FAZ vs. DIA
FAZ (Direxion Daily Financial Bear 3X Shares) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past 10 years, FAZ returned -44.22%/yr vs 13.14%/yr for DIA. At a correlation of -0.84, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.16%/yr for DIA.
Performance
FAZ vs. DIA - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -9.37% return, which is significantly lower than DIA's 9.95% return. Over the past 10 years, FAZ has underperformed DIA with an annualized return of -44.22%, while DIA has yielded a comparatively higher 13.14% annualized return.
FAZ
- 1D
- -1.91%
- 1M
- -14.72%
- 6M
- -6.80%
- YTD
- -9.37%
- 1Y
- -20.83%
- 3Y*
- -40.21%
- 5Y*
- -32.04%
- 10Y*
- -44.22%
DIA
- 1D
- -0.25%
- 1M
- 2.50%
- 6M
- 6.55%
- YTD
- 9.95%
- 1Y
- 20.04%
- 3Y*
- 16.88%
- 5Y*
- 10.38%
- 10Y*
- 13.14%
FAZ vs. DIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -9.37% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 9.95% | 14.71% | 14.82% | 16.02% | -7.02% | 20.83% | 9.59% | 24.70% | -3.74% | 28.08% |
Correlation
The correlation between FAZ and DIA is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.85 |
The correlation between FAZ and DIA has been stable across timeframes, ranging from -0.85 to -0.76 - a consistent structural relationship.
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Return for Risk
FAZ vs. DIA — Risk / Return Rank
FAZ
DIA
FAZ vs. DIA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.
| FAZ | DIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.29 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.06 | -2.60 |
| Martin ratioReturn relative to average drawdown | -1.31 | 7.98 | -9.28 |
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Drawdowns
FAZ vs. DIA - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than DIA's maximum drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for FAZ and DIA.
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Drawdown Indicators
| FAZ | DIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -51.87% | -48.13% |
Max Drawdown (1Y)Largest decline over 1 year | -38.56% | -9.76% | -28.80% |
Max Drawdown (3Y)Largest decline over 3 years | -83.83% | -15.95% | -67.88% |
Max Drawdown (5Y)Largest decline over 5 years | -87.70% | -20.76% | -66.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -36.70% | -63.01% |
Current DrawdownCurrent decline from peak | -100.00% | -1.06% | -98.94% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -7.12% | -92.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 2.52% | +13.45% |
Volatility
FAZ vs. DIA - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.94% compared to State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at 3.02%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | DIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.94% | 3.02% | +9.92% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 9.67% | +23.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 12.30% | +31.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.56% | 14.82% | +40.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.85% | 17.51% | +44.34% |
FAZ vs. DIA - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than DIA's 0.16% expense ratio.
Dividends
FAZ vs. DIA - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.41%, more than DIA's 1.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 1.38% | 1.43% | 1.61% | 1.81% | 1.91% | 1.58% | 1.87% | 1.85% | 2.24% | 1.97% | 2.26% | 2.33% |
FAZ Direxion Daily Financial Bear 3X Shares | 3.41% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAZ and DIA have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAZ has higher volatility (12.94%) compared to DIA (3.02%). In terms of maximum drawdown, FAZ dropped -100.00% vs DIA's -51.87%.
On 10-year performance, DIA leads with 13.14% vs -44.22% for FAZ. On fees, DIA is cheaper at 0.16% per year. On volatility, DIA has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIA has performed better with a 13.14% return vs -44.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIA is cheaper with a 0.16% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.41%, compared with 1.38% for DIA.
FAZ is categorized as Leveraged Equities, while DIA is Large Cap Blend Equities. FAZ tracks Russell 1000 Financial Services Index (-300%), while DIA tracks Dow Jones Industrial Average. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for FAZ and 0.16% for DIA.
DIA currently has the higher Sharpe Ratio (1.64 vs -0.48), 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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