SPXU vs. FAZ
Compare and contrast key facts about ProShares UltraPro Short S&P500 (SPXU) and Direxion Daily Financial Bear 3X Shares (FAZ).
SPXU and FAZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXU is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-300%). It was launched on Jun 25, 2009. FAZ is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (-300%). It was launched on Nov 6, 2008. Both SPXU and FAZ 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
SPXU vs. FAZ - Performance Comparison
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SPXU vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 12.37% | -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 | 32.56% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
Returns By Period
In the year-to-date period, SPXU achieves a 12.37% return, which is significantly lower than FAZ's 32.56% return. Over the past 10 years, SPXU has outperformed FAZ with an annualized return of -39.88%, while FAZ has yielded a comparatively lower -43.12% annualized return.
SPXU
- 1D
- -2.31%
- 1M
- 13.37%
- YTD
- 12.37%
- 6M
- 6.54%
- 1Y
- -42.28%
- 3Y*
- -37.11%
- 5Y*
- -31.74%
- 10Y*
- -39.88%
FAZ
- 1D
- -0.34%
- 1M
- 10.20%
- YTD
- 32.56%
- 6M
- 22.85%
- 1Y
- -8.19%
- 3Y*
- -36.28%
- 5Y*
- -29.67%
- 10Y*
- -43.12%
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SPXU vs. FAZ - Expense Ratio Comparison
SPXU has a 0.93% expense ratio, which is lower than FAZ's 1.07% expense ratio.
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.
| SPXU | FAZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.78 | -0.14 | -0.64 |
Sortino ratioReturn per unit of downside risk | -0.98 | 0.22 | -1.20 |
Omega ratioGain probability vs. loss probability | 0.86 | 1.03 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.14 | -0.52 |
Martin ratioReturn relative to average drawdown | -0.77 | -0.18 | -0.59 |
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
| SPXU | FAZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.78 | -0.14 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | -0.53 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.75 | -0.70 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.82 | -0.72 | -0.10 |
Correlation
The correlation between SPXU and FAZ is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXU vs. FAZ - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 5.22%, more than FAZ's 2.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 5.22% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
FAZ Direxion Daily Financial Bear 3X Shares | 2.57% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% |
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 | -65.13% | -54.53% | -10.60% |
Max Drawdown (5Y)Largest decline over 5 years | -87.51% | -88.14% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -99.78% | +0.27% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -93.26% | -99.13% | +5.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.82% | 42.05% | +13.77% |
Volatility
SPXU vs. FAZ - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 16.20% compared to Direxion Daily Financial Bear 3X Shares (FAZ) at 13.97%. 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 | 16.20% | 13.97% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 28.27% | 33.72% | -5.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.50% | 58.17% | -3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.34% | 56.08% | -5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 62.12% | -8.79% |