FAZ vs. QQQE
FAZ (Direxion Daily Financial Bear 3X Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, FAZ returned -44.48%/yr vs 14.70%/yr for QQQE. Their -0.66 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.35%/yr for QQQE.
Performance
FAZ vs. QQQE - 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 QQQE's 14.79% return. Over the past 10 years, FAZ has underperformed QQQE with an annualized return of -44.48%, while QQQE has yielded a comparatively higher 14.70% 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%
QQQE
- 1D
- 0.29%
- 1M
- -2.56%
- 6M
- 13.07%
- YTD
- 14.79%
- 1Y
- 21.68%
- 3Y*
- 14.21%
- 5Y*
- 8.11%
- 10Y*
- 14.70%
- ALL TIME*
- 14.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $22.33M | $22.31M | $23.91M |
FAZ vs. QQQE - 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% |
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 14.79% | 14.58% | 6.98% | 33.76% | -24.47% | 17.93% | 37.85% | 36.43% | -5.40% | 26.53% |
Correlation
The correlation between FAZ and QQQE is -0.45, 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. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2012 | -0.66 |
Over the past year, the inverse relationship between FAZ and QQQE has weakened: their correlation has moved from -0.66 to -0.45, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FAZ vs. QQQE — Risk / Return Rank
FAZ
QQQE
FAZ vs. QQQE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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 | QQQE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.22 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.11 | -2.67 |
| Martin ratioReturn relative to average drawdown | -1.29 | 6.75 | -8.04 |
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Drawdowns
FAZ vs. QQQE - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for FAZ and QQQE.
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Drawdown Indicators
| FAZ | QQQE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -32.14% | -67.86% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -9.41% | -33.39% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -21.38% | -63.57% |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | -32.14% | -56.41% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -32.14% | -67.58% |
Current DrawdownCurrent decline from peak | -100.00% | -4.46% | -95.54% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -5.14% | -93.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 2.94% | +15.51% |
Volatility
FAZ vs. QQQE - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 11.94% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.68%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | QQQE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 3.68% | +8.26% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 12.96% | +19.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 16.02% | +28.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 20.58% | +34.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 20.76% | +41.11% |
FAZ vs. QQQE - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than QQQE's 0.35% expense ratio.
Dividends
FAZ vs. QQQE - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, more than QQQE's 0.58% 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% |
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.58% | 0.52% | 0.86% | 0.79% | 0.98% | 3.83% | 0.54% | 0.74% | 0.80% | 0.65% | 1.17% | 0.57% |
Frequently Asked Questions
FAZ and QQQE have a correlation of -0.45, 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 QQQE (3.68%). In terms of maximum drawdown, FAZ dropped -100.00% vs QQQE's -32.14%.
On 10-year performance, QQQE leads with 14.70% vs -44.48% for FAZ. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQE has performed better with a 14.70% return vs -44.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQE 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 0.58% for QQQE.
FAZ is categorized as Leveraged Equities, while QQQE is Nasdaq-100. FAZ tracks Russell 1000 Financial Services Index (-300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.07% for FAZ and 0.35% for QQQE.
QQQE currently has the higher Sharpe Ratio (1.25 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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