FAZ vs. SPXU
FAZ (Direxion Daily Financial Bear 3X Shares) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, FAZ returned -44.36%/yr vs -41.20%/yr for SPXU. Their correlation of 0.82 suggests significant overlap in exposure. FAZ charges 1.07%/yr vs 0.90%/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 -12.56% return, which is significantly higher than SPXU's -25.00% return. Over the past 10 years, FAZ has underperformed SPXU with an annualized return of -44.36%, while SPXU has yielded a comparatively higher -41.20% 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%
SPXU
- 1D
- 1.61%
- 1M
- -0.30%
- 6M
- -21.86%
- YTD
- -25.00%
- 1Y
- -41.21%
- 3Y*
- -39.91%
- 5Y*
- -33.74%
- 10Y*
- -41.20%
FAZ vs. SPXU - 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% |
SPXU ProShares UltraPro Short S&P500 | -25.00% | -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 0.53, 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 Jun 25, 2009 | 0.82 |
Over the past year, the correlation between FAZ and SPXU has dropped to 0.53 - well below their long-term average of 0.82, 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.
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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.81 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | -0.94 | +0.34 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.61 | +0.14 |
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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 | -40.37% | -43.83% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -84.31% | -84.36% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -88.07% | -90.23% | +2.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -99.56% | -0.16% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -93.36% | -5.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.53% | 25.60% | -9.07% |
Volatility
FAZ vs. SPXU - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.53% compared to ProShares UltraPro Short S&P500 (SPXU) at 10.37%. 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 | 12.53% | 10.37% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 33.10% | 30.00% | +3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.71% | 37.51% | +6.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.53% | 50.67% | +4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.83% | 53.33% | +8.50% |
FAZ vs. SPXU - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
FAZ vs. SPXU - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.54%, less than SPXU's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 6.92% | 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 0.53, 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 SPXU (10.37%). In terms of maximum drawdown, FAZ dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -41.20% vs -44.36% for FAZ. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 10.37%. 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 -41.20% return vs -44.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.07% for FAZ.
SPXU has the higher dividend yield at 6.92%, compared with 3.54% for FAZ.
FAZ is categorized as Leveraged Equities, while SPXU is S&P 500. 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 0.90% for SPXU.
FAZ currently has the higher Sharpe Ratio (-0.56 vs -1.10), 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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