- ISIN
- US25460E1257
- CUSIP
- 25460E125
- Issuer
- Direxion
- Inception Date
- Nov 5, 2008
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 3x
- Index Tracked
- Russell 2000 Index (-300%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Micro-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $226M
Share Price Chart
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Performance
TZA Performance Chart
Direxion Daily Small Cap Bear 3X Shares (TZA) is down 46.4% since the beginning of the year. TZA is currently trading at $4 per share. Investors who bought $1,000 worth of TZA shares 5 years ago would now be looking at an investment worth $162.
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Returns By Period
Direxion Daily Small Cap Bear 3X Shares (TZA) has returned -46.35% so far this year and -67.58% over the past 12 months. Over the last ten years, TZA has returned -44.17% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
Direxion Daily Small Cap Bear 3X Shares
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
TZA Monthly Returns History
Based on dividend-adjusted daily data since Nov 19, 2008, TZA's average daily return is -0.18%, while the average monthly return is -4.23%.
Historically, 33% of months were positive and 67% were negative. The best month was Dec 2018 with a return of +40.9%, while the worst month was Apr 2020 at -43.4%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 9 months.
On a daily basis, TZA closed higher 46% of trading days. The best single day was Mar 16, 2020 with a return of +41.5%, while the worst single day was Apr 9, 2025 at -25.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -14.51% | -2.96% | 13.79% | -29.34% | -12.70% | -7.85% | -46.35% | ||||||
| 2025 | -6.94% | 17.48% | 22.02% | -3.05% | -15.26% | -14.85% | -5.06% | -19.63% | -8.68% | -6.09% | -4.02% | 1.99% | -40.22% |
| 2024 | 12.58% | -16.07% | -9.84% | 23.76% | -13.33% | 4.32% | -26.83% | 2.95% | -2.39% | 4.59% | -28.61% | 29.52% | -32.22% |
| 2023 | -24.91% | 5.07% | 13.59% | 5.75% | 2.52% | -21.42% | -16.35% | 18.09% | 20.45% | 23.05% | -24.58% | -30.25% | -41.19% |
| 2022 | 30.44% | -6.12% | -7.49% | 32.16% | -6.25% | 22.92% | -27.55% | 3.91% | 31.04% | -29.90% | -9.98% | 21.25% | 30.21% |
| 2021 | -15.57% | -19.31% | -9.08% | -6.76% | -3.28% | -6.61% | 9.10% | -8.12% | 7.34% | -12.97% | 11.47% | -9.66% | -50.80% |
Benchmark Metrics
Direxion Daily Small Cap Bear 3X Shares has an annualized alpha of 3.78%, beta of -3.43, and R2 of 0.80 versus S&P 500 Index. Calculated based on daily prices since November 19, 2008.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -630.34%), but participation in market rallies was also limited (-160.33%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 3.78% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -3.43 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 3.78%
- Beta
- -3.43
- R²
- 0.80
- Upside Capture
- -160.33%
- Downside Capture
- -630.34%
Expense Ratio
TZA has a high expense ratio of 1.11%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TZA ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and compare them to S&P 500 Index.
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.
| TZA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -4.57 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.32 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.46 | -3.45 |
| Martin ratioReturn relative to average drawdown | -1.56 | 10.92 | -12.48 |
Dividends
Dividend History
Direxion Daily Small Cap Bear 3X Shares provided a 5.35% dividend yield over the last twelve months, with an annual payout of $0.21 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.21 | $0.38 | $0.70 | $1.10 | $0.00 | $0.00 | $0.67 | $4.39 | $3.83 |
Dividend yield | 5.35% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Monthly Dividends
The table displays the monthly dividend distributions for Direxion Daily Small Cap Bear 3X Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.00 | $0.07 | ||||||
| 2025 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.03 | $0.38 |
| 2024 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.08 | $0.70 |
| 2023 | $0.00 | $0.00 | $0.46 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.11 | $1.10 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Direxion Daily Small Cap Bear 3X Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Direxion Daily Small Cap Bear 3X Shares was 100.00%, occurring on Jun 22, 2026. The portfolio has not yet recovered.
The current Direxion Daily Small Cap Bear 3X Shares drawdown is 100.00%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -100.00%Jun 2026 | 17y 7mo | — | 17y 7moNov 2008 - now |
Drawdown Indicators
| TZA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -56.78% | -43.22% |
Max Drawdown (1Y)Largest decline over 1 year | -68.07% | -9.10% | -58.97% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -18.90% | -70.38% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -25.43% | -66.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -33.92% | -65.82% |
Current DrawdownCurrent decline from peak | -100.00% | -3.21% | -96.79% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -10.71% | -87.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 2.04% | +41.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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