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FAZ vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAZ vs. SPXS

Last updated Jun 4, 2026

FAZ (Direxion Daily Financial Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, FAZ returned -42.81%/yr vs -42.01%/yr for SPXS. Their correlation of 0.83 suggests significant overlap in exposure. FAZ charges 1.07%/yr vs 1.08%/yr for SPXS.

Performance

FAZ vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FAZ achieves a 22.66% return, which is significantly higher than SPXS's -25.49% return. Both investments have delivered pretty close results over the past 10 years, with FAZ having a -42.81% annualized return and SPXS not far ahead at -42.01%.

FAZ

1D
3.45%
1M
5.24%
YTD
22.66%
6M
14.22%
1Y
0.55%
3Y*
-36.72%
5Y*
-26.05%
10Y*
-42.81%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAZ vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FAZ
Direxion Daily Financial Bear 3X Shares		22.66%-37.21%-51.01%-26.67%1.16%-67.05%-73.90%-58.62%16.84%-46.18%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-25.49%-41.53%-42.84%-45.97%36.14%-58.11%-70.47%-56.40%3.44%-44.52%

Correlation

The correlation between FAZ and SPXS is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.62

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

0.83

Over the past year, the correlation between FAZ and SPXS has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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Direxion Daily Financial Bear 3X Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with FAZ:
FAZ vs. FASFAZ vs. TZAFAZ vs. LABDFAZ vs. BNKDFAZ vs. QQQFAZ vs. LABUFAZ vs. KRE
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

FAZ vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAZ
FAZ Risk / Return Rank: 99
Overall Rank
FAZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FAZ Sortino Ratio Rank: 1010
Sortino Ratio Rank
FAZ Omega Ratio Rank: 1010
Omega Ratio Rank
FAZ Calmar Ratio Rank: 99
Calmar Ratio Rank
FAZ Martin Ratio Rank: 99
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FAZ vs. SPXS - 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 Bear 3X Shares (SPXS). 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.

FAZSPXSDifference
Sharpe ratioReturn per unit of total volatility
0.01
-1.38

+1.39

Sortino ratioReturn per unit of downside risk
0.34
-2.31

+2.65

Omega ratioGain probability vs. loss probability

1.04

0.75

+0.28

Calmar ratioReturn relative to maximum drawdown

0.02

-0.96

+0.98

Martin ratioReturn relative to average drawdown

0.03

-1.62

+1.66

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAZ vs. SPXS - Sharpe Ratio Comparison

The current FAZ Sharpe Ratio is 0.01, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of FAZ and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FAZSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

-1.38

+1.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.47

-0.69

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.69

-0.79

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.72

-0.83

+0.11

Drawdowns

FAZ vs. SPXS - Drawdown Comparison

The maximum FAZ drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FAZ and SPXS.

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Drawdown Indicators

FAZSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-100.00%

0.00%

Max Drawdown (1Y)

Largest decline over 1 year

-30.20%

-50.77%

+20.57%

Max Drawdown (3Y)

Largest decline over 3 years

-83.61%

-84.13%

+0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-87.53%

-90.11%

+2.58%

Max Drawdown (10Y)

Largest decline over 10 years

-99.78%

-99.63%

-0.15%

Current Drawdown

Current decline from peak

-100.00%

-100.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-99.14%

-96.30%

-2.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.58%

30.04%

-13.46%

Volatility

FAZ vs. SPXS - Volatility Comparison

Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 9.30% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FAZSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.30%

8.51%

+0.79%

Volatility (6M)

Calculated over the trailing 6-month period

32.18%

26.82%

+5.36%

Volatility (1Y)

Calculated over the trailing 1-year period

43.09%

35.54%

+7.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.83%

50.39%

+5.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.07%

53.54%

+8.53%

FAZ vs. SPXS - Expense Ratio Comparison

FAZ has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

FAZ vs. SPXS - Dividend Comparison

FAZ's dividend yield for the trailing twelve months is around 2.77%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018
FAZ
Direxion Daily Financial Bear 3X Shares		2.77%5.07%7.34%4.88%0.00%0.00%0.62%1.63%0.56%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%

Frequently Asked Questions

FAZ and SPXS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAZ has higher volatility (9.30%) compared to SPXS (8.51%). In terms of maximum drawdown, FAZ dropped -100.00% vs SPXS's -100.00%.

On 10-year performance, SPXS leads with -42.01% vs -42.81% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXS has performed better with a -42.01% return vs -42.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FAZ is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.

SPXS has the higher dividend yield at 4.91%, compared with 2.77% for FAZ.

FAZ is categorized as Leveraged Equities, while SPXS is Inverse Equities. FAZ tracks Russell 1000 Financial Services Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for FAZ and 1.08% for SPXS.

FAZ currently has the higher Sharpe Ratio (0.01 vs -1.38), 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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