SPXL vs. BNKU

Last updated Jun 13, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both Leveraged Equities funds - SPXL tracks the S&P 500 while BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, SPXL returned 65.66% vs 111.56% for BNKU. A 0.70 correlation means they provide meaningful diversification when combined. SPXL charges 0.84%/yr vs 0.95%/yr for BNKU.

Performance

SPXL vs. BNKU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 20.98% return, which is significantly higher than BNKU's 14.86% return.

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

BNKU

• 1D: 5.30%
• 1M: 29.28%
• YTD: 14.86%
• 6M: 15.82%
• 1Y: 111.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. BNKU - Yearly Performance Comparison

	2026 (YTD)	2025
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	17.93%
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	14.86%	34.97%

Correlation

The correlation between SPXL and BNKU is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.70

The correlation between SPXL and BNKU has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

SPXL vs. BNKU - Sectors Allocation Comparison

Sectors	SPXL	BNKU
Technology	8.4%	-
Financial Services	2.4%	100.0%
Communication Services	2.3%	-
Consumer Cyclical	2.2%	-
Healthcare	1.8%	-
Industrials	1.7%	-
Consumer Defensive	1.0%	-
Energy	0.7%	-
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	-

Return for Risk

SPXL vs. BNKU — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

BNKU

BNKU Risk / Return Rank: 58
BNKU Sharpe Ratio Rank: 68
BNKU Sortino Ratio Rank: 54
BNKU Omega Ratio Rank: 55
BNKU Calmar Ratio Rank: 62
BNKU Martin Ratio Rank: 49

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.

SPXL vs. BNKU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

	SPXL	BNKU	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.94	-0.15
Sortino ratio: Return per unit of downside risk	2.25	2.30	-0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.47	2.74	-0.27
Martin ratio: Return relative to average drawdown	10.16	7.20	+2.96

SPXL vs. BNKU - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is comparable to the BNKU Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SPXL 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

SPXL vs. BNKU - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than BNKU's maximum drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for SPXL and BNKU.

Drawdown Indicators

	SPXL	BNKU	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-61.21%	-15.65%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-40.97%	+14.20%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-7.55%	-2.63%	-4.92%
Average Drawdown Average peak-to-trough decline	-16.11%	-18.05%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	15.55%	-9.06%

Volatility

SPXL vs. BNKU - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 13.20%, while MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a volatility of 15.55%. This indicates that SPXL 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

	SPXL	BNKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	15.55%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	45.72%	-16.93%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	57.72%	-20.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	73.10%	-22.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	73.10%	-19.60%

SPXL vs. BNKU - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than BNKU's 0.95% expense ratio.

Dividends

SPXL vs. BNKU - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, while BNKU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and BNKU in my portfolio?

SPXL and BNKU have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or BNKU?

BNKU has higher volatility (15.55%) compared to SPXL (13.20%). In terms of maximum drawdown, SPXL dropped -76.86% vs BNKU's -61.21%.

Which ETF is better, SPXL or BNKU?

On 1-year performance, BNKU leads with 111.56% vs 65.66% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or BNKU?

Over the 1-year period, BNKU has performed better with a 111.56% return vs 65.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or BNKU?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for BNKU.

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

SPXL has the higher dividend yield at 0.56%, compared with 0.00% for BNKU.

What is the main difference between SPXL and BNKU?

SPXL tracks S&P 500, while BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 0.84% for SPXL and 0.95% for BNKU.

Which has better risk-adjusted returns?

BNKU currently has the higher Sharpe Ratio (1.94 vs 1.79), 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.