FAS vs. DGS
FAS (Direxion Daily Financial Bull 3X Shares) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, FAS returned 21.20%/yr vs 10.14%/yr for DGS. A 0.60 correlation means they provide meaningful diversification when combined. FAS charges 1.00%/yr vs 0.58%/yr for DGS.
Performance
FAS vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -13.50% return, which is significantly lower than DGS's 14.94% return. Over the past 10 years, FAS has outperformed DGS with an annualized return of 21.20%, while DGS has yielded a comparatively lower 10.14% annualized return.
FAS
- 1D
- 4.15%
- 1M
- 10.95%
- YTD
- -13.50%
- 6M
- -13.89%
- 1Y
- 7.93%
- 3Y*
- 38.21%
- 5Y*
- 7.30%
- 10Y*
- 21.20%
DGS
- 1D
- 0.65%
- 1M
- 1.51%
- YTD
- 14.94%
- 6M
- 17.07%
- 1Y
- 25.61%
- 3Y*
- 15.36%
- 5Y*
- 8.06%
- 10Y*
- 10.14%
FAS vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -13.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.94% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between FAS and DGS is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.60 |
Over the past year, the correlation between FAS and DGS has dropped to 0.36 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
FAS vs. DGS — Risk / Return Rank
FAS
DGS
FAS vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.
| FAS | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.27 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 2.38 | -2.34 |
| Martin ratioReturn relative to average drawdown | 0.08 | 7.84 | -7.77 |
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Drawdowns
FAS vs. DGS - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, which is greater than DGS's maximum drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for FAS and DGS.
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Drawdown Indicators
| FAS | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -61.83% | -29.78% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -10.06% | -30.82% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -19.31% | -23.79% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -24.86% | -42.02% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -44.08% | -41.91% |
Current DrawdownCurrent decline from peak | -20.63% | -1.05% | -19.58% |
Average DrawdownAverage peak-to-trough decline | -31.12% | -12.57% | -18.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 3.05% | +14.92% |
Volatility
FAS vs. DGS - Volatility Comparison
Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 12.45% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 7.30%. This indicates that FAS's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAS | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.45% | 7.30% | +5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 14.27% | +19.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 16.60% | +27.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.59% | 15.08% | +40.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.33% | 17.39% | +43.94% |
FAS vs. DGS - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than DGS's 0.58% expense ratio.
Dividends
FAS vs. DGS - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.64%, more than DGS's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.20% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
FAS Direxion Daily Financial Bull 3X Shares | 9.64% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% | 0.00% | 0.00% |
Frequently Asked Questions
FAS and DGS have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (12.45%) compared to DGS (7.30%). In terms of maximum drawdown, FAS dropped -91.61% vs DGS's -61.83%.
On 10-year performance, FAS leads with 21.20% vs 10.14% for DGS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 21.20% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGS is cheaper with a 0.58% expense ratio, compared with 1.00% for FAS.
FAS has the higher dividend yield at 9.64%, compared with 3.20% for DGS.
FAS is categorized as Leveraged Equities, while DGS is Emerging Markets Diversified. FAS tracks Russell 1000 Financial Services Index (300%), while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: Direxion and WisdomTree. Their fees differ too: 1.00% for FAS and 0.58% for DGS.
DGS currently has the higher Sharpe Ratio (1.44 vs 0.03), 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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