TZA vs. DIG
TZA (Direxion Daily Small Cap Bear 3X Shares) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds - TZA tracks the Russell 2000 Index (-300%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 6.01%/yr for DIG. Their -0.60 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.95%/yr for DIG.
Performance
TZA vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than DIG's 70.78% return. Over the past 10 years, TZA has underperformed DIG with an annualized return of -42.58%, while DIG has yielded a comparatively higher 6.01% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
DIG
- 1D
- 1.88%
- 1M
- 24.18%
- 6M
- 32.46%
- YTD
- 70.78%
- 1Y
- 86.02%
- 3Y*
- 17.43%
- 5Y*
- 34.85%
- 10Y*
- 6.01%
- ALL TIME*
- 0.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.08M | $2.37M | $2.40M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
DIG ProShares Ultra Oil & Gas | 70.78% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between TZA and DIG is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.60 |
The correlation between TZA and DIG shifts across timeframes, from -0.60 (all time) to 0.03 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. DIG — Risk / Return Rank
TZA
DIG
TZA vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares Ultra Oil & Gas (DIG). 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.
| TZA | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.67 | -3.59 |
| Martin ratioReturn relative to average drawdown | -1.34 | 6.82 | -8.15 |
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Drawdowns
TZA vs. DIG - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for TZA and DIG.
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Drawdown Indicators
| TZA | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -97.04% | -2.96% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -29.80% | -37.54% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -42.41% | -47.09% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -46.02% | -45.72% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -92.53% | -7.14% |
Current DrawdownCurrent decline from peak | -100.00% | -49.97% | -50.03% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -64.28% | -33.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 11.70% | +34.48% |
Volatility
TZA vs. DIG - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 12.02%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 12.02% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 33.59% | +8.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 42.17% | +15.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 51.15% | +16.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 57.78% | +11.05% |
TZA vs. DIG - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than DIG's 0.95% expense ratio.
Dividends
TZA vs. DIG - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than DIG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.45% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TZA and DIG have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (12.02%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs DIG's -97.04%.
On 10-year performance, DIG leads with 6.01% vs -42.58% for TZA. On fees, DIG is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 6.01% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIG is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.67%, compared with 1.45% for DIG.
TZA tracks Russell 2000 Index (-300%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for DIG.
DIG currently has the higher Sharpe Ratio (1.89 vs -1.07), 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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