FAS vs. QQQE

Last updated Jun 3, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, FAS returned 18.78%/yr vs 15.50%/yr for QQQE. A 0.67 correlation means they provide meaningful diversification when combined. FAS charges 1.00%/yr vs 0.35%/yr for QQQE.

Performance

FAS vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X Shares (FAS) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAS achieves a -21.74% return, which is significantly lower than QQQE's 19.23% return. Over the past 10 years, FAS has outperformed QQQE with an annualized return of 18.78%, while QQQE has yielded a comparatively lower 15.50% annualized return.

FAS

• 1D: 0.24%
• 1M: -3.63%
• YTD: -21.74%
• 6M: -12.79%
• 1Y: -8.69%
• 3Y*: 35.72%
• 5Y*: 3.84%
• 10Y*: 18.78%

QQQE

• 1D: 0.66%
• 1M: 10.35%
• YTD: 19.23%
• 6M: 18.90%
• 1Y: 30.11%
• 3Y*: 18.73%
• 5Y*: 10.69%
• 10Y*: 15.50%

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

FAS vs. QQQE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	-21.74%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	19.23%	14.58%	6.98%	33.76%	-24.47%	17.93%	37.85%	36.43%	-5.40%	26.53%

Correlation

The correlation between FAS and QQQE is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 22, 2012	0.67

The correlation between FAS and QQQE has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

FAS vs. QQQE - Sectors Allocation Comparison

Sectors	FAS	QQQE
Financial Services	98.0%	1.0%
Technology	1.7%	45.1%
Industrials	0.2%	10.1%
Basic Materials	-	0.9%
Communication Services	-	9.1%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	7.7%
Energy	-	2.0%
Healthcare	-	8.6%
Real Estate	-	0.7%
Utilities	-	3.9%

Return for Risk

FAS vs. QQQE — Risk / Return Rank

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

FAS

FAS Risk / Return Rank: 7
FAS Sharpe Ratio Rank: 7
FAS Sortino Ratio Rank: 8
FAS Omega Ratio Rank: 8
FAS Calmar Ratio Rank: 7
FAS Martin Ratio Rank: 6

QQQE

QQQE Risk / Return Rank: 62
QQQE Sharpe Ratio Rank: 63
QQQE Sortino Ratio Rank: 62
QQQE Omega Ratio Rank: 59
QQQE Calmar Ratio Rank: 65
QQQE Martin Ratio Rank: 63

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. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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.

	FAS	QQQE	Difference
Sharpe ratio Return per unit of total volatility	-0.20	2.14	-2.34
Sortino ratio Return per unit of downside risk	0.00	2.91	-2.91
Omega ratio Gain probability vs. loss probability	1.00	1.36	-0.36
Calmar ratio Return relative to maximum drawdown	-0.20	3.29	-3.50
Martin ratio Return relative to average drawdown	-0.47	11.39	-11.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAS vs. QQQE - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is -0.20, which is lower than the QQQE Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FAS and QQQE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAS	QQQE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	2.14	-2.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.53	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.75	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.77	-0.57

Drawdowns

FAS vs. QQQE - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for FAS and QQQE.

Drawdown Indicators

	FAS	QQQE	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-32.14%	-59.47%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-9.41%	-31.47%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-21.38%	-21.72%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-32.14%	-34.74%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-32.14%	-53.85%
Current Drawdown Current decline from peak	-28.19%	0.00%	-28.19%
Average Drawdown Average peak-to-trough decline	-31.11%	-5.17%	-25.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.40%	2.72%	+14.68%

Volatility

FAS vs. QQQE - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 9.05% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.81%. This indicates that FAS's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAS	QQQE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	3.81%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	32.42%	10.65%	+21.77%
Volatility (1Y) Calculated over the trailing 1-year period	42.62%	14.16%	+28.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.46%	20.31%	+35.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.30%	20.73%	+40.57%

FAS vs. QQQE - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

FAS vs. QQQE - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 10.66%, more than QQQE's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAS Direxion Daily Financial Bull 3X Shares	10.66%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	0.52%	0.52%	0.86%	0.79%	0.98%	3.83%	0.54%	0.74%	0.80%	0.65%	1.17%	0.57%

Frequently Asked Questions

Can I hold both FAS and QQQE in my portfolio?

FAS and QQQE have a correlation of 0.58, 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 QQQE?

FAS has higher volatility (9.05%) compared to QQQE (3.81%). In terms of maximum drawdown, FAS dropped -91.61% vs QQQE's -32.14%.

Which ETF is better, FAS or QQQE?

On 10-year performance, FAS leads with 18.78% vs 15.50% for QQQE. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAS or QQQE?

Over the 10-year period, FAS has performed better with a 18.78% return vs 15.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAS or QQQE?

QQQE is cheaper with a 0.35% expense ratio, compared with 1.00% for FAS.

Which ETF pays a higher dividend yield, FAS or QQQE?

FAS has the higher dividend yield at 10.66%, compared with 0.52% for QQQE.

What is the main difference between FAS and QQQE?

FAS is categorized as Leveraged Equities, while QQQE is Nasdaq-100. FAS tracks Russell 1000 Financial Services Index (300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.00% for FAS and 0.35% for QQQE.

Which has better risk-adjusted returns?

QQQE currently has the higher Sharpe Ratio (2.14 vs -0.20), 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.