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KRE vs. FAZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KRE vs. FAZ

Last updated Jun 4, 2026

KRE (SPDR S&P Regional Banking ETF) and FAZ (Direxion Daily Financial Bear 3X Shares) are both exchange-traded funds - KRE is a Financials Equities fund tracking the S&P Regional Banks Select Industry Index, while FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%). Both are passively managed. Over the past 10 years, KRE returned 7.80%/yr vs -42.81%/yr for FAZ. At a correlation of -0.83, they often move in opposite directions. KRE charges 0.35%/yr vs 1.07%/yr for FAZ.

Performance

KRE vs. FAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Regional Banking ETF (KRE) and Direxion Daily Financial Bear 3X Shares (FAZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KRE achieves a 5.35% return, which is significantly lower than FAZ's 22.66% return. Over the past 10 years, KRE has outperformed FAZ with an annualized return of 7.80%, while FAZ has yielded a comparatively lower -42.81% annualized return.

KRE

1D
-2.39%
1M
-1.61%
YTD
5.35%
6M
6.27%
1Y
21.36%
3Y*
20.63%
5Y*
1.92%
10Y*
7.80%

FAZ

1D
3.45%
1M
5.24%
YTD
22.66%
6M
14.22%
1Y
0.55%
3Y*
-36.72%
5Y*
-26.05%
10Y*
-42.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KRE vs. FAZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KRE
SPDR S&P Regional Banking ETF		5.35%10.21%18.58%-7.61%-15.08%39.29%-7.43%27.44%-18.81%7.49%
FAZ
Direxion Daily Financial Bear 3X Shares		22.66%-37.21%-51.01%-26.67%1.16%-67.05%-73.90%-58.62%16.84%-46.18%

Correlation

The correlation between KRE and FAZ is -0.71, 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

-0.71

Correlation (3Y)
Calculated over the trailing 3-year period

-0.74

Correlation (5Y)
Calculated over the trailing 5-year period

-0.80

Correlation (10Y)
Calculated over the trailing 10-year period

-0.81

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

-0.83

The correlation between KRE and FAZ shifts across timeframes, from -0.83 (all time) to -0.71 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Regional Banking ETF

Direxion Daily Financial Bear 3X Shares

Often compared with KRE:
KRE vs. XLFKRE vs. KBEKRE vs. KBWBKRE vs. DPSTKRE vs. IATKRE vs. VFHKRE vs. VOO
Often compared with FAZ:
FAZ vs. FASFAZ vs. TZAFAZ vs. LABDFAZ vs. BNKDFAZ vs. QQQFAZ vs. LABUFAZ vs. SQQQ

Return for Risk

KRE vs. FAZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KRE
KRE Risk / Return Rank: 2626
Overall Rank
KRE Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
KRE Sortino Ratio Rank: 2525
Sortino Ratio Rank
KRE Omega Ratio Rank: 2626
Omega Ratio Rank
KRE Calmar Ratio Rank: 2929
Calmar Ratio Rank
KRE Martin Ratio Rank: 2626
Martin Ratio Rank
FAZ
FAZ Risk / Return Rank: 99
Overall Rank
FAZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FAZ Sortino Ratio Rank: 1010
Sortino Ratio Rank
FAZ Omega Ratio Rank: 1010
Omega Ratio Rank
FAZ Calmar Ratio Rank: 99
Calmar Ratio Rank
FAZ Martin Ratio Rank: 99
Martin Ratio Rank
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.

KRE vs. FAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Regional Banking ETF (KRE) 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.

KREFAZDifference

Sharpe ratio

Return per unit of total volatility

0.92

0.01

+0.91

Sortino ratio

Return per unit of downside risk

1.39

0.34

+1.04

Omega ratio

Gain probability vs. loss probability

1.18

1.04

+0.14

Calmar ratio

Return relative to maximum drawdown

1.44

0.02

+1.42

Martin ratio

Return relative to average drawdown

3.72

0.03

+3.69

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KRE vs. FAZ - Sharpe Ratio Comparison

The current KRE Sharpe Ratio is 0.92, which is higher than the FAZ Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of KRE and FAZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KREFAZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

0.01

+0.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.06

-0.47

+0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

-0.69

+0.94

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

-0.72

+0.85

Drawdowns

KRE vs. FAZ - Drawdown Comparison

The maximum KRE drawdown since its inception was -68.54%, smaller than the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KRE and FAZ.

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Drawdown Indicators

KREFAZDifference

Max Drawdown

Largest peak-to-trough decline

-68.54%

-100.00%

+31.46%

Max Drawdown (1Y)

Largest decline over 1 year

-14.95%

-30.20%

+15.25%

Max Drawdown (3Y)

Largest decline over 3 years

-28.20%

-83.61%

+55.41%

Max Drawdown (5Y)

Largest decline over 5 years

-52.69%

-87.53%

+34.84%

Max Drawdown (10Y)

Largest decline over 10 years

-54.92%

-99.78%

+44.86%

Current Drawdown

Current decline from peak

-7.27%

-100.00%

+92.73%

Average Drawdown

Average peak-to-trough decline

-21.90%

-99.14%

+77.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.75%

16.58%

-10.83%

Volatility

KRE vs. FAZ - Volatility Comparison

The current volatility for SPDR S&P Regional Banking ETF (KRE) is 6.14%, while Direxion Daily Financial Bear 3X Shares (FAZ) has a volatility of 9.30%. This indicates that KRE 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

KREFAZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

9.30%

-3.16%

Volatility (6M)

Calculated over the trailing 6-month period

15.84%

32.18%

-16.34%

Volatility (1Y)

Calculated over the trailing 1-year period

23.37%

43.09%

-19.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.98%

55.83%

-25.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.92%

62.07%

-30.15%

KRE vs. FAZ - Expense Ratio Comparison

KRE has a 0.35% expense ratio, which is lower than FAZ's 1.07% expense ratio.

Dividends

KRE vs. FAZ - Dividend Comparison

KRE's dividend yield for the trailing twelve months is around 2.32%, less than FAZ's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
FAZ
Direxion Daily Financial Bear 3X Shares		2.77%5.07%7.34%4.88%0.00%0.00%0.62%1.63%0.56%0.00%0.00%0.00%
KRE
SPDR S&P Regional Banking ETF		2.32%2.45%2.59%2.99%2.51%1.97%2.78%2.21%2.48%1.40%1.40%1.80%

Frequently Asked Questions

KRE and FAZ have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAZ has higher volatility (9.30%) compared to KRE (6.14%). In terms of maximum drawdown, KRE dropped -68.54% vs FAZ's -100.00%.

On 10-year performance, KRE leads with 7.80% vs -42.81% for FAZ. On fees, KRE is cheaper at 0.35% per year. On volatility, KRE has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KRE has performed better with a 7.80% return vs -42.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KRE is cheaper with a 0.35% expense ratio, compared with 1.07% for FAZ.

FAZ has the higher dividend yield at 2.77%, compared with 2.32% for KRE.

KRE is categorized as Financials Equities, while FAZ is Leveraged Equities. KRE tracks S&P Regional Banks Select Industry Index, while FAZ tracks Russell 1000 Financial Services Index (-300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for KRE and 1.07% for FAZ.

KRE currently has the higher Sharpe Ratio (0.92 vs 0.01), 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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