Data as of .
BMNZ vs BNMC: which held to its multiple?
Over a month against its own daily promise, BMNZ finished 0.9 points short and BNMC 2.5 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| BMNZ | BNMC | BMNZ | BNMC | BMNZ | BNMC | |
| 1 month | −59.8% | +81.5% | −79.8% | +79.8% | +20.0 pts | +1.7 pts |
| 3 months | −76.8% | not published | −110.7% | not published | +34.0 pts | not published |
| 6 months | −75.5% | not published | −43.7% | not published | −31.8 pts | not published |
| Since launch | −78.1% | +140.4% | +63.1% | +134.2% | −141.2 pts | +6.2 pts |
| BMNZ Defiance Daily Target 2X Short BMNR ETF Aims to return twice the opposite of the daily move of BMNR | BNMC Corgi BMNR 2x Daily ETF Aims to return twice the daily move of BMNR | |
|---|---|---|
| Issuer | Defiance | Corgi |
| Sets out to return | -2x | +2x |
| On | BMNR | BMNR |
| Segment | company | company |
| Fund returned, 3 months | −76.8% | +81.5% |
| Underlying returned, 3 months | +55.4% | +39.9% |
| What the stated multiple implies, 3 months | −110.7% | +79.8% |
| Difference from stated, 3 months | +34.0 pts | +1.7 pts |
| Fund returned, 1 year or since launch | −78.1% | +140.4% |
| Difference from stated, over that window | −141.2 pts | +6.2 pts |
| Underlying volatility | 81% | 86% |
| Difference over the days both have traded | no shared window | +1.7 pts |
| Expense ratio | 1.40% | not published |
| Launched | Nov 13, 2025 | Jul 10, 2026 |
BMNZ in plain words
Three months to Sep 11, 2026: BMNZ returned −76.8% where its own daily promise gave −75.5%, 1.2 points short. Read the multiple against the whole window instead and −2 times BMNR's 55.4% implies −110.7%, which makes BMNZ look 34.0 points over. 35.2 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. BMNZ aims to return -2 times BMNR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. BMNR moved at 81% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
BNMC in plain words
One month to Sep 11, 2026: BNMC returned +81.5% where its own daily promise gave +84.0%, 2.5 points short. Read the multiple against the whole window instead and +2 times BMNR's 39.9% implies +79.8%, which makes BNMC look 1.7 points over. 4.2 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. BNMC aims to return +2 times BMNR's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. BMNR moved at 86% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, BMNZ or BNMC?
- Over the window to Sep 11, 2026, BMNZ finished 34.0 points from what its multiple implies and BNMC finished 1.7 points from its own, so BNMC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BMNZ and BNMC levered on the same thing?
- Yes. Both are levered on BMNR, BMNZ at -2 times and BNMC at +2 times the daily move.
- Which one decays faster, BMNZ or BNMC?
- Decay follows how much the underlying moves about. Over this window BMNZ’s moved at 81% annualized and BNMC’s at 86%, so BNMC has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BMNZ or BNMC for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BMNZ against BNMC, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/BMNZ-BNMC Free to use with attribution; the underlying files are at Open data.