FAZ vs. DLLL

Last updated Jun 24, 2026

FAZ (Direxion Daily Financial Bear 3X Shares) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - FAZ tracks the Russell 1000 Financial Services Index (-300%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, FAZ returned -17.74% vs 765.95% for DLLL. At a correlation of -0.30, they often move in opposite directions. FAZ charges 1.07%/yr vs 1.50%/yr for DLLL.

Performance

FAZ vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bear 3X Shares (FAZ) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAZ achieves a 1.40% return, which is significantly lower than DLLL's 762.51% return.

FAZ

• 1D: -1.75%
• 1M: -12.03%
• YTD: 1.40%
• 6M: 5.46%
• 1Y: -17.74%
• 3Y*: -40.57%
• 5Y*: -30.61%
• 10Y*: -44.72%

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAZ vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
FAZ Direxion Daily Financial Bear 3X Shares	1.40%	-25.09%
DLLL GraniteShares 2x Long DELL Daily ETF	762.51%	-3.72%

Correlation

The correlation between FAZ and DLLL is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.30

The correlation between FAZ and DLLL shifts across timeframes, from -0.30 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FAZ vs. DLLL — Risk / Return Rank

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

FAZ

FAZ Risk / Return Rank: 5
FAZ Sharpe Ratio Rank: 5
FAZ Sortino Ratio Rank: 6
FAZ Omega Ratio Rank: 6
FAZ Calmar Ratio Rank: 4
FAZ Martin Ratio Rank: 3

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

FAZ vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	5.91	-6.32
Sortino ratio: Return per unit of downside risk	-0.34	4.55	-4.89
Omega ratio: Gain probability vs. loss probability	0.96	1.56	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.56	13.52	-14.09
Martin ratio: Return relative to average drawdown	-1.26	27.52	-28.79

FAZ vs. DLLL - Sharpe Ratio Comparison

The current FAZ Sharpe Ratio is -0.41, which is lower than the DLLL Sharpe Ratio of 5.91. The chart below compares the historical Sharpe Ratios of FAZ and DLLL, 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

FAZ vs. DLLL - Drawdown Comparison

The maximum FAZ drawdown since its inception was -100.00%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for FAZ and DLLL.

Drawdown Indicators

	FAZ	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-68.58%	-31.42%
Max Drawdown (1Y) Largest decline over 1 year	-31.57%	-57.19%	+25.62%
Max Drawdown (3Y) Largest decline over 3 years	-83.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-87.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.78%	—	—
Current Drawdown Current decline from peak	-100.00%	-18.41%	-81.59%
Average Drawdown Average peak-to-trough decline	-99.12%	-25.86%	-73.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.64%	28.05%	-13.41%

Volatility

FAZ vs. DLLL - Volatility Comparison

The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 12.48%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 66.89%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAZ	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	66.89%	-54.41%
Volatility (6M) Calculated over the trailing 6-month period	33.25%	102.56%	-69.31%
Volatility (1Y) Calculated over the trailing 1-year period	43.64%	131.00%	-87.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.67%	129.67%	-74.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.93%	129.67%	-67.74%

FAZ vs. DLLL - Expense Ratio Comparison

FAZ has a 1.07% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

FAZ vs. DLLL - Dividend Comparison

FAZ's dividend yield for the trailing twelve months is around 3.35%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FAZ Direxion Daily Financial Bear 3X Shares	3.35%	5.07%	7.34%	4.88%	0.00%	0.00%	0.62%	1.63%	0.56%

Frequently Asked Questions

Can I hold both FAZ and DLLL in my portfolio?

FAZ and DLLL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAZ or DLLL?

DLLL has higher volatility (66.89%) compared to FAZ (12.48%). In terms of maximum drawdown, FAZ dropped -100.00% vs DLLL's -68.58%.

Which ETF is better, FAZ or DLLL?

On 1-year performance, DLLL leads with 765.95% vs -17.74% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAZ or DLLL?

Over the 1-year period, DLLL has performed better with a 765.95% return vs -17.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAZ or DLLL?

FAZ is cheaper with a 1.07% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, FAZ or DLLL?

FAZ has the higher dividend yield at 3.35%, compared with 0.00% for DLLL.

What is the main difference between FAZ and DLLL?

FAZ tracks Russell 1000 Financial Services Index (-300%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.07% for FAZ and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (5.91 vs -0.41), 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.