IAI vs. FAS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Direxion Daily Financial Bull 3X Shares (FAS).

IAI and FAS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAI is a passively managed fund by iShares that tracks the performance of the DJ US Select / Investment Services. It was launched on May 1, 2006. FAS 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. Both IAI and FAS 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

IAI vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

IAI vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.08%	25.80%	34.37%	15.27%	-10.87%	40.48%	18.61%	24.26%	-9.47%	28.86%
FAS Direxion Daily Financial Bull 3X Shares	-29.25%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Returns By Period

In the year-to-date period, IAI achieves a -8.08% return, which is significantly higher than FAS's -29.25% return. Over the past 10 years, IAI has underperformed FAS with an annualized return of 17.67%, while FAS has yielded a comparatively higher 18.68% annualized return.

IAI

• 1D: 2.83%
• 1M: -3.40%
• YTD: -8.08%
• 6M: -6.55%
• 1Y: 18.54%
• 3Y*: 23.20%
• 5Y*: 13.70%
• 10Y*: 17.67%

FAS

• 1D: 6.35%
• 1M: -11.64%
• YTD: -29.25%
• 6M: -27.65%
• 1Y: -18.17%
• 3Y*: 32.31%
• 5Y*: 7.69%
• 10Y*: 18.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IAI vs. FAS - Expense Ratio Comparison

IAI has a 0.41% expense ratio, which is lower than FAS's 1.00% expense ratio.

FAS

Direxion Daily Financial Bull 3X Shares

IAI

iShares U.S. Broker-Dealers & Securities Exchanges ETF

Return for Risk

IAI vs. FAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IAI

IAI Risk / Return Rank: 45
IAI Sharpe Ratio Rank: 45
IAI Sortino Ratio Rank: 45
IAI Omega Ratio Rank: 44
IAI Calmar Ratio Rank: 50
IAI Martin Ratio Rank: 40

FAS

FAS Risk / Return Rank: 7
FAS Sharpe Ratio Rank: 7
FAS Sortino Ratio Rank: 9
FAS Omega Ratio Rank: 9
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 4

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.

IAI vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Direxion Daily Financial Bull 3X Shares (FAS). 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.

	IAI	FAS	Difference
Sharpe ratio Return per unit of total volatility	0.77	-0.32	+1.09
Sortino ratio Return per unit of downside risk	1.17	-0.08	+1.25
Omega ratio Gain probability vs. loss probability	1.16	0.99	+0.17
Calmar ratio Return relative to maximum drawdown	1.16	-0.37	+1.53
Martin ratio Return relative to average drawdown	3.55	-1.01	+4.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAI vs. FAS - Sharpe Ratio Comparison

The current IAI Sharpe Ratio is 0.77, which is higher than the FAS Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of IAI and FAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IAI	FAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.32	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.14	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.31	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.19	+0.08

Correlation

The correlation between IAI and FAS is 0.89, 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

IAI vs. FAS - Dividend Comparison

IAI's dividend yield for the trailing twelve months is around 1.18%, less than FAS's 11.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	1.18%	0.95%	1.05%	1.80%	2.14%	1.31%	1.55%	1.52%	1.58%	1.37%	1.49%	1.31%
FAS Direxion Daily Financial Bull 3X Shares	11.79%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%

Drawdowns

IAI vs. FAS - Drawdown Comparison

The maximum IAI drawdown since its inception was -75.46%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for IAI and FAS.

Drawdown Indicators

	IAI	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-75.46%	-91.61%	+16.15%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-40.88%	+24.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.84%	-66.88%	+38.04%
Max Drawdown (10Y) Largest decline over 10 years	-40.38%	-85.99%	+45.61%
Current Drawdown Current decline from peak	-13.40%	-35.08%	+21.68%
Average Drawdown Average peak-to-trough decline	-22.80%	-31.15%	+8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	14.87%	-9.48%

Volatility

IAI vs. FAS - Volatility Comparison

The current volatility for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) is 6.11%, while Direxion Daily Financial Bull 3X Shares (FAS) has a volatility of 14.32%. This indicates that IAI experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAI	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	14.32%	-8.21%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	34.33%	-19.07%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	57.51%	-33.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.39%	55.69%	-34.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	61.35%	-38.44%