FAZ vs. XTJL
FAZ (Direxion Daily Financial Bear 3X Shares) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. FAZ is passively managed, while XTJL is actively managed. Over the past 5 years, FAZ returned -32.90%/yr vs 9.83%/yr for XTJL. At a correlation of -0.72, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.79%/yr for XTJL.
Performance
FAZ vs. XTJL - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -12.56% return, which is significantly lower than XTJL's 5.97% 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%
XTJL
- 1D
- -0.42%
- 1M
- 0.38%
- 6M
- 5.24%
- YTD
- 5.97%
- 1Y
- 13.86%
- 3Y*
- 14.08%
- 5Y*
- 9.83%
- 10Y*
- —
FAZ vs. XTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -12.56% | -37.21% | -51.01% | -26.67% | 1.16% | -28.88% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 5.97% | 15.42% | 14.43% | 25.72% | -15.66% | 7.81% |
Correlation
The correlation between FAZ and XTJL is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | -0.72 |
The correlation between FAZ and XTJL shifts across timeframes, from -0.72 (all time) to -0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FAZ vs. XTJL — Risk / Return Rank
FAZ
XTJL
FAZ vs. XTJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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 | XTJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.41 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.72 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.47 | 15.38 | -16.85 |
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Drawdowns
FAZ vs. XTJL - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for FAZ and XTJL.
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Drawdown Indicators
| FAZ | XTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -23.24% | -76.76% |
Max Drawdown (1Y)Largest decline over 1 year | -40.37% | -5.12% | -35.25% |
Max Drawdown (3Y)Largest decline over 3 years | -84.31% | -16.70% | -67.61% |
Max Drawdown (5Y)Largest decline over 5 years | -88.07% | -23.24% | -64.83% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.42% | -99.58% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -3.95% | -95.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.53% | 0.90% | +15.63% |
Volatility
FAZ vs. XTJL - Volatility Comparison
Direxion Daily Financial Bear 3X Shares (FAZ) has a higher volatility of 12.53% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 1.39%. This indicates that FAZ's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | XTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.53% | 1.39% | +11.14% |
Volatility (6M)Calculated over the trailing 6-month period | 33.10% | 5.73% | +27.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.71% | 7.40% | +36.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.53% | 15.10% | +40.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.83% | 15.05% | +46.78% |
FAZ vs. XTJL - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than XTJL's 0.79% expense ratio.
Dividends
FAZ vs. XTJL - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.54%, while XTJL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAZ and XTJL have a correlation of -0.55, 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 XTJL (1.39%). In terms of maximum drawdown, FAZ dropped -100.00% vs XTJL's -23.24%.
On 5-year performance, XTJL leads with 9.83% vs -32.90% for FAZ. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XTJL has performed better with a 9.83% return vs -32.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTJL is cheaper with a 0.79% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.54%, compared with 0.00% for XTJL.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for FAZ and 0.79% for XTJL.
XTJL currently has the higher Sharpe Ratio (1.88 vs -0.56), 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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