SARK vs. TZA
SARK (Tradr Short Innovation Daily ETF) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both exchange-traded funds - SARK is a Inverse Equities fund actively managed by AXS, while TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). SARK is actively managed, while TZA is passively managed. Over the past 3 years, SARK returned -31.10%/yr vs -46.18%/yr for TZA. A 0.79 correlation means they provide meaningful diversification when combined. SARK charges 0.75%/yr vs 1.11%/yr for TZA.
Performance
SARK vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, SARK achieves a -9.16% return, which is significantly higher than TZA's -42.85% return.
SARK
- 1D
- -2.55%
- 1M
- -5.04%
- YTD
- -9.16%
- 6M
- -2.48%
- 1Y
- -35.40%
- 3Y*
- -31.10%
- 5Y*
- —
- 10Y*
- —
TZA
- 1D
- -4.06%
- 1M
- -9.77%
- YTD
- -42.85%
- 6M
- -39.42%
- 1Y
- -67.28%
- 3Y*
- -46.18%
- 5Y*
- -30.68%
- 10Y*
- -43.19%
SARK vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | -9.16% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
TZA Direxion Daily Small Cap Bear 3X Shares | -42.85% | -40.22% | -32.22% | -41.19% | 30.21% | 20.12% |
Correlation
The correlation between SARK and TZA is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.79 |
The correlation between SARK and TZA has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
SARK vs. TZA — Risk / Return Rank
SARK
TZA
SARK vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr Short Innovation Daily ETF (SARK) 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.
| SARK | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.77 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -1.00 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.54 | +0.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SARK | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | -1.18 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.46 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | -0.71 | +0.47 |
Drawdowns
SARK vs. TZA - Drawdown Comparison
The maximum SARK drawdown since its inception was -81.07%, smaller than the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SARK and TZA.
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Drawdown Indicators
| SARK | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.07% | -100.00% | +18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -40.75% | -67.26% | +26.51% |
Max Drawdown (3Y)Largest decline over 3 years | -74.42% | -88.34% | +13.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.71% | — |
Current DrawdownCurrent decline from peak | -79.95% | -100.00% | +20.05% |
Average DrawdownAverage peak-to-trough decline | -46.49% | -98.00% | +51.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.56% | 43.72% | -13.16% |
Volatility
SARK vs. TZA - Volatility Comparison
The current volatility for Tradr Short Innovation Daily ETF (SARK) is 9.19%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 16.71%. This indicates that SARK 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.
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Volatility by Period
| SARK | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.19% | 16.71% | -7.52% |
Volatility (6M)Calculated over the trailing 6-month period | 25.16% | 40.80% | -15.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.98% | 57.00% | -21.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.23% | 67.46% | -11.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.23% | 68.90% | -12.67% |
SARK vs. TZA - Expense Ratio Comparison
SARK has a 0.75% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
SARK vs. TZA - Dividend Comparison
SARK's dividend yield for the trailing twelve months is around 3.10%, less than TZA's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.10% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.02% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
SARK and TZA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (16.71%) compared to SARK (9.19%). In terms of maximum drawdown, SARK dropped -81.07% vs TZA's -100.00%.
On 3-year performance, SARK leads with -31.10% vs -46.18% for TZA. On fees, SARK is cheaper at 0.75% per year. On volatility, SARK has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SARK has performed better with a -31.10% return vs -46.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.02%, compared with 3.10% for SARK.
SARK is categorized as Inverse Equities, while TZA is Leveraged Equities. They also come from different issuers: AXS and Direxion. Their fees differ too: 0.75% for SARK and 1.11% for TZA.
SARK currently has the higher Sharpe Ratio (-0.99 vs -1.18), 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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