FAZ vs. NIOG
FAZ (Direxion Daily Financial Bear 3X Shares) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - FAZ tracks the Russell 1000 Financial Services Index (-300%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.75%/yr for NIOG.
Performance
FAZ vs. NIOG - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -13.28% return, which is significantly higher than NIOG's -27.56% 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%
NIOG
- 1D
- 2.78%
- 1M
- 2.43%
- 6M
- -13.06%
- YTD
- -27.56%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $119.34K | $154.91K | $404.59K |
FAZ vs. NIOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -1.41% |
NIOG Leverage Shares 2X Long NIO Daily ETF | -27.56% | 3.25% |
Correlation
The correlation between FAZ and NIOG is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025 | -0.04 |
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Return for Risk
FAZ vs. NIOG — Risk / Return Rank
FAZ
NIOG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FAZ vs. NIOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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 | NIOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.94 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | — | — |
| Martin ratioReturn relative to average drawdown | -1.29 | — | — |
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Drawdowns
FAZ vs. NIOG - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than NIOG's maximum drawdown of -61.79%. Use the drawdown chart below to compare losses from any high point for FAZ and NIOG.
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Drawdown Indicators
| FAZ | NIOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -61.79% | -38.21% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -54.61% | -45.39% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -27.99% | -71.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | — | — |
Volatility
FAZ vs. NIOG - Volatility Comparison
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Volatility by Period
| FAZ | NIOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 109.44% | -65.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 109.44% | -54.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 109.44% | -47.57% |
FAZ vs. NIOG - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than NIOG's 0.75% expense ratio.
Dividends
FAZ vs. NIOG - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, while NIOG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
NIOG Leverage Shares 2X Long NIO Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAZ and NIOG have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NIOG is cheaper with a 0.75% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.57%, compared with 0.00% for NIOG.
FAZ tracks Russell 1000 Financial Services Index (-300%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.07% for FAZ and 0.75% for NIOG.
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