TPU.TO vs. BNKU

Last updated Jun 4, 2026

TPU.TO (TD U.S. Equity Index ETF) and BNKU (MicroSectors U.S. Big Banks Index 3X Leveraged ETNs) are both exchange-traded funds - TPU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap CAD Index, while BNKU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Banks Index (-300%). Both are passively managed. Over the past year, TPU.TO returned 29.73% vs 87.96% for BNKU. A 0.65 correlation means they provide meaningful diversification when combined. TPU.TO charges 0.06%/yr vs 0.95%/yr for BNKU.

Performance

TPU.TO vs. BNKU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Equity Index ETF (TPU.TO) and MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TPU.TO is traded in CAD, while BNKU is traded in USD. To make them comparable, the BNKU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TPU.TO achieves a 12.48% return, which is significantly higher than BNKU's -0.35% return.

TPU.TO

• 1D: -0.27%
• 1M: 7.38%
• YTD: 12.48%
• 6M: 10.60%
• 1Y: 29.73%
• 3Y*: 23.84%
• 5Y*: 16.57%
• 10Y*: 16.10%

BNKU

• 1D: -2.78%
• 1M: 8.32%
• YTD: -0.35%
• 6M: 10.21%
• 1Y: 87.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPU.TO vs. BNKU - Yearly Performance Comparison

	2026 (YTD)	2025
TPU.TO TD U.S. Equity Index ETF	12.48%	9.56%
BNKU MicroSectors U.S. Big Banks Index 3X Leveraged ETNs	-0.35%	41.43%

Correlation

The correlation between TPU.TO and BNKU is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.65

The correlation between TPU.TO and BNKU has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

TPU.TO vs. BNKU - Sectors Allocation Comparison

Sectors	TPU.TO	BNKU
Technology	35.3%	-
Communication Services	11.5%	-
Financial Services	11.5%	100.0%
Consumer Cyclical	10.0%	-
Healthcare	8.8%	-
Industrials	8.6%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.3%	-
Basic Materials	1.8%	-
Real Estate	1.8%	-

Return for Risk

TPU.TO vs. BNKU — Risk / Return Rank

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

TPU.TO

TPU.TO Risk / Return Rank: 73
TPU.TO Sharpe Ratio Rank: 76
TPU.TO Sortino Ratio Rank: 74
TPU.TO Omega Ratio Rank: 77
TPU.TO Calmar Ratio Rank: 68
TPU.TO Martin Ratio Rank: 68

BNKU

BNKU Risk / Return Rank: 39
BNKU Sharpe Ratio Rank: 43
BNKU Sortino Ratio Rank: 37
BNKU Omega Ratio Rank: 39
BNKU Calmar Ratio Rank: 43
BNKU Martin Ratio Rank: 36

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.

TPU.TO vs. BNKU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity Index ETF (TPU.TO) 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.

	TPU.TO	BNKU	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.57	+0.96
Sortino ratio: Return per unit of downside risk	3.42	1.99	+1.43
Omega ratio: Gain probability vs. loss probability	1.46	1.26	+0.20
Calmar ratio: Return relative to maximum drawdown	3.44	2.20	+1.24
Martin ratio: Return relative to average drawdown	12.86	5.89	+6.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPU.TO vs. BNKU - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.53, which is higher than the BNKU Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of TPU.TO 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.

Sharpe Ratios by Period

	TPU.TO	BNKU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	1.57	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.43	+0.55

Drawdowns

TPU.TO vs. BNKU - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, smaller than the maximum BNKU drawdown of -57.86%. Use the drawdown chart below to compare losses from any high point for TPU.TO and BNKU.

Drawdown Indicators

	TPU.TO	BNKU	Difference
Max Drawdown Largest peak-to-trough decline	-27.96%	-57.86%	+29.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-40.26%	+31.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.96%	—	—
Current Drawdown Current decline from peak	-0.27%	-14.50%	+14.23%
Average Drawdown Average peak-to-trough decline	-3.96%	-16.51%	+12.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	14.98%	-12.66%

Volatility

TPU.TO vs. BNKU - Volatility Comparison

The current volatility for TD U.S. Equity Index ETF (TPU.TO) is 3.23%, while MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) has a volatility of 13.71%. This indicates that TPU.TO 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

	TPU.TO	BNKU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	13.71%	-10.48%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	44.68%	-35.85%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	56.28%	-44.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.31%	72.40%	-57.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	72.40%	-55.80%

TPU.TO vs. BNKU - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than BNKU's 0.95% expense ratio.

Dividends

TPU.TO vs. BNKU - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.85%, while BNKU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
TPU.TO TD U.S. Equity Index ETF	0.85%	0.96%	0.90%	1.22%	1.34%	0.99%	1.23%	1.23%	1.57%	1.59%	1.33%

Frequently Asked Questions

Can I hold both TPU.TO and BNKU in my portfolio?

TPU.TO and BNKU have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPU.TO or BNKU?

On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPU.TO or BNKU?

TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.95% for BNKU.

What is the main difference between TPU.TO and BNKU?

TPU.TO is categorized as Large Cap Blend Equities, while BNKU is Leveraged Equities. TPU.TO tracks Solactive US Large Cap CAD Index, while BNKU tracks Solactive MicroSectors U.S. Big Banks Index (-300%). They also come from different issuers: TD and Bank of Montreal. Their fees differ too: 0.06% for TPU.TO and 0.95% for BNKU.