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FAZ vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAZ vs. UVXY

Last updated Jun 4, 2026

FAZ (Direxion Daily Financial Bear 3X Shares) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, FAZ returned -42.81%/yr vs -72.67%/yr for UVXY. A 0.67 correlation means they provide meaningful diversification when combined. FAZ charges 1.07%/yr vs 0.95%/yr for UVXY.

Performance

FAZ vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bear 3X Shares (FAZ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 UVXY's -19.06% return. Over the past 10 years, FAZ has outperformed UVXY with an annualized return of -42.81%, while UVXY has yielded a comparatively lower -72.67% annualized return.

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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAZ vs. UVXY - 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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between FAZ and UVXY is 0.58, 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

0.58

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

0.55

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

0.63

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

0.62

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.67

The correlation between FAZ and UVXY shifts across timeframes, from 0.55 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Financial Bear 3X Shares

ProShares Ultra VIX Short-Term Futures ETF

Often compared with FAZ:
FAZ vs. FASFAZ vs. TZAFAZ vs. LABDFAZ vs. BNKDFAZ vs. QQQFAZ vs. LABUFAZ vs. SQQQ
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

FAZ vs. UVXY — 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
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

FAZUVXYDifference

Sharpe ratio

Return per unit of total volatility

0.01

-0.87

+0.88

Sortino ratio

Return per unit of downside risk

0.34

-1.60

+1.95

Omega ratio

Gain probability vs. loss probability

1.04

0.82

+0.22

Calmar ratio

Return relative to maximum drawdown

0.02

-0.97

+0.99

Martin ratio

Return relative to average drawdown

0.03

-1.31

+1.34

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. UVXY - Sharpe Ratio Comparison

The current FAZ Sharpe Ratio is 0.01, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of FAZ and UVXY, 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

FAZUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

-0.87

+0.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.47

-0.66

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.69

-0.64

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.72

-0.68

-0.04

Drawdowns

FAZ vs. UVXY - Drawdown Comparison

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

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Drawdown Indicators

FAZUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-100.00%

0.00%

Max Drawdown (1Y)

Largest decline over 1 year

-30.20%

-75.22%

+45.02%

Max Drawdown (3Y)

Largest decline over 3 years

-83.61%

-95.45%

+11.84%

Max Drawdown (5Y)

Largest decline over 5 years

-87.53%

-99.68%

+12.15%

Max Drawdown (10Y)

Largest decline over 10 years

-99.78%

-100.00%

+0.22%

Current Drawdown

Current decline from peak

-100.00%

-100.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-99.14%

-98.55%

-0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.58%

55.63%

-39.05%

Volatility

FAZ vs. UVXY - Volatility Comparison

The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 9.30%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FAZUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.30%

11.77%

-2.47%

Volatility (6M)

Calculated over the trailing 6-month period

32.18%

62.64%

-30.46%

Volatility (1Y)

Calculated over the trailing 1-year period

43.09%

84.42%

-41.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.83%

103.85%

-48.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.07%

113.82%

-51.75%

FAZ vs. UVXY - Expense Ratio Comparison

FAZ has a 1.07% expense ratio, which is higher than UVXY's 0.95% expense ratio.

Dividends

FAZ vs. UVXY - Dividend Comparison

FAZ's dividend yield for the trailing twelve months is around 2.77%, while UVXY has not paid dividends to shareholders.

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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FAZ and UVXY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to FAZ (9.30%). In terms of maximum drawdown, FAZ dropped -100.00% vs UVXY's -100.00%.

On 10-year performance, FAZ leads with -42.81% vs -72.67% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, FAZ has been the lower-risk option at 9.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FAZ has performed better with a -42.81% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UVXY is cheaper with a 0.95% expense ratio, compared with 1.07% for FAZ.

FAZ has the higher dividend yield at 2.77%, compared with 0.00% for UVXY.

FAZ is categorized as Leveraged Equities, while UVXY is Volatility. FAZ tracks Russell 1000 Financial Services Index (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for FAZ and 0.95% for UVXY.

FAZ currently has the higher Sharpe Ratio (0.01 vs -0.87), 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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