FAZ vs. FAS
FAZ (Direxion Daily Financial Bear 3X Shares) and FAS (Direxion Daily Financial Bull 3X ETF) are both Leveraged Equities funds from Direxion - FAZ tracks the Russell 1000 Financial Services Index (-300%) while FAS tracks the Financial Select Sector Index. Both are passively managed. Over the past 10 years, FAZ returned -44.48%/yr vs 22.40%/yr for FAS. Their -1.00 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.88%/yr for FAS.
Performance
FAZ vs. FAS - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -13.28% return, which is significantly lower than FAS's 4.28% return. Over the past 10 years, FAZ has underperformed FAS with an annualized return of -44.48%, while FAS has yielded a comparatively higher 22.40% annualized return.
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%
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%
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 |
FAZ vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between FAZ and FAS 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 FAZ and FAS has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
FAZ vs. FAS — Risk / Return Rank
FAZ
FAS
FAZ vs. FAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Financial Bull 3X ETF (FAS). 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 | FAS | 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 | 0.94 | 1.09 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.35 | -0.91 |
| Martin ratioReturn relative to average drawdown | -1.29 | 0.78 | -2.07 |
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Drawdowns
FAZ vs. FAS - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than FAS's maximum drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for FAZ and FAS.
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Drawdown Indicators
| FAZ | FAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -91.61% | -8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -40.88% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -43.10% | -41.85% |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | -66.88% | -21.67% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -85.99% | -13.73% |
Current DrawdownCurrent decline from peak | -100.00% | -4.32% | -95.68% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -30.97% | -68.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 18.40% | +0.05% |
Volatility
FAZ vs. FAS - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Financial Bull 3X ETF (FAS) have volatilities of 11.94% and 11.99%, 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
| FAZ | FAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 11.99% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 32.90% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 43.83% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 54.99% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 61.11% | +0.76% |
FAZ vs. FAS - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than FAS's 0.88% expense ratio.
Dividends
FAZ vs. FAS - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, less than FAS's 8.05% 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
FAZ and FAS 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, FAZ dropped -100.00% vs FAS's -91.61%.
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.
FAZ tracks Russell 1000 Financial Services Index (-300%), while FAS tracks Financial Select Sector Index. Their fees differ too: 1.07% for FAZ and 0.88% for FAS.
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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