SHNY vs. DK

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) is Leveraged Commodities fund managed by BMO, while DK (Delek US Holdings, Inc.) is a stock. Over the past 3 years, SHNY returned 59.66%/yr vs 33.00%/yr for DK. At a correlation of -0.02, they often move in opposite directions.

Performance

SHNY vs. DK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and Delek US Holdings, Inc. (DK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -14.45% return, which is significantly lower than DK's 61.02% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

DK

• 1D: 1.68%
• 1M: -1.79%
• YTD: 61.02%
• 6M: 25.25%
• 1Y: 152.10%
• 3Y*: 33.00%
• 5Y*: 17.46%
• 10Y*: 16.21%

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

SHNY vs. DK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	50.30%	12.52%
DK Delek US Holdings, Inc.	61.02%	68.73%	-24.98%	2.52%

Correlation

The correlation between SHNY and DK is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	-0.02

Return for Risk

SHNY vs. DK — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

DK

DK Risk / Return Rank: 89
DK Sharpe Ratio Rank: 93
DK Sortino Ratio Rank: 89
DK Omega Ratio Rank: 86
DK Calmar Ratio Rank: 89
DK Martin Ratio Rank: 88

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. DK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and Delek US Holdings, Inc. (DK). 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.

	SHNY	DK	Difference
Sharpe ratio: Return per unit of total volatility	0.63	2.66	-2.03
Sortino ratio: Return per unit of downside risk	1.24	3.09	-1.86
Omega ratio: Gain probability vs. loss probability	1.19	1.38	-0.20
Calmar ratio: Return relative to maximum drawdown	0.90	4.25	-3.35
Martin ratio: Return relative to average drawdown	1.93	10.80	-8.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. DK - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the DK Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of SHNY and DK, 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

	SHNY	DK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	2.66	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.15	+0.86

Drawdowns

SHNY vs. DK - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum DK drawdown of -86.89%. Use the drawdown chart below to compare losses from any high point for SHNY and DK.

Drawdown Indicators

	SHNY	DK	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-86.89%	+31.90%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-36.02%	-18.97%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-63.60%	+8.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-84.25%	—
Current Drawdown Current decline from peak	-54.99%	-3.79%	-51.20%
Average Drawdown Average peak-to-trough decline	-14.94%	-43.50%	+28.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	14.14%	+11.52%

Volatility

SHNY vs. DK - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to Delek US Holdings, Inc. (DK) at 14.66%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than DK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	DK	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	14.66%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	40.03%	+30.84%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	57.56%	+21.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	52.69%	+5.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	56.44%	+1.92%

Dividends

SHNY vs. DK - Dividend Comparison

SHNY has not paid dividends to shareholders, while DK's dividend yield for the trailing twelve months is around 2.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DK Delek US Holdings, Inc.	2.16%	3.44%	5.43%	3.59%	2.26%	0.00%	5.79%	3.40%	2.95%	1.72%	2.49%	2.85%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and DK in my portfolio?

SHNY and DK have a correlation of -0.02, 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 DK?

SHNY has higher volatility (16.40%) compared to DK (14.66%). In terms of maximum drawdown, SHNY dropped -54.99% vs DK's -86.89%.

Which has better risk-adjusted returns?

DK currently has the higher Sharpe Ratio (2.66 vs 0.63), 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.