SHNY vs. BABX

Last updated Jun 24, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and BABX (GraniteShares 2x Long BABA Daily ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while BABX is a Leveraged Equities fund actively managed by GraniteShares. Over the past 3 years, SHNY returned 49.33%/yr vs -7.54%/yr for BABX. At a 0.15 correlation, their price movements are largely independent. SHNY charges 0.95%/yr vs 1.15%/yr for BABX.

Performance

SHNY vs. BABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and GraniteShares 2x Long BABA Daily ETF (BABX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -34.20% return, which is significantly higher than BABX's -55.91% return.

SHNY

• 1D: -5.70%
• 1M: -27.06%
• YTD: -34.20%
• 6M: -42.91%
• 1Y: 14.03%
• 3Y*: 49.33%
• 5Y*: —
• 10Y*: —

BABX

• 1D: -4.45%
• 1M: -37.51%
• YTD: -55.91%
• 6M: -58.68%
• 1Y: -36.03%
• 3Y*: -7.54%
• 5Y*: —
• 10Y*: —

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

SHNY vs. BABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-34.20%	214.54%	50.30%	10.98%
BABX GraniteShares 2x Long BABA Daily ETF	-55.91%	123.85%	1.23%	-40.11%

Correlation

The correlation between SHNY and BABX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.15

Return for Risk

SHNY vs. BABX — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

BABX

BABX Risk / Return Rank: 6
BABX Sharpe Ratio Rank: 5
BABX Sortino Ratio Rank: 7
BABX Omega Ratio Rank: 7
BABX Calmar Ratio Rank: 5
BABX Martin Ratio Rank: 5

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.

SHNY vs. BABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and GraniteShares 2x Long BABA Daily ETF (BABX). 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.

	SHNY	BABX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	-0.41	+0.58
Sortino ratio: Return per unit of downside risk	0.78	-0.14	+0.92
Omega ratio: Gain probability vs. loss probability	1.11	0.99	+0.13
Calmar ratio: Return relative to maximum drawdown	0.22	-0.48	+0.70
Martin ratio: Return relative to average drawdown	0.49	-0.91	+1.40

SHNY vs. BABX - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.17, which is higher than the BABX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of SHNY and BABX, 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

SHNY vs. BABX - Drawdown Comparison

The maximum SHNY drawdown since its inception was -65.54%, smaller than the maximum BABX drawdown of -75.11%. Use the drawdown chart below to compare losses from any high point for SHNY and BABX.

Drawdown Indicators

	SHNY	BABX	Difference
Max Drawdown Largest peak-to-trough decline	-65.54%	-75.11%	+9.57%
Max Drawdown (1Y) Largest decline over 1 year	-65.54%	-75.11%	+9.57%
Max Drawdown (3Y) Largest decline over 3 years	-65.54%	-75.11%	+9.57%
Current Drawdown Current decline from peak	-65.38%	-75.11%	+9.73%
Average Drawdown Average peak-to-trough decline	-15.65%	-45.58%	+29.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.98%	39.45%	-10.47%

Volatility

SHNY vs. BABX - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 24.50% compared to GraniteShares 2x Long BABA Daily ETF (BABX) at 15.89%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than BABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	BABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.50%	15.89%	+8.61%
Volatility (6M) Calculated over the trailing 6-month period	74.44%	58.39%	+16.05%
Volatility (1Y) Calculated over the trailing 1-year period	81.62%	87.73%	-6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.25%	82.85%	-23.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.25%	82.85%	-23.60%

SHNY vs. BABX - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than BABX's 1.15% expense ratio.

Dividends

SHNY vs. BABX - Dividend Comparison

Neither SHNY nor BABX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and BABX in my portfolio?

SHNY and BABX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or BABX?

SHNY has higher volatility (24.50%) compared to BABX (15.89%). In terms of maximum drawdown, SHNY dropped -65.54% vs BABX's -75.11%.

Which ETF is better, SHNY or BABX?

On 3-year performance, SHNY leads with 49.33% vs -7.54% for BABX. On fees, SHNY is cheaper at 0.95% per year. On volatility, BABX has been the lower-risk option at 15.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or BABX?

Over the 3-year period, SHNY has performed better with a 49.33% return vs -7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or BABX?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.15% for BABX.

Which ETF pays a higher dividend yield, SHNY or BABX?

SHNY and BABX have nearly identical dividend yields, around 0.00%.

What is the main difference between SHNY and BABX?

SHNY is categorized as Leveraged Commodities, while BABX is Leveraged Equities. They also come from different issuers: BMO and GraniteShares. Their fees differ too: 0.95% for SHNY and 1.15% for BABX.

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.17 vs -0.41), 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.