TZA vs. GEMG
TZA (Direxion Daily Small Cap Bear 3X Shares) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. TZA is passively managed, while GEMG is actively managed. At a correlation of -0.51, they often move in opposite directions. TZA charges 1.11%/yr vs 0.75%/yr for GEMG.
Performance
TZA vs. GEMG - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -46.35% return, which is significantly higher than GEMG's -89.02% 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%
GEMG
- 1D
- -6.14%
- 1M
- -33.52%
- YTD
- -89.02%
- 6M
- -91.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TZA vs. GEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -8.07% |
GEMG Leverage Shares 2X Long GEMI Daily ETF | -89.02% | -71.91% |
Correlation
The correlation between TZA and GEMG is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025 | -0.51 |
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Return for Risk
TZA vs. GEMG — Risk / Return Rank
TZA
GