TZA vs. DIG

Last updated Jun 4, 2026

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 -43.15%/yr vs 5.32%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TZA achieves a -40.43% return, which is significantly lower than DIG's 66.35% return. Over the past 10 years, TZA has underperformed DIG with an annualized return of -43.15%, while DIG has yielded a comparatively higher 5.32% annualized return.

TZA

• 1D: 3.75%
• 1M: -10.87%
• YTD: -40.43%
• 6M: -38.50%
• 1Y: -65.59%
• 3Y*: -44.69%
• 5Y*: -30.11%
• 10Y*: -43.15%

DIG

• 1D: 2.57%
• 1M: -3.48%
• YTD: 66.35%
• 6M: 59.45%
• 1Y: 90.00%
• 3Y*: 23.37%
• 5Y*: 28.29%
• 10Y*: 5.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	-40.43%	-40.22%	-32.22%	-41.19%	30.21%	-50.80%	-80.43%	-53.25%	25.06%	-38.19%
DIG ProShares Ultra Oil & Gas	66.35%	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	-0.31
Correlation (5Y) Calculated over the trailing 5-year period	-0.42
Correlation (10Y) Calculated over the trailing 10-year period	-0.52
Correlation (All Time) Calculated using the full available price history since Nov 20, 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.

Return for Risk

TZA vs. DIG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TZA

TZA Risk / Return Rank: 1
TZA Sharpe Ratio Rank: 1
TZA Sortino Ratio Rank: 1
TZA Omega Ratio Rank: 1
TZA Calmar Ratio Rank: 1
TZA Martin Ratio Rank: 1

DIG

DIG Risk / Return Rank: 61
DIG Sharpe Ratio Rank: 66
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 52
DIG Calmar Ratio Rank: 76
DIG Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	TZA	DIG	Difference
Sharpe ratio Return per unit of total volatility	-1.16	2.22	-3.37
Sortino ratio Return per unit of downside risk	-2.07	2.61	-4.69
Omega ratio Gain probability vs. loss probability	0.78	1.33	-0.55
Calmar ratio Return relative to maximum drawdown	-0.98	3.89	-4.86
Martin ratio Return relative to average drawdown	-1.51	10.65	-12.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TZA vs. DIG - Sharpe Ratio Comparison

The current TZA Sharpe Ratio is -1.16, which is lower than the DIG Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of TZA and DIG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TZA	DIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.16	2.22	-3.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	0.55	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.63	0.09	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	-0.00	-0.71

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.

Drawdown Indicators

	TZA	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-97.04%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-67.28%	-23.29%	-43.99%
Max Drawdown (3Y) Largest decline over 3 years	-88.34%	-42.41%	-45.93%
Max Drawdown (5Y) Largest decline over 5 years	-90.83%	-46.02%	-44.81%
Max Drawdown (10Y) Largest decline over 10 years	-99.71%	-92.53%	-7.18%
Current Drawdown Current decline from peak	-100.00%	-51.27%	-48.73%
Average Drawdown Average peak-to-trough decline	-98.00%	-64.37%	-33.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.51%	8.49%	+35.02%

Volatility

TZA vs. DIG - Volatility Comparison

Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares Ultra Oil & Gas (DIG) have volatilities of 17.03% and 16.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TZA	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	16.56%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	40.64%	33.14%	+7.50%
Volatility (1Y) Calculated over the trailing 1-year period	57.05%	40.88%	+16.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.43%	51.59%	+15.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.91%	57.81%	+11.10%

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 4.82%, more than DIG's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.50%	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	4.82%	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

Can I hold both TZA and DIG in my portfolio?

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.

Which is riskier, TZA or DIG?

TZA has higher volatility (17.03%) compared to DIG (16.56%). In terms of maximum drawdown, TZA dropped -100.00% vs DIG's -97.04%.

Which ETF is better, TZA or DIG?

On 10-year performance, DIG leads with 5.32% vs -43.15% for TZA. On fees, DIG is cheaper at 0.95% per year. On volatility, DIG has been the lower-risk option at 16.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TZA or DIG?

Over the 10-year period, DIG has performed better with a 5.32% return vs -43.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TZA or DIG?

DIG is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.

Which ETF pays a higher dividend yield, TZA or DIG?

TZA has the higher dividend yield at 4.82%, compared with 1.50% for DIG.

What is the main difference between TZA and 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.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (2.22 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.