FAZ vs. TZA
Compare and contrast key facts about Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Small Cap Bear 3X Shares (TZA).
FAZ and TZA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAZ is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (-300%). It was launched on Nov 6, 2008. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. Both FAZ and TZA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FAZ vs. TZA - Performance Comparison
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FAZ vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 33.01% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
TZA Direxion Daily Small Cap Bear 3X Shares | -5.61% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Returns By Period
In the year-to-date period, FAZ achieves a 33.01% return, which is significantly higher than TZA's -5.61% return. Both investments have delivered pretty close results over the past 10 years, with FAZ having a -43.10% annualized return and TZA not far ahead at -41.41%.
FAZ
- 1D
- -6.11%
- 1M
- 11.41%
- YTD
- 33.01%
- 6M
- 26.95%
- 1Y
- -7.23%
- 3Y*
- -36.21%
- 5Y*
- -29.62%
- 10Y*
- -43.10%
TZA
- 1D
- -10.46%
- 1M
- 13.79%
- YTD
- -5.61%
- 6M
- -13.23%
- 1Y
- -57.70%
- 3Y*
- -36.92%
- 5Y*
- -24.70%
- 10Y*
- -41.41%
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FAZ vs. TZA - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is lower than TZA's 1.11% expense ratio.
Return for Risk
FAZ vs. TZA — Risk / Return Rank
FAZ
TZA
FAZ vs. TZA - 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 Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.12 | -0.83 | +0.71 |
Sortino ratioReturn per unit of downside risk | 0.24 | -1.20 | +1.44 |
Omega ratioGain probability vs. loss probability | 1.03 | 0.86 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.75 | +0.55 |
Martin ratioReturn relative to average drawdown | -0.26 | -0.93 | +0.68 |
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 | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.12 | -0.83 | +0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | -0.37 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.70 | -0.60 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.72 | -0.70 | -0.02 |
Correlation
The correlation between FAZ and TZA is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FAZ vs. TZA - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 2.56%, less than TZA's 3.04% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 2.56% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
TZA Direxion Daily Small Cap Bear 3X Shares | 3.04% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Drawdowns
FAZ vs. TZA - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FAZ and TZA.
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Drawdown Indicators
| FAZ | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.53% | -76.19% | +21.66% |
Max Drawdown (5Y)Largest decline over 5 years | -88.14% | -87.77% | -0.37% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -99.64% | -0.14% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -99.13% | -97.98% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.00% | 61.07% | -19.07% |
Volatility
FAZ vs. TZA - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 13.94%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 22.59%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.94% | 22.59% | -8.65% |
Volatility (6M)Calculated over the trailing 6-month period | 33.73% | 43.38% | -9.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.30% | 69.32% | -11.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.10% | 67.53% | -11.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.13% | 68.79% | -6.66% |