FAZ vs. SPXU
FAZ (Direxion Daily Financial Bear 3X Shares) and SPXU (ProShares UltraPro Short S&P500) are both Leveraged Equities funds - FAZ tracks the Russell 1000 Financial Services Index (-300%) while SPXU tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, FAZ returned -42.81%/yr vs -41.95%/yr for SPXU. Their correlation of 0.83 suggests significant overlap in exposure. FAZ charges 1.07%/yr vs 0.93%/yr for SPXU.
Performance
FAZ vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a 22.66% return, which is significantly higher than SPXU's -25.62% return. Both investments have delivered pretty close results over the past 10 years, with FAZ having a -42.81% annualized return and SPXU not far ahead at -41.95%.
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%
SPXU
- 1D
- 2.06%
- 1M
- -13.20%
- YTD
- -25.62%
- 6M
- -25.04%
- 1Y
- -48.96%
- 3Y*
- -43.02%
- 5Y*
- -34.89%
- 10Y*
- -41.95%
FAZ vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXU ProShares UltraPro Short S&P500 | -25.62% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between FAZ and SPXU 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 | 0.65 |
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 Jun 26, 2009 | 0.83 |
Over the past year, the correlation between FAZ and SPXU has dropped to 0.62 - 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. SPXU — Risk / Return Rank
FAZ
SPXU
FAZ vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and ProShares UltraPro Short S&P500 (SPXU). 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.
| FAZ | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.75 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.97 | +0.98 |
| Martin ratioReturn relative to average drawdown | 0.03 | -1.63 | +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. | |||
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Sharpe Ratios by Period
| FAZ | SPXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | -1.39 | +1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.70 | +0.23 |
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 | -0.84 | +0.12 |
Drawdowns
FAZ vs. SPXU - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for FAZ and SPXU.
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Drawdown Indicators
| FAZ | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -30.20% | -50.82% | +20.62% |
Max Drawdown (3Y)Largest decline over 3 years | -83.61% | -84.36% | +0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -87.53% | -90.23% | +2.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -99.63% | -0.15% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -99.14% | -93.33% | -5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.58% | 30.06% | -13.48% |
Volatility
FAZ vs. SPXU - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 9.30% compared to ProShares UltraPro Short S&P500 (SPXU) at 8.58%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.30% | 8.58% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 32.18% | 26.85% | +5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.09% | 35.37% | +7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.83% | 50.33% | +5.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.07% | 53.38% | +8.69% |
FAZ vs. SPXU - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than SPXU's 0.93% expense ratio.
Dividends
FAZ vs. SPXU - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 2.77%, less than SPXU's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 7.89% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
FAZ and SPXU 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 SPXU (8.58%). In terms of maximum drawdown, FAZ dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -41.95% vs -42.81% for FAZ. On fees, SPXU is cheaper at 0.93% per year. On volatility, SPXU has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.95% return vs -42.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.93% expense ratio, compared with 1.07% for FAZ.
SPXU has the higher dividend yield at 7.89%, compared with 2.77% for FAZ.
FAZ tracks Russell 1000 Financial Services Index (-300%), while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for FAZ and 0.93% for SPXU.
FAZ currently has the higher Sharpe Ratio (0.01 vs -1.39), 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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