IYF vs. FAS

Last updated Jun 4, 2026

IYF (iShares U.S. Financials ETF) and FAS (Direxion Daily Financial Bull 3X Shares) are both exchange-traded funds - IYF is a Financials Equities fund tracking the Dow Jones U.S. Financials Index, while FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, IYF returned 12.56%/yr vs 18.36%/yr for FAS. With a 0.99 correlation, they move nearly in lockstep. IYF charges 0.42%/yr vs 1.00%/yr for FAS.

Performance

IYF vs. FAS - Performance Comparison

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

Returns By Period

In the year-to-date period, IYF achieves a -5.20% return, which is significantly higher than FAS's -24.46% return. Over the past 10 years, IYF has underperformed FAS with an annualized return of 12.56%, while FAS has yielded a comparatively higher 18.36% annualized return.

IYF

• 1D: -1.13%
• 1M: -1.00%
• YTD: -5.20%
• 6M: -3.00%
• 1Y: 5.96%
• 3Y*: 20.58%
• 5Y*: 9.52%
• 10Y*: 12.56%

FAS

• 1D: -3.47%
• 1M: -5.15%
• YTD: -24.46%
• 6M: -18.86%
• 1Y: -12.36%
• 3Y*: 34.13%
• 5Y*: 3.01%
• 10Y*: 18.36%

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

IYF vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYF iShares U.S. Financials ETF	-5.20%	18.25%	31.30%	15.32%	-11.33%	31.60%	-1.00%	31.86%	-9.39%	19.58%
FAS Direxion Daily Financial Bull 3X Shares	-24.46%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between IYF and FAS is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008	0.99

The correlation between IYF and FAS has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

IYF vs. FAS - Sectors Allocation Comparison

Sectors	IYF	FAS
Financial Services	99.0%	98.0%
Real Estate	0.7%	-
Technology	0.3%	1.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.2%
Utilities	-	-

Return for Risk

IYF vs. FAS — Risk / Return Rank

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

IYF

IYF Risk / Return Rank: 14
IYF Sharpe Ratio Rank: 15
IYF Sortino Ratio Rank: 14
IYF Omega Ratio Rank: 14
IYF Calmar Ratio Rank: 14
IYF Martin Ratio Rank: 14

FAS

FAS Risk / Return Rank: 6
FAS Sharpe Ratio Rank: 6
FAS Sortino Ratio Rank: 6
FAS Omega Ratio Rank: 6
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 5

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.

IYF vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financials ETF (IYF) 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.

	IYF	FAS	Difference
Sharpe ratio Return per unit of total volatility	0.42	-0.29	+0.71
Sortino ratio Return per unit of downside risk	0.65	-0.13	+0.78
Omega ratio Gain probability vs. loss probability	1.08	0.98	+0.10
Calmar ratio Return relative to maximum drawdown	0.43	-0.30	+0.73
Martin ratio Return relative to average drawdown	1.18	-0.71	+1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYF vs. FAS - Sharpe Ratio Comparison

The current IYF Sharpe Ratio is 0.42, which is higher than the FAS Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of IYF and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IYF	FAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	-0.29	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.05	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.30	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.19	+0.03

Drawdowns

IYF vs. FAS - Drawdown Comparison

The maximum IYF drawdown since its inception was -79.09%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for IYF and FAS.

Drawdown Indicators

	IYF	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-79.09%	-91.61%	+12.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-40.88%	+27.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-43.10%	+26.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-66.88%	+41.82%
Max Drawdown (10Y) Largest decline over 10 years	-42.57%	-85.99%	+43.42%
Current Drawdown Current decline from peak	-8.10%	-30.69%	+22.59%
Average Drawdown Average peak-to-trough decline	-17.61%	-31.11%	+13.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	17.51%	-12.45%

Volatility

IYF vs. FAS - Volatility Comparison

The current volatility for iShares U.S. Financials ETF (IYF) is 3.41%, while Direxion Daily Financial Bull 3X Shares (FAS) has a volatility of 9.50%. This indicates that IYF 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

	IYF	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	9.50%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	32.51%	-21.71%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	42.76%	-28.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	55.49%	-36.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	61.29%	-40.40%

IYF vs. FAS - Expense Ratio Comparison

IYF has a 0.42% expense ratio, which is lower than FAS's 1.00% expense ratio.

Dividends

IYF vs. FAS - Dividend Comparison

IYF's dividend yield for the trailing twelve months is around 1.57%, less than FAS's 11.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAS Direxion Daily Financial Bull 3X Shares	11.04%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%
IYF iShares U.S. Financials ETF	1.57%	1.32%	1.29%	1.67%	1.86%	1.27%	1.72%	1.64%	1.90%	1.46%	1.67%	1.66%

Frequently Asked Questions

Can I hold both IYF and FAS in my portfolio?

With a correlation of 0.97, IYF and FAS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IYF or FAS?

FAS has higher volatility (9.50%) compared to IYF (3.41%). In terms of maximum drawdown, IYF dropped -79.09% vs FAS's -91.61%.

Which ETF is better, IYF or FAS?

On 10-year performance, FAS leads with 18.36% vs 12.56% for IYF. On fees, IYF is cheaper at 0.42% per year. On volatility, IYF has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYF or FAS?

Over the 10-year period, FAS has performed better with a 18.36% return vs 12.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYF or FAS?

IYF is cheaper with a 0.42% expense ratio, compared with 1.00% for FAS.

Which ETF pays a higher dividend yield, IYF or FAS?

FAS has the higher dividend yield at 11.04%, compared with 1.57% for IYF.

What is the main difference between IYF and FAS?

IYF is categorized as Financials Equities, while FAS is Leveraged Equities. IYF tracks Dow Jones U.S. Financials Index, while FAS tracks Russell 1000 Financial Services Index (300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.42% for IYF and 1.00% for FAS.

Which has better risk-adjusted returns?

IYF currently has the higher Sharpe Ratio (0.42 vs -0.29), 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.