FAS vs. O

Last updated Jun 13, 2026

FAS (Direxion Daily Financial Bull 3X Shares) is Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while O (Realty Income Corporation) is a stock. Over the past 10 years, FAS returned 21.20%/yr vs 4.89%/yr for O. At a 0.44 correlation, their price movements are largely independent.

Performance

FAS vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X Shares (FAS) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAS achieves a -13.50% return, which is significantly lower than O's 13.70% return. Over the past 10 years, FAS has outperformed O with an annualized return of 21.20%, while O has yielded a comparatively lower 4.89% 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%

O

• 1D: 1.31%
• 1M: 1.67%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FAS vs. O - 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%
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between FAS and O is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.44

Over the past year, the correlation between FAS and O has dropped to 0.17 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

FAS vs. O — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FAS

FAS Risk / Return Rank: 11
FAS Sharpe Ratio Rank: 10
FAS Sortino Ratio Rank: 11
FAS Omega Ratio Rank: 12
FAS Calmar Ratio Rank: 10
FAS Martin Ratio Rank: 10

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FAS vs. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and Realty Income Corporation (O). 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	O	Difference
Sharpe ratio: Return per unit of total volatility	0.03	0.88	-0.85
Sortino ratio: Return per unit of downside risk	0.34	1.26	-0.92
Omega ratio: Gain probability vs. loss probability	1.04	1.15	-0.11
Calmar ratio: Return relative to maximum drawdown	0.03	1.29	-1.26
Martin ratio: Return relative to average drawdown	0.08	3.12	-3.04

FAS vs. O - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is 0.03, which is lower than the O Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FAS and O, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FAS vs. O - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for FAS and O.

Drawdown Indicators

	FAS	O	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-48.45%	-43.16%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-11.10%	-29.78%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-26.49%	-16.61%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-34.48%	-32.40%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-48.28%	-37.71%
Current Drawdown Current decline from peak	-20.63%	-5.94%	-14.69%
Average Drawdown Average peak-to-trough decline	-31.12%	-9.20%	-21.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.97%	4.58%	+13.39%

Volatility

FAS vs. O - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 12.45% compared to Realty Income Corporation (O) at 5.29%. This indicates that FAS's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAS	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.45%	5.29%	+7.16%
Volatility (6M) Calculated over the trailing 6-month period	33.46%	11.98%	+21.48%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	16.21%	+27.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.59%	18.92%	+36.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.33%	25.64%	+35.69%

Dividends

FAS vs. O - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 9.64%, more than O's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Frequently Asked Questions

Can I hold both FAS and O in my portfolio?

FAS and O have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAS or O?

FAS has higher volatility (12.45%) compared to O (5.29%). In terms of maximum drawdown, FAS dropped -91.61% vs O's -48.45%.

Which has better risk-adjusted returns?

O currently has the higher Sharpe Ratio (0.88 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.