IWM vs. TZA
Compare and contrast key facts about iShares Russell 2000 ETF (IWM) and Direxion Daily Small Cap Bear 3X Shares (TZA).
IWM and TZA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWM is a passively managed fund by iShares that tracks the performance of the Russell 2000 Index. It was launched on May 22, 2000. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. Both IWM and TZA 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
IWM vs. TZA - Performance Comparison
Loading graphics...
IWM vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.93% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
TZA Direxion Daily Small Cap Bear 3X Shares | -5.61% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Returns By Period
In the year-to-date period, IWM achieves a 0.93% return, which is significantly higher than TZA's -5.61% return. Over the past 10 years, IWM has outperformed TZA with an annualized return of 9.76%, while TZA has yielded a comparatively lower -41.41% annualized return.
IWM
- 1D
- 3.50%
- 1M
- -4.96%
- YTD
- 0.93%
- 6M
- 3.02%
- 1Y
- 25.66%
- 3Y*
- 12.94%
- 5Y*
- 3.34%
- 10Y*
- 9.76%
TZA
- 1D
- -10.46%
- 1M
- 13.79%
- YTD
- -5.61%
- 6M
- -13.23%
- 1Y
- -57.70%
- 3Y*
- -36.92%
- 5Y*
- -24.70%
- 10Y*
- -41.41%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
IWM vs. TZA - Expense Ratio Comparison
IWM has a 0.19% expense ratio, which is lower than TZA's 1.11% expense ratio.
Return for Risk
IWM vs. TZA — Risk / Return Rank
IWM
TZA
IWM vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and Direxion Daily Small Cap Bear 3X Shares (TZA). 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.
| IWM | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | -0.83 | +1.95 |
Sortino ratioReturn per unit of downside risk | 1.66 | -1.20 | +2.86 |
Omega ratioGain probability vs. loss probability | 1.21 | 0.86 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | -0.75 | +2.57 |
Martin ratioReturn relative to average drawdown | 6.76 | -0.93 | +7.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| IWM | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | -0.83 | +1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | -0.37 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | -0.60 | +1.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | -0.70 | +1.04 |
Correlation
The correlation between IWM and TZA is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
IWM vs. TZA - Dividend Comparison
IWM's dividend yield for the trailing twelve months is around 1.02%, less than TZA's 3.04% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 1.02% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
TZA Direxion Daily Small Cap Bear 3X Shares | 3.04% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% | 0.00% | 0.00% |
Drawdowns
IWM vs. TZA - Drawdown Comparison
The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for IWM and TZA.
Loading graphics...
Drawdown Indicators
| IWM | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -100.00% | +40.95% |
Max Drawdown (1Y)Largest decline over 1 year | -13.74% | -76.19% | +62.45% |
Max Drawdown (5Y)Largest decline over 5 years | -31.91% | -87.77% | +55.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | -99.64% | +58.51% |
Current DrawdownCurrent decline from peak | -7.91% | -100.00% | +92.09% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -97.98% | +87.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.70% | 61.07% | -57.37% |
Volatility
IWM vs. TZA - Volatility Comparison
The current volatility for iShares Russell 2000 ETF (IWM) is 7.47%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 22.59%. This indicates that IWM experiences smaller price fluctuations and is considered to be less risky than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| IWM | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.47% | 22.59% | -15.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.47% | 43.38% | -28.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.18% | 69.32% | -46.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.55% | 67.53% | -44.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.99% | 68.79% | -45.80% |