FAZ vs. QTAP
FAZ (Direxion Daily Financial Bear 3X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. FAZ is passively managed, while QTAP is actively managed. Over the past 5 years, FAZ returned -32.28%/yr vs 12.30%/yr for QTAP. Their -0.55 correlation means they have often moved in opposite directions in the past. FAZ charges 1.07%/yr vs 0.79%/yr for QTAP.
Performance
FAZ vs. QTAP - 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 QTAP's 13.57% 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%
QTAP
- 1D
- 0.27%
- 1M
- 0.15%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 20.30%
- 3Y*
- 18.84%
- 5Y*
- 12.30%
- 10Y*
- —
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $235.81K | $225.86K | $220.48K |
FAZ vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -37.21% | -51.01% | -26.67% | 1.16% | -45.15% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.57% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between FAZ and QTAP is -0.34, 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. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.55 |
Over the past year, the inverse relationship between FAZ and QTAP has weakened: their correlation has moved from -0.55 to -0.34, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FAZ vs. QTAP — Risk / Return Rank
FAZ
QTAP
FAZ vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.49 | ||
| Sortino ratioReturn per unit of downside risk | -5.32 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.69 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 6.93 | -7.49 |
| Martin ratioReturn relative to average drawdown | -1.29 | 33.23 | -34.52 |
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Drawdowns
FAZ vs. QTAP - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for FAZ and QTAP.
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Drawdown Indicators
| FAZ | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -29.44% | -70.56% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -2.81% | -39.99% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -13.03% | -71.92% |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | -29.44% | -59.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.05% | -98.95% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -4.91% | -94.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 0.59% | +17.86% |
Volatility
FAZ vs. QTAP - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 11.94% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 2.75% | +9.19% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 5.69% | +27.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 6.61% | +37.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 18.92% | +36.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 18.57% | +43.30% |
FAZ vs. QTAP - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
FAZ vs. QTAP - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, while QTAP 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% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAZ and QTAP have a correlation of -0.34, 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 QTAP (2.75%). In terms of maximum drawdown, FAZ dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.30% vs -32.28% for FAZ. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.30% return vs -32.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.57%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for FAZ and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (2.95 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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