown Largest peak-to-trough decline	-44.79%	-88.06%	+43.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-72.84%	+61.89%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.79%	—	—
Current Drawdown Current decline from peak	-7.37%	-87.63%	+80.26%
Average Drawdown Average peak-to-trough decline	-5.17%	-66.41%	+61.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	51.50%	-47.40%

Volatility

PIC.AX vs. BNKD - Volatility Comparison

The current volatility for Perpetual Equity Investment Company Limited (PIC.AX) is 6.96%, while MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) has a volatility of 19.12%. This indicates that PIC.AX 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.

Volatility by Period

	PIC.AX	BNKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	19.12%	-12.16%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	49.17%	-35.89%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	61.53%	-43.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	78.08%	-58.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.02%	78.08%	-58.06%

Dividends

PIC.AX vs. BNKD - Dividend Comparison

PIC.AX's dividend yield for the trailing twelve months is around 6.87%, while BNKD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
PIC.AX Perpetual Equity Investment Company Limited	6.87%	6.40%	6.75%	6.49%	5.24%	4.31%	5.13%	6.10%	6.01%	4.00%	2.83%	0.51%

Frequently Asked Questions

Can I hold both PIC.AX and BNKD in my portfolio?

PIC.AX and BNKD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.