EDZ vs. IFED
EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - EDZ tracks the MSCI Emerging Markets Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EDZ returned -48.07%/yr vs 15.90%/yr for IFED. At a correlation of -0.56, they often move in opposite directions. EDZ charges 1.08%/yr vs 0.45%/yr for IFED.
Performance
EDZ vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, EDZ achieves a -55.99% return, which is significantly lower than IFED's -4.64% return.
EDZ
- 1D
- -0.26%
- 1M
- -13.80%
- YTD
- -55.99%
- 6M
- -56.70%
- 1Y
- -70.82%
- 3Y*
- -48.07%
- 5Y*
- -24.79%
- 10Y*
- -36.90%
IFED
- 1D
- -1.62%
- 1M
- 0.81%
- YTD
- -4.64%
- 6M
- -5.76%
- 1Y
- -0.20%
- 3Y*
- 15.90%
- 5Y*
- —
- 10Y*
- —
EDZ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | -55.99% | -59.30% | -12.71% | -20.28% | 49.27% | 11.68% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -4.64% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between EDZ and IFED is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.56 |
The correlation between EDZ and IFED shifts across timeframes, from -0.56 (all time) to -0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EDZ vs. IFED — Risk / Return Rank
EDZ
IFED
EDZ vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.
| EDZ | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.01 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.01 | -0.93 |
| Martin ratioReturn relative to average drawdown | -1.67 | -0.03 | -1.64 |
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Drawdowns
EDZ vs. IFED - Drawdown Comparison
The maximum EDZ drawdown since its inception was -99.99%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for EDZ and IFED.
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Drawdown Indicators
| EDZ | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -22.36% | -77.63% |
Max Drawdown (1Y)Largest decline over 1 year | -74.99% | -14.65% | -60.34% |
Max Drawdown (3Y)Largest decline over 3 years | -90.46% | -22.36% | -68.10% |
Max Drawdown (5Y)Largest decline over 5 years | -92.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.17% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -6.60% | -93.39% |
Average DrawdownAverage peak-to-trough decline | -97.73% | -5.83% | -91.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.30% | 5.90% | +36.40% |
Volatility
EDZ vs. IFED - Volatility Comparison
Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 37.01% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.86%. This indicates that EDZ's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EDZ | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.01% | 6.86% | +30.15% |
Volatility (6M)Calculated over the trailing 6-month period | 61.17% | 13.89% | +47.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.97% | 16.90% | +51.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 19.92% | +39.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.50% | 19.92% | +41.58% |
EDZ vs. IFED - Expense Ratio Comparison
EDZ has a 1.08% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
EDZ vs. IFED - Dividend Comparison
EDZ's dividend yield for the trailing twelve months is around 7.60%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 7.60% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EDZ and IFED have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (37.01%) compared to IFED (6.86%). In terms of maximum drawdown, EDZ dropped -99.99% vs IFED's -22.36%.
On 3-year performance, IFED leads with 15.90% vs -48.07% for EDZ. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 15.90% return vs -48.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 1.08% for EDZ.
EDZ has the higher dividend yield at 7.60%, compared with 0.00% for IFED.
EDZ tracks MSCI Emerging Markets Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.08% for EDZ and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (-0.01 vs -1.05), 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.
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