TNA vs. BNKU

Last updated Jul 22, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300% Daily) while BNKU tracks the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, TNA returned 100.85% vs 89.64% for BNKU. A 0.67 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.95%/yr for BNKU.

Performance

TNA vs. BNKU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) 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, TNA achieves a 57.68% return, which is significantly higher than BNKU's 31.16% return.

TNA

• 1D: 4.26%
• 1M: 0.01%
• 6M: 31.11%
• YTD: 57.68%
• 1Y: 100.85%
• 3Y*: 23.50%
• 5Y*: -2.25%
• 10Y*: 7.49%
• ALL TIME*: 14.73%

BNKU

• 1D: 3.44%
• 1M: 12.79%
• 6M: 32.85%
• YTD: 31.16%
• 1Y: 89.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 49.82%

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

TNA vs. BNKU - Yearly Performance Comparison

	2026 (YTD)	2025
TNA Direxion Daily Small Cap Bull 3X Shares	57.68%	4.63%
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	31.16%	34.97%

Correlation

The correlation between TNA and BNKU is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.67

The correlation between TNA and BNKU has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

TNA vs. BNKU - Sectors Allocation Comparison

Sectors	TNA	BNKU
Healthcare	20.3%	-
Financial Services	17.5%	100.0%
Technology	14.8%	-
Industrials	14.2%	-
Consumer Cyclical	9.2%	-
Real Estate	6.6%	-
Energy	5.5%	-
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

TNA vs. BNKU — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 71
TNA Sharpe Ratio Rank: 73
TNA Sortino Ratio Rank: 67
TNA Omega Ratio Rank: 59
TNA Calmar Ratio Rank: 80
TNA Martin Ratio Rank: 75

BNKU

BNKU Risk / Return Rank: 55
BNKU Sharpe Ratio Rank: 62
BNKU Sortino Ratio Rank: 54
BNKU Omega Ratio Rank: 54
BNKU Calmar Ratio Rank: 58
BNKU Martin Ratio Rank: 47

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.

TNA vs. BNKU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) 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.

	TNA	BNKU	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.53	+0.22
Sortino ratio: Return per unit of downside risk	2.31	2.01	+0.30
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	3.12	2.20	+0.92
Martin ratio: Return relative to average drawdown	10.19	5.78	+4.41

TNA vs. BNKU - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.76, which is comparable to the BNKU Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TNA 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

TNA vs. BNKU - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than BNKU's maximum drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for TNA and BNKU.

Drawdown Indicators

	TNA	BNKU	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-61.21%	-26.88%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-40.97%	+8.44%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-33.31%	-6.30%	-27.01%
Average Drawdown Average peak-to-trough decline	-33.92%	-16.98%	-16.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.94%	15.57%	-5.63%

Volatility

TNA vs. BNKU - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 10.13%, while MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a volatility of 17.24%. This indicates that TNA 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

	TNA	BNKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.13%	17.24%	-7.11%
Volatility (6M) Calculated over the trailing 6-month period	42.46%	46.55%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	57.79%	58.83%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.23%	72.17%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.34%	72.17%	-3.83%

TNA vs. BNKU - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than BNKU's 0.95% expense ratio.

Dividends

TNA vs. BNKU - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.29%, 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%
TNA Direxion Daily Small Cap Bull 3X Shares	0.29%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%

Frequently Asked Questions

Can I hold both TNA and BNKU in my portfolio?

TNA and BNKU have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNA or BNKU?

BNKU has higher volatility (17.24%) compared to TNA (10.13%). In terms of maximum drawdown, TNA dropped -88.09% vs BNKU's -61.21%.

Which ETF is better, TNA or BNKU?

On 1-year performance, TNA leads with 100.85% vs 89.64% for BNKU. On fees, BNKU is cheaper at 0.95% per year. On volatility, TNA has been the lower-risk option at 10.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or BNKU?

Over the 1-year period, TNA has performed better with a 100.85% return vs 89.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or BNKU?

BNKU is cheaper with a 0.95% expense ratio, compared with 1.05% for TNA.

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

TNA has the higher dividend yield at 0.29%, compared with 0.00% for BNKU.

What is the main difference between TNA and BNKU?

TNA tracks Russell 2000 Index (300% Daily), 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: 1.05% for TNA and 0.95% for BNKU.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.76 vs 1.53), 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.