TZA vs. FXAIX
TZA (Direxion Daily Small Cap Bear 3X Shares) and FXAIX (Fidelity 500 Index Fund) are both funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 15.00%/yr for FXAIX. Their -0.83 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.02%/yr for FXAIX.
Performance
TZA vs. FXAIX - 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 FXAIX's 9.35% return. Over the past 10 years, TZA has underperformed FXAIX with an annualized return of -42.58%, while FXAIX has yielded a comparatively higher 15.00% 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%
FXAIX
- 1D
- 1.66%
- 1M
- -0.56%
- 6M
- 7.79%
- YTD
- 9.35%
- 1Y
- 20.63%
- 3Y*
- 19.03%
- 5Y*
- 12.68%
- 10Y*
- 15.00%
- ALL TIME*
- 13.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $153.79M | $463.04M | $1.03B |
TZA vs. FXAIX - 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% |
FXAIX Fidelity 500 Index Fund | 9.35% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between TZA and FXAIX is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.79 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.81 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | -0.83 |
The correlation between TZA and FXAIX has been stable across timeframes, ranging from -0.83 to -0.77 - a consistent structural relationship.
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Return for Risk
TZA vs. FXAIX — Risk / Return Rank
TZA
FXAIX
TZA vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Fidelity 500 Index Fund (FXAIX). 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 | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.26 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.06 | -2.98 |
| Martin ratioReturn relative to average drawdown | -1.34 | 8.86 | -10.20 |
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Drawdowns
TZA vs. FXAIX - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TZA and FXAIX.
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Drawdown Indicators
| TZA | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -33.79% | -66.21% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -8.89% | -58.45% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -18.76% | -70.74% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -24.50% | -67.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -33.79% | -65.88% |
Current DrawdownCurrent decline from peak | -100.00% | -2.11% | -97.89% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -3.77% | -94.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 2.07% | +44.11% |
Volatility
TZA vs. FXAIX - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 11.25% compared to Fidelity 500 Index Fund (FXAIX) at 3.44%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 3.44% | +7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 10.09% | +32.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 12.86% | +44.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 17.03% | +50.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 18.07% | +50.76% |
TZA vs. FXAIX - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
TZA vs. FXAIX - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than FXAIX's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.07% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
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 FXAIX have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (11.25%) compared to FXAIX (3.44%). In terms of maximum drawdown, TZA dropped -100.00% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (1.43 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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