SPXU vs. FAZ
SPXU (ProShares UltraPro Short S&P500) and FAZ (Direxion Daily Financial Bear 3X Shares) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%). Both are passively managed. Over the past 10 years, SPXU returned -41.98%/yr vs -44.72%/yr for FAZ. Their correlation of 0.83 suggests significant overlap in exposure. SPXU charges 0.90%/yr vs 1.07%/yr for FAZ.
Performance
SPXU vs. FAZ - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -20.19% return, which is significantly lower than FAZ's 1.40% return. Over the past 10 years, SPXU has outperformed FAZ with an annualized return of -41.98%, while FAZ has yielded a comparatively lower -44.72% annualized return.
SPXU
- 1D
- 4.24%
- 1M
- 3.93%
- YTD
- -20.19%
- 6M
- -17.81%
- 1Y
- -43.92%
- 3Y*
- -40.85%
- 5Y*
- -33.55%
- 10Y*
- -41.98%
FAZ
- 1D
- -1.75%
- 1M
- -12.03%
- YTD
- 1.40%
- 6M
- 5.46%
- 1Y
- -17.74%
- 3Y*
- -40.57%
- 5Y*
- -30.61%
- 10Y*
- -44.72%
SPXU vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -20.19% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
FAZ Direxion Daily Financial Bear 3X Shares | 1.40% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
Correlation
The correlation between SPXU and FAZ is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | 0.83 |
Over the past year, the correlation between SPXU and FAZ has dropped to 0.56 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
SPXU vs. FAZ — Risk / Return Rank
SPXU
FAZ
SPXU vs. FAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPXU | FAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.96 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.56 | -0.37 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.26 | -0.35 |
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Drawdowns
SPXU vs. FAZ - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXU and FAZ.
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Drawdown Indicators
| SPXU | FAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -47.11% | -31.57% | -15.54% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -83.61% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -87.53% | -2.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -99.78% | +0.15% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -93.33% | -99.12% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.37% | 14.64% | +14.73% |
Volatility
SPXU vs. FAZ - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 14.32% compared to Direxion Daily Financial Bear 3X Shares (FAZ) at 12.48%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier 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
| SPXU | FAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.32% | 12.48% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 29.53% | 33.25% | -3.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.35% | 43.64% | -6.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.62% | 55.67% | -5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.43% | 61.93% | -8.50% |
SPXU vs. FAZ - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is lower than FAZ's 1.07% expense ratio.
Dividends
SPXU vs. FAZ - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 7.35%, more than FAZ's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 2.38% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 7.35% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
SPXU and FAZ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXU has higher volatility (14.32%) compared to FAZ (12.48%). In terms of maximum drawdown, SPXU dropped -99.99% vs FAZ's -100.00%.
On 10-year performance, SPXU leads with -41.98% vs -44.72% for FAZ. On fees, SPXU is cheaper at 0.90% per year. On volatility, FAZ has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.98% return vs -44.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.07% for FAZ.
SPXU has the higher dividend yield at 7.35%, compared with 3.35% for FAZ.
SPXU is categorized as S&P 500, while FAZ is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while FAZ tracks Russell 1000 Financial Services Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SPXU and 1.07% for FAZ.
FAZ currently has the higher Sharpe Ratio (-0.41 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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