FAZ vs. VOO
FAZ (Direxion Daily Financial Bear 3X Shares) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FAZ returned -44.22%/yr vs 15.16%/yr for VOO. At a correlation of -0.82, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.03%/yr for VOO.
Performance
FAZ vs. VOO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FAZ achieves a -9.37% return, which is significantly lower than VOO's 10.45% return. Over the past 10 years, FAZ has underperformed VOO with an annualized return of -44.22%, while VOO has yielded a comparatively higher 15.16% annualized return.
FAZ
- 1D
- -1.91%
- 1M
- -14.72%
- 6M
- -6.80%
- YTD
- -9.37%
- 1Y
- -20.83%
- 3Y*
- -40.21%
- 5Y*
- -32.04%
- 10Y*
- -44.22%
VOO
- 1D
- -0.77%
- 1M
- 1.25%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.53%
- 3Y*
- 20.16%
- 5Y*
- 13.01%
- 10Y*
- 15.16%
FAZ vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -9.37% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
VOO Vanguard S&P 500 ETF | 10.45% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between FAZ and VOO is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 Sep 9, 2010 | -0.82 |
Over the past year, the inverse relationship between FAZ and VOO has weakened: their correlation has moved from -0.82 to -0.53, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FAZ vs. VOO — Risk / Return Rank
FAZ
VOO
FAZ vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.31 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.43 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.31 | 10.60 | -11.90 |
Loading charts...
Drawdowns
FAZ vs. VOO - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FAZ and VOO.
Loading charts...
Drawdown Indicators
| FAZ | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -33.99% | -66.01% |
Max Drawdown (1Y)Largest decline over 1 year | -38.56% | -8.90% | -29.66% |
Max Drawdown (3Y)Largest decline over 3 years | -83.83% | -18.69% | -65.14% |
Max Drawdown (5Y)Largest decline over 5 years | -87.70% | -24.52% | -63.18% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -33.99% | -65.72% |
Current DrawdownCurrent decline from peak | -100.00% | -1.11% | -98.89% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -3.68% | -95.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 2.04% | +13.93% |
Volatility
FAZ vs. VOO - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.94% compared to Vanguard S&P 500 ETF (VOO) at 4.16%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FAZ | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.94% | 4.16% | +8.78% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 9.97% | +23.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 12.53% | +31.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.56% | 16.93% | +38.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.85% | 18.00% | +43.85% |
FAZ vs. VOO - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
FAZ vs. VOO - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.41%, more than VOO's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.41% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
FAZ and VOO 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 (12.94%) compared to VOO (4.16%). In terms of maximum drawdown, FAZ dropped -100.00% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.16% vs -44.22% for FAZ. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.16% return vs -44.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.41%, compared with 1.07% for VOO.
FAZ is categorized as Leveraged Equities, while VOO is S&P 500. FAZ tracks Russell 1000 Financial Services Index (-300%), while VOO tracks S&P 500 Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.07% for FAZ and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.73 vs -0.48), 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.
Find the right allocation for FAZ and VOO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer