FAS vs. FAZ
FAS (Direxion Daily Financial Bull 3X ETF) and FAZ (Direxion Daily Financial Bear 3X Shares) are both Leveraged Equities funds from Direxion - FAS tracks the Financial Select Sector Index while FAZ tracks the Russell 1000 Financial Services Index (-300%). Both are passively managed. Over the past 10 years, FAS returned 22.40%/yr vs -44.48%/yr for FAZ. Their -1.00 correlation means they have often moved in opposite directions in the past. FAS charges 0.88%/yr vs 1.07%/yr for FAZ.
Performance
FAS vs. FAZ - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a 4.28% return, which is significantly higher than FAZ's -13.28% return. Over the past 10 years, FAS has outperformed FAZ with an annualized return of 22.40%, while FAZ has yielded a comparatively lower -44.48% annualized return.
FAS
- 1D
- -0.26%
- 1M
- 6.21%
- 6M
- 13.95%
- YTD
- 4.28%
- 1Y
- 20.90%
- 3Y*
- 39.15%
- 5Y*
- 13.37%
- 10Y*
- 22.40%
- ALL TIME*
- 14.10%
FAZ
- 1D
- 0.43%
- 1M
- -6.62%
- 6M
- -19.32%
- YTD
- -13.28%
- 1Y
- -27.65%
- 3Y*
- -39.34%
- 5Y*
- -32.28%
- 10Y*
- -44.48%
- ALL TIME*
- -53.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $68.48M | $83.31M | $86.79M | |
| $19.80M | $17.81M | $19.33M |
FAS vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 4.28% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
Correlation
The correlation between FAS and FAZ is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between FAS and FAZ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
FAS vs. FAZ — Risk / Return Rank
FAS
FAZ
FAS vs. FAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X ETF (FAS) and Direxion Daily Financial Bear 3X Shares (FAZ). 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 | FAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.56 | +0.91 |
| Martin ratioReturn relative to average drawdown | 0.78 | -1.29 | +2.07 |
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Drawdowns
FAS vs. FAZ - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, smaller than the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FAS and FAZ.
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Drawdown Indicators
| FAS | FAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -100.00% | +8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -42.80% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -84.95% | +41.85% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -88.55% | +21.67% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -99.72% | +13.73% |
Current DrawdownCurrent decline from peak | -4.32% | -100.00% | +95.68% |
Average DrawdownAverage peak-to-trough decline | -30.97% | -99.12% | +68.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 18.45% | -0.05% |
Volatility
FAS vs. FAZ - Volatility Comparison
Direxion Daily Financial Bull 3X ETF (FAS) and Direxion Daily Financial Bear 3X Shares (FAZ) have volatilities of 11.99% and 11.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAS | FAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.99% | 11.94% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 32.90% | 32.77% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.83% | 44.05% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.99% | 55.31% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.11% | 61.87% | -0.76% |
FAS vs. FAZ - Expense Ratio Comparison
FAS has a 0.88% expense ratio, which is lower than FAZ's 1.07% expense ratio.
Dividends
FAS vs. FAZ - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 8.05%, more than FAZ's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 8.05% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
FAZ Direxion Daily Financial Bear 3X Shares | 3.57% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% |
Frequently Asked Questions
FAS and FAZ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (11.99%) compared to FAZ (11.94%). In terms of maximum drawdown, FAS dropped -91.61% vs FAZ's -100.00%.
On 10-year performance, FAS leads with 22.40% vs -44.48% for FAZ. On fees, FAS is cheaper at 0.88% per year. Their volatility is very similar. 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 22.40% return vs -44.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 0.88% expense ratio, compared with 1.07% for FAZ.
FAS has the higher dividend yield at 8.05%, compared with 3.57% for FAZ.
FAS tracks Financial Select Sector Index, while FAZ tracks Russell 1000 Financial Services Index (-300%). Their fees differ too: 0.88% for FAS and 1.07% for FAZ.
FAS currently has the higher Sharpe Ratio (0.33 vs -0.54), 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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