FAZ vs. SPXS
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 -44.36%/yr vs -41.24%/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
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Returns By Period
In the year-to-date period, FAZ achieves a -12.56% return, which is significantly higher than SPXS's -24.88% return. Over the past 10 years, FAZ has underperformed SPXS with an annualized return of -44.36%, while SPXS has yielded a comparatively higher -41.24% annualized return.
FAZ
- 1D
- -0.90%
- 1M
- -12.87%
- 6M
- -14.37%
- YTD
- -12.56%
- 1Y
- -24.30%
- 3Y*
- -40.38%
- 5Y*
- -32.90%
- 10Y*
- -44.36%
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
FAZ vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -12.56% | -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 | -24.88% | -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 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.83 |
Over the past year, the correlation between FAZ and SPXS has dropped to 0.53 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
FAZ vs. SPXS — Risk / Return Rank
FAZ
SPXS
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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.82 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | -0.94 | +0.34 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.62 | +0.14 |
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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
| FAZ | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -40.37% | -43.64% | +3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -84.31% | -84.13% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -88.07% | -90.11% | +2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -99.56% | -0.16% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -96.31% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.53% | 25.40% | -8.87% |
Volatility
FAZ vs. SPXS - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.53% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.70%. 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
| FAZ | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.53% | 10.70% | +1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 33.10% | 30.07% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.71% | 37.65% | +6.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.53% | 50.74% | +4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.83% | 53.50% | +8.33% |
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 3.54%, less than SPXS's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.54% | 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 | 4.52% | 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 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAZ has higher volatility (12.53%) compared to SPXS (10.70%). In terms of maximum drawdown, FAZ dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -41.24% vs -44.36% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 10.70%. 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 -41.24% return vs -44.36%. 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 4.52%, compared with 3.54% 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 (-0.56 vs -1.09), 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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