FLCV vs. FAZ
FLCV (Federated Hermes MDT Large Cap Value ETF) and FAZ (Direxion Daily Financial Bear 3X Shares) are both exchange-traded funds - FLCV is a Large Cap Value Equities fund actively managed by Federated, while FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%). FLCV is actively managed, while FAZ is passively managed. Over the past year, FLCV returned 26.87% vs -27.65% for FAZ. Their -0.78 correlation means they have often moved in opposite directions in the past. FLCV charges 0.32%/yr vs 1.07%/yr for FAZ.
Performance
FLCV vs. FAZ - Performance Comparison
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Returns By Period
In the year-to-date period, FLCV achieves a 18.87% return, which is significantly higher than FAZ's -13.28% return.
FLCV
- 1D
- 0.53%
- 1M
- 3.24%
- 6M
- 14.98%
- YTD
- 18.87%
- 1Y
- 26.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 20.70%
FAZ
- 1D
- 0.43%
- 1M
- -6.62%
- 6M
- -19.32%
- YTD
- -13.28%
- 1Y
- -27.65%
- 3Y*
- -39.34%
- 5Y*
- -32.28%
- 10Y*
- -44.48%
- ALL TIME*
- -53.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $2.44M | $1.83M | $941.78K |
FLCV vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FLCV Federated Hermes MDT Large Cap Value ETF | 18.87% | 15.64% | 5.96% |
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -37.21% | -26.52% |
Correlation
The correlation between FLCV and FAZ is -0.69, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024 | -0.78 |
The correlation between FLCV and FAZ has been stable across timeframes, ranging from -0.78 to -0.69 - a consistent structural relationship.
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Return for Risk
FLCV vs. FAZ — Risk / Return Rank
FLCV
FAZ
FLCV vs. FAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Value ETF (FLCV) and Direxion Daily Financial Bear 3X Shares (FAZ). 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.
| FLCV | FAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.77 | ||
| Sortino ratioReturn per unit of downside risk | +3.78 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.94 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | -0.56 | +5.05 |
| Martin ratioReturn relative to average drawdown | 17.56 | -1.29 | +18.85 |
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Drawdowns
FLCV vs. FAZ - Drawdown Comparison
The maximum FLCV drawdown since its inception was -15.93%, smaller than the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FLCV and FAZ.
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Drawdown Indicators
| FLCV | FAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.93% | -100.00% | +84.07% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -42.80% | +37.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.72% | — |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -99.12% | +97.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 18.45% | -16.99% |
Volatility
FLCV vs. FAZ - Volatility Comparison
The current volatility for Federated Hermes MDT Large Cap Value ETF (FLCV) is 2.35%, while Direxion Daily Financial Bear 3X Shares (FAZ) has a volatility of 11.94%. This indicates that FLCV experiences smaller price fluctuations and is considered to be less risky than FAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLCV | FAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 11.94% | -9.59% |
Volatility (6M)Calculated over the trailing 6-month period | 8.43% | 32.77% | -24.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 44.05% | -32.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 55.31% | -40.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 61.87% | -47.19% |
FLCV vs. FAZ - Expense Ratio Comparison
FLCV has a 0.32% expense ratio, which is lower than FAZ's 1.07% expense ratio.
Dividends
FLCV vs. FAZ - Dividend Comparison
FLCV's dividend yield for the trailing twelve months is around 0.69%, less than FAZ's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.57% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
FLCV Federated Hermes MDT Large Cap Value ETF | 0.69% | 0.83% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLCV and FAZ have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAZ has higher volatility (11.94%) compared to FLCV (2.35%). In terms of maximum drawdown, FLCV dropped -15.93% vs FAZ's -100.00%.
On 1-year performance, FLCV leads with 26.87% vs -27.65% for FAZ. On fees, FLCV is cheaper at 0.32% per year. On volatility, FLCV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FLCV has performed better with a 26.87% return vs -27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLCV is cheaper with a 0.32% expense ratio, compared with 1.07% for FAZ.
FAZ has the higher dividend yield at 3.57%, compared with 0.69% for FLCV.
FLCV is categorized as Large Cap Value Equities, while FAZ is Leveraged Equities. They also come from different issuers: Federated and Direxion. Their fees differ too: 0.32% for FLCV and 1.07% for FAZ.
FLCV currently has the higher Sharpe Ratio (2.23 vs -0.54), 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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