FAZ vs. SPUU
FAZ (Direxion Daily Financial Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds from Direxion - FAZ tracks the Russell 1000 Financial Services Index (-300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, FAZ returned -44.72%/yr vs 24.81%/yr for SPUU. At a correlation of -0.77, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.60%/yr for SPUU.
Performance
FAZ vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a 1.40% return, which is significantly lower than SPUU's 13.33% return. Over the past 10 years, FAZ has underperformed SPUU with an annualized return of -44.72%, while SPUU has yielded a comparatively higher 24.81% annualized return.
FAZ
- 1D
- -1.75%
- 1M
- -12.03%
- YTD
- 1.40%
- 6M
- 5.46%
- 1Y
- -17.74%
- 3Y*
- -40.57%
- 5Y*
- -30.61%
- 10Y*
- -44.72%
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
FAZ vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 1.40% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between FAZ and SPUU is -0.55, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.77 |
Over the past year, the inverse relationship between FAZ and SPUU has weakened: their correlation has moved from -0.77 to -0.55, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FAZ vs. SPUU — Risk / Return Rank
FAZ
SPUU
FAZ vs. SPUU - 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 S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.38 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.26 | 10.11 | -11.37 |
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Drawdowns
FAZ vs. SPUU - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for FAZ and SPUU.
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Drawdown Indicators
| FAZ | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -31.57% | -18.19% | -13.38% |
Max Drawdown (3Y)Largest decline over 3 years | -83.61% | -35.18% | -48.43% |
Max Drawdown (5Y)Largest decline over 5 years | -87.53% | -46.59% | -40.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -59.35% | -40.43% |
Current DrawdownCurrent decline from peak | -100.00% | -6.62% | -93.38% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -9.48% | -89.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.64% | 4.27% | +10.37% |
Volatility
FAZ vs. SPUU - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.48% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 9.70% | +2.78% |
Volatility (6M)Calculated over the trailing 6-month period | 33.25% | 19.93% | +13.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.64% | 25.22% | +18.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.67% | 33.67% | +22.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.93% | 35.81% | +26.12% |
FAZ vs. SPUU - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
FAZ vs. SPUU - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.35%, more than SPUU's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.35% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
FAZ and SPUU have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAZ has higher volatility (12.48%) compared to SPUU (9.70%). In terms of maximum drawdown, FAZ dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.81% vs -44.72% for FAZ. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.81% return vs -44.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.35%, compared with 1.42% for SPUU.
FAZ tracks Russell 1000 Financial Services Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.07% for FAZ and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 vs -0.41), 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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