The BNP Paribas Multi-Asset Diversified 5 Index (ticker: BNPIMAD5) is having a moment. After crediting 14.28% in 2025 inside an Athene Performance Elite 7 annuity, the index posted an 8.69% annualized return over the most recent 10-year period, beating both the S&P 500 capped strategy and most competing volatility-controlled indexes over the same timeframe.
The BNPIMAD5 is one of the most widely used proprietary indexes in fixed index annuities today, available across multiple Athene products with participation rates as high as 380%. Here’s how it works, what the real numbers look like, and whether it should be part of your annuity allocation.
BNPIMAD5 at a Glance
| Feature | Details |
|---|---|
| Full Name | BNP Paribas Multi-Asset Diversified 5 Index |
| Ticker | BNPIMAD5 |
| Index Provider | BNP Paribas |
| Launch Date | January 25, 2016 |
| Volatility Target | 5% annualized |
| Index Type | Excess Return (no dividends, no risk-free rate) |
| Embedded Fee | 0.50% per year, deducted daily |
| Rebalancing | Daily (momentum-based) |
| Components | 8 components across 3 asset classes and 3 geographic regions |
| Quality Rating | Platinum (highest tier) from The Index Standard |
What Is the BNPIMAD5 Index?
The BNPIMAD5 is not a simple market index like the S&P 500. It’s a rules-based, multi-asset, volatility-controlled index that dynamically allocates across 8 components spanning three asset classes and three geographic regions:
Equity Futures (U.S., Europe, Japan)
- BNP Paribas US Equity Futures Index
- BNP Paribas Eurozone Equity Futures Index
- BNP Paribas Japan Equity Futures Index
Bond Futures (U.S., Europe, Japan)
- BNP Paribas USD 10Y Futures Index
- BNP Paribas EUR 10Y Futures Index
- BNP Paribas JPY 10Y Futures Index
Commodity Indices
- S&P GSCI Gold Index Excess Return
- Bloomberg Commodity ex-Agriculture and Livestock Capped Index
This diversification across equities, bonds, and commodities, and across the U.S., Europe, and Japan, is the index’s core design principle. When one asset class or region underperforms, the others can pick up the slack.
How Does the BNPIMAD5 Methodology Work?
The index uses a three-step process, executed daily:
Step 1: Diversification
The index creates a universe of potential portfolios with different weightings across the 8 components, subject to constraints (equities and commodities capped at 25% each, bonds at 50%, daily weight changes limited to 5% per component).
Step 2: Dynamic Allocation (Momentum)
Using momentum investing principles, the index selects the portfolio that would have produced the highest return over the recent lookback period, subject to a long-term volatility constraint. Components that have been outperforming get higher allocations; underperformers get lower allocations.
Step 3: Volatility Control
The index targets 5% annualized realized volatility, measured using the trailing 21-day historical volatility over a sliding 20-day window. When realized volatility exceeds the 5% target, the index reduces exposure to the portfolio and allocates to a non-interest-bearing cash position. During extreme volatility, up to 100% of the index can move to cash.
This three-layer approach, diversification, momentum allocation, and volatility control, is why the BNPIMAD5 has earned a Platinum rating (the highest tier) from The Index Standard, an independent rating agency for insurance-linked indexes.
Real Illustration Data: Athene Performance Elite 7 (March 2026)
The tables below are from an actual Athene Performance Elite 7 illustration pulled on March 28, 2026, showing hypothetical credited interest using the 1-Year BNP Paribas Multi-Asset PTP with 100% Participation Rate on a $100,000 premium.
