TYD vs. FAS
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and FAS (Direxion Daily Financial Bull 3X ETF) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while FAS is a Leveraged Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, TYD returned -5.55%/yr vs 21.50%/yr for FAS. At a correlation of -0.26, they often move in opposite directions. TYD charges 1.09%/yr vs 0.88%/yr for FAS.
Performance
TYD vs. FAS - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.67% return, which is significantly lower than FAS's 0.21% return. Over the past 10 years, TYD has underperformed FAS with an annualized return of -5.55%, while FAS has yielded a comparatively higher 21.50% annualized return.
TYD
- 1D
- -0.78%
- 1M
- -3.38%
- 6M
- -6.39%
- YTD
- -8.67%
- 1Y
- -3.97%
- 3Y*
- -4.77%
- 5Y*
- -14.54%
- 10Y*
- -5.55%
- ALL TIME*
- 0.96%
FAS
- 1D
- 0.34%
- 1M
- 14.66%
- 6M
- 10.47%
- YTD
- 0.21%
- 1Y
- 9.01%
- 3Y*
- 37.42%
- 5Y*
- 13.19%
- 10Y*
- 21.50%
- ALL TIME*
- 13.87%
TYD vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.67% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
FAS Direxion Daily Financial Bull 3X ETF | 0.21% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
Correlation
The correlation between TYD and FAS is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.26 |
The correlation between TYD and FAS shifts across timeframes, from -0.26 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYD vs. FAS — Risk / Return Rank
TYD
FAS
TYD vs. FAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and Direxion Daily Financial Bull 3X ETF (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.
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.
| TYD | FAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.07 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.22 | -0.52 |
| Martin ratioReturn relative to average drawdown | -0.64 | 0.49 | -1.13 |
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Drawdowns
TYD vs. FAS - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for TYD and FAS.
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Drawdown Indicators
| TYD | FAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -91.61% | +27.33% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -40.88% | +27.34% |
Max Drawdown (3Y)Largest decline over 3 years | -22.32% | -43.10% | +20.78% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -66.88% | +7.04% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -85.99% | +21.71% |
Current DrawdownCurrent decline from peak | -60.31% | -8.06% | -52.25% |
Average DrawdownAverage peak-to-trough decline | -22.22% | -31.02% | +8.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.24% | 18.46% | -12.22% |
Volatility
TYD vs. FAS - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 3.93%, while Direxion Daily Financial Bull 3X ETF (FAS) has a volatility of 11.68%. This indicates that TYD 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.
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Volatility by Period
| TYD | FAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 11.68% | -7.75% |
Volatility (6M)Calculated over the trailing 6-month period | 10.30% | 33.49% | -23.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.80% | 43.44% | -29.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.92% | 54.96% | -32.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 61.10% | -40.90% |
TYD vs. FAS - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than FAS's 0.88% expense ratio.
Dividends
TYD vs. FAS - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.38%, less than FAS's 8.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 8.37% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.38% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and FAS have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (11.68%) compared to TYD (3.93%). In terms of maximum drawdown, TYD dropped -64.28% vs FAS's -91.61%.
On 10-year performance, FAS leads with 21.50% vs -5.55% for TYD. On fees, FAS is cheaper at 0.88% per year. On volatility, TYD has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 21.50% return vs -5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 0.88% expense ratio, compared with 1.09% for TYD.
FAS has the higher dividend yield at 8.37%, compared with 3.38% for TYD.
TYD is categorized as Leveraged Bonds, while FAS is Leveraged Equities. TYD tracks NYSE 7-10 Year Treasury Bond Index, while FAS tracks Financial Select Sector Index. Their fees differ too: 1.09% for TYD and 0.88% for FAS.
FAS currently has the higher Sharpe Ratio (0.21 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.
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