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 -44.17%/yr vs 3.76%/yr for DIG. At a correlation of -0.61, they often move in opposite directions. 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 -46.35% return, which is significantly lower than DIG's 44.39% return. Over the past 10 years, TZA has underperformed DIG with an annualized return of -44.17%, while DIG has yielded a comparatively higher 3.76% annualized return.
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
DIG
- 1D
- 1.37%
- 1M
- -15.65%
- YTD
- 44.39%
- 6M
- 45.60%
- 1Y
- 53.89%
- 3Y*
- 19.73%
- 5Y*
- 24.80%
- 10Y*
- 3.76%
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 | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
DIG ProShares Ultra Oil & Gas | 44.39% | 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 -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.61 |
Over the past year, the inverse relationship between TZA and DIG has weakened: their correlation has moved from -0.61 to -0.05, meaning they move in opposite directions less often than they have historically.
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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 | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.22 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.92 | -2.91 |
| Martin ratioReturn relative to average drawdown | -1.56 | 5.59 | -7.15 |
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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 | -68.07% | -28.23% | -39.84% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -42.41% | -46.87% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -46.02% | -45.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -92.53% | -7.21% |
Current DrawdownCurrent decline from peak | -100.00% | -57.70% | -42.30% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -64.33% | -33.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 9.68% | +33.78% |
Volatility
TZA vs. DIG - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 19.17% compared to ProShares Ultra Oil & Gas (DIG) at 14.13%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier 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 | 19.17% | 14.13% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | 33.67% | +9.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 41.74% | +16.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 51.53% | +16.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 57.83% | +11.15% |
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 5.35%, more than DIG's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.72% | 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 | 5.35% | 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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (19.17%) compared to DIG (14.13%). In terms of maximum drawdown, TZA dropped -100.00% vs DIG's -97.04%.
On 10-year performance, DIG leads with 3.76% vs -44.17% for TZA. On fees, DIG is cheaper at 0.95% per year. On volatility, DIG has been the lower-risk option at 14.13%. 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 3.76% return vs -44.17%. 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 5.35%, compared with 1.72% 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 (1.31 vs -1.16), 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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