FAZ vs. KRE
FAZ (Direxion Daily Financial Bear 3X Shares) and KRE (SPDR S&P Regional Banking ETF) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while KRE is a Financials Equities fund tracking the S&P Regional Banks Select Industry Index. Both are passively managed. Over the past 10 years, FAZ returned -44.48%/yr vs 9.54%/yr for KRE. Their -0.82 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.35%/yr for KRE.
Performance
FAZ vs. KRE - 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 KRE's 18.73% return. Over the past 10 years, FAZ has underperformed KRE with an annualized return of -44.48%, while KRE has yielded a comparatively higher 9.54% 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%
KRE
- 1D
- 0.21%
- 1M
- 1.39%
- 6M
- 11.83%
- YTD
- 18.73%
- 1Y
- 32.45%
- 3Y*
- 19.76%
- 5Y*
- 6.87%
- 10Y*
- 9.54%
- ALL TIME*
- 4.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $961.35M | $999.45M | $1.05B |
FAZ vs. KRE - 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% |
KRE SPDR S&P Regional Banking ETF | 18.73% | 10.21% | 18.58% | -7.61% | -15.08% | 39.29% | -7.43% | 27.44% | -18.81% | 7.49% |
Correlation
The correlation between FAZ and KRE is -0.68, 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. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.82 |
The correlation between FAZ and KRE shifts across timeframes, from -0.82 (all time) to -0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FAZ vs. KRE — Risk / Return Rank
FAZ
KRE
FAZ vs. KRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and SPDR S&P Regional Banking ETF (KRE). 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 | KRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.24 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.00 | -2.55 |
| Martin ratioReturn relative to average drawdown | -1.29 | 5.30 | -6.59 |
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Drawdowns
FAZ vs. KRE - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than KRE's maximum drawdown of -68.54%. Use the drawdown chart below to compare losses from any high point for FAZ and KRE.
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Drawdown Indicators
| FAZ | KRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -68.54% | -31.46% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -14.95% | -27.85% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -28.20% | -56.75% |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | -52.69% | -35.86% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -54.92% | -44.80% |
Current DrawdownCurrent decline from peak | -100.00% | -2.39% | -97.61% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -21.74% | -77.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 5.63% | +12.82% |
Volatility
FAZ vs. KRE - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 11.94% compared to SPDR S&P Regional Banking ETF (KRE) at 5.56%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than KRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | KRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 5.56% | +6.38% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 15.30% | +17.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 22.91% | +21.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 29.63% | +25.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 31.76% | +30.11% |
FAZ vs. KRE - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than KRE's 0.35% expense ratio.
Dividends
FAZ vs. KRE - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, more than KRE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
KRE SPDR S&P Regional Banking ETF | 2.10% | 2.45% | 2.59% | 2.99% | 2.51% | 1.97% | 2.78% | 2.21% | 2.48% | 1.40% | 1.40% | 1.80% |
Frequently Asked Questions
FAZ and KRE have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAZ has higher volatility (11.94%) compared to KRE (5.56%). In terms of maximum drawdown, FAZ dropped -100.00% vs KRE's -68.54%.
On 10-year performance, KRE leads with 9.54% vs -44.48% for FAZ. On fees, KRE is cheaper at 0.35% per year. On volatility, KRE has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KRE has performed better with a 9.54% return vs -44.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KRE is cheaper with a 0.35% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.57%, compared with 2.10% for KRE.
FAZ is categorized as Leveraged Equities, while KRE is Financials Equities. FAZ tracks Russell 1000 Financial Services Index (-300%), while KRE tracks S&P Regional Banks Select Industry Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for FAZ and 0.35% for KRE.
KRE currently has the higher Sharpe Ratio (1.31 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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