Most Recent 10-Year Period, 8.69% Annualized
| Anniversary | Credited Interest Rate | Accumulation Value |
|---|---|---|
| 12/31/2016 | 11.58% | $111,582 |
| 12/31/2017 | 12.64% | $125,687 |
| 12/31/2018 | 0.00% | $125,687 |
| 12/31/2019 | 25.35% | $157,554 |
| 12/31/2020 | 6.40% | $167,642 |
| 12/31/2021 | 7.71% | $180,572 |
| 12/31/2022 | 0.00% | $180,572 |
| 12/31/2023 | 9.22% | $197,215 |
| 12/31/2024 | 2.13% | $201,419 |
| 12/31/2025 | 14.28% | $230,174 |
$100,000 grew to $230,174 over 10 years, with zero losses in any year. The two years where the index was down (2018, 2022), the annuity credited 0%. Every other year was positive.
High Period, 12.99% Annualized
| Anniversary | Credited Interest Rate | Accumulation Value |
|---|---|---|
| 12/31/2010 | 15.49% | $115,494 |
| 12/31/2011 | 8.78% | $125,640 |
| 12/31/2012 | 20.12% | $150,922 |
| 12/31/2013 | 19.60% | $180,496 |
| 12/31/2014 | 19.16% | $215,086 |
| 12/31/2015 | 0.12% | $215,339 |
| 12/31/2016 | 11.58% | $240,280 |
| 12/31/2017 | 12.64% | $270,654 |
| 12/31/2018 | 0.00% | $270,654 |
| 12/31/2019 | 25.35% | $339,276 |
$100,000 grew to $339,276 in the best 10-year period, a 12.99% annualized return with zero downside years.
Low Period, 7.27% Annualized
| Anniversary | Credited Interest Rate | Accumulation Value |
|---|---|---|
| 12/31/2015 | 0.12% | $100,118 |
| 12/31/2016 | 11.58% | $111,714 |
| 12/31/2017 | 12.64% | $125,835 |
| 12/31/2018 | 0.00% | $125,835 |
| 12/31/2019 | 25.35% | $157,740 |
| 12/31/2020 | 6.40% | $167,840 |
| 12/31/2021 | 7.71% | $180,785 |
| 12/31/2022 | 0.00% | $180,785 |
| 12/31/2023 | 9.22% | $197,447 |
| 12/31/2024 | 2.13% | $201,656 |
Even in the worst 10-year window, $100,000 grew to $201,656, a 7.27% annualized return with principal protected throughout. That kind of worst-case scenario is exactly what makes this index attractive to conservative investors.
Source: Athene Performance Elite 7 illustration, March 28, 2026. 1-Year BNP Paribas Multi-Asset PTP, 100% Participation Rate, 100% allocation, $100,000 premium. Inception date: 01/26/2016. Data before the index launch date (1/25/2016) represents backtested hypothetical performance. Annualized credited rates do not reflect any rider or contract charges. Past performance does not guarantee future results.
Current Participation Rates in Athene Annuities
The BNPIMAD5 is available across multiple Athene fixed index annuity products. Because the index targets just 5% volatility, the options are cheap, which allows Athene to offer extremely high participation rates:
| Athene Product | Strategy | Participation Rate |
|---|---|---|
| Performance Elite | 2-Year PTP (with 1.25% fee) | 335% |
| Performance Elite | 2-Year PTP | 260% |
| Performance Elite | 1-Year PTP (with 1.25% fee) | 245% |
| Performance Elite | 1-Year PTP | 195% |
| Agility 10 | 2-Year PTP | 180% |
| Agility 10 | 1-Year PTP | ~90% |
Rates as of early 2026. Participation rates change at each policy anniversary and may vary by state and premium amount.
Important context on high participation rates: A 380% participation rate sounds massive, but remember, the underlying index targets just 5% volatility. In a year where the BNPIMAD5 returns 2%, a 380% participation rate credits 7.6%. The high participation rate is the carrier’s way of making the most of a low-volatility index. It’s a different path to the same destination as a 50% participation rate on the S&P 500.
Why Do Carriers Love the BNPIMAD5?
The answer comes down to options pricing. Insurance carriers fund your annuity crediting strategies by purchasing call options on the underlying index. The cost of those options depends on the index’s implied volatility, the more volatile the index, the more expensive the options.
Because the BNPIMAD5 targets just 5% volatility (compared to the S&P 500’s typical 15-20%), the options are significantly cheaper. This allows carriers like Athene to offer:
- Higher participation rates (100-380% vs. the 25-50% typical on the raw S&P 500)
- No caps on most BNPIMAD5 strategies (uncapped participation)
- More stable renewal rates year-to-year
The trade-off is that the index itself produces more modest annual moves, typically in the low-to-mid single digits. But when you multiply a 5% index return by a 380% participation rate, you get 19% credited. The math can work very much in the consumer’s favor.
How BNPIMAD5 Ranks Against All Athene Crediting Strategies
The screenshots below are from a live Athene Performance Elite illustration pulled March 28, 2026 ($100,000 premium, Male age 63, Traditional IRA, TX). This shows the annualized hypothetical return for every available crediting strategy ranked by performance:
1-Year Reset Strategies
| Strategy | Participation | Ann. Return |
|---|---|---|
| AI Powered Global Opportunities PTP (1.25% fee) | 175% | 18.81% |
| AI Powered Global Opportunities PTP | 140% | 15.22% |
| Nasdaq FC PTP (1.25% fee) | 145% | 13.92% |
| UBS Innovative Balanced PTP (1.25% fee) | 175% | 13.27% |
| S&P 500 FC PTP (1.25% fee) | 110% | 12.84% |
| Nasdaq FC PTP | 115% | 11.17% |
| BNP Paribas Multi-Asset (BNPIMAD5) (1.25% fee) | 245% | 10.86% |
| UBS Innovative Balanced PTP | 140% | 10.73% |
| S&P 500 FC PTP | 88% | 10.35% |
| BNP Paribas Multi-Asset (BNPIMAD5) | 195% | 8.69% |
2-Year Reset Strategies
| Strategy | Participation | Ann. Return |
|---|---|---|
| AI Powered Global Opportunities PTP (1.25% fee) | 235% | 23.21% |
| AI Powered Global Opportunities PTP | 185% | 18.97% |
| Nasdaq FC PTP (1.25% fee) | 225% | 15.91% |
| UBS Innovative Balanced PTP (1.25% fee) | 235% | 14.90% |
| S&P 500 FC PTP (1.25% fee) | 150% | 14.30% |
| Nasdaq FC PTP | 175% | 12.77% |
| UBS Innovative Balanced PTP | 185% | 12.09% |
| S&P 500 FC PTP | 118% | 11.52% |
| BNP Paribas Multi-Asset (BNPIMAD5) (1.25% fee) | 335% | 11.26% |
| BNP Paribas Multi-Asset (BNPIMAD5) | 260% | 8.90% |
Source: Athene Performance Elite illustration, March 28, 2026. Strategies marked “(1.25% fee)” include an annual asset charge that funds higher participation rates, the fee is deducted from account value, not from the credited interest. All returns are hypothetical based on most recent 10-year historical index performance with current rates applied. Past performance does not guarantee future results.
What this data tells us: The BNPIMAD5 lands in the middle of the pack, not the highest return, but solid and consistent. The AI Powered Global Opportunities index is currently the top performer, and the Nasdaq FC is strong in the 2-year PTP. But these rankings shift over time as market conditions change. The BNPIMAD5’s strength is its diversification across 8 components, it tends to be less dependent on any single market regime performing well.
Also note the fee vs. no-fee versions: paying the 1.25% annual fee gets you significantly higher participation rates (245% vs. 195% on the 1-year, 335% vs. 260% on the 2-year), which translated to roughly 2% higher annualized returns in this illustration. Whether the fee is worth it depends on your outlook and time horizon.
BNPIMAD5 vs. Other Volatility-Controlled Indexes
| Index | Asset Classes | Vol Target | Rebalancing |
|---|---|---|---|
| BNPIMAD5 | Equities + Bonds + Commodities (8 components) | 5% | Daily (momentum) |
| Nasdaq FC (BOFANFCC) | Equity only (Nasdaq-100) | 12.5% | Hourly |
| Bloomberg Dynamic Balance II | Equity + Bonds | 5% | Daily |
| MLSB (Merrill Lynch Strategic Balanced) | Equity + Treasuries | 6% | Semiannual + Daily |
The BNPIMAD5 stands out for its 8-component diversification across three asset classes and three regions, significantly broader than competing indexes that typically blend just two asset classes. The momentum-based allocation also differentiates it: rather than simply managing volatility, it actively tilts toward recent outperformers.
Should You Choose the BNPIMAD5 in Your Annuity?
The BNPIMAD5 is a strong choice if you:
- Want broad diversification, 8 components across equities, bonds, and commodities in 3 regions
- Value consistency, even the worst 10-year period returned 7.27% annualized with zero loss years
- Like the momentum approach, the index tilts toward what’s working, not just away from what’s volatile
- Want high participation rates, 100-380% participation with no caps on most strategies
- Have a long time horizon, the 2-year PTP options with higher participation rates reward patience
It may not be ideal if you’re looking for maximum upside in a straight-line U.S. equity bull market, in that scenario, a higher-vol index like the Nasdaq FC may capture more. But in choppy or globally diversified markets, the BNPIMAD5 tends to shine.
Most advisors recommend splitting your allocation across 2-3 crediting strategies. A common Athene setup is 50% BNPIMAD5 (2-Year PTP) + 50% S&P 500 (1-Year PTP with cap) for a blend of diversified growth and traditional equity exposure.
Want to see what the numbers look like for your specific situation? Request a free quote and we’ll pull a personalized illustration.
Frequently Asked Questions
What is the BNPIMAD5 Index?
The BNPIMAD5 (BNP Paribas Multi-Asset Diversified 5 Index) is a rules-based, volatility-controlled index that allocates daily across 8 components, U.S./European/Japanese equities, U.S./European/Japanese bonds, gold, and commodities, using a momentum-based methodology. It targets 5% annualized volatility and is used as a crediting strategy in Athene fixed index annuities.
Can you lose money with the BNPIMAD5 in an annuity?
No. If the BNPIMAD5 finishes a crediting period negative, your annuity is credited 0% for that term. Your principal is protected. In the illustration data above, this happened in 2018 and 2022, both years the annuity credited exactly 0% while the account value was preserved. Early withdrawals may still be subject to surrender charges.
Why are the participation rates so high (100-380%)?
Because the BNPIMAD5 targets just 5% volatility, the options that carriers purchase to fund your crediting strategy are significantly cheaper than options on the S&P 500 (which has 15-20% typical volatility). This allows carriers to offer higher participation rates. A 380% participation rate on a 2% index return credits 7.6%, which is comparable to a 50% participation rate on a 15% S&P 500 return. Different path, similar destination.
How did the BNPIMAD5 perform in 2025?
Based on the March 2026 Athene Performance Elite 7 illustration (1-Year PTP, 100% participation), the BNPIMAD5 credited 14.28% for the year ending 12/31/2025. This was the strongest single year in the most recent 10-year period, driven by the index’s momentum-based allocation capturing gains across multiple asset classes.
Which annuities offer the BNPIMAD5?
The BNPIMAD5 is available primarily in Athene fixed index annuities, including the Performance Elite 7, Agility 10, Ascent Pro 10, Aviator 5, and Accumulator series. For Athene’s full product lineup, see our Athene carrier review.
Additional Resources
- BNP Paribas MAD 5 Official Index Page
- BNPIMAD5 Performance Tracker (BNP Paribas)
- Athene Annuity Review, Full Carrier Profile
- Athene Performance Elite 7 Review
- Athene Agility 10 Review
- Fixed Index Annuity (FIA): Complete Guide
- Fixed Index Annuity Guide for Beginners
- Best Fixed Index Annuity Cap Rates
- All Annuity Product Reviews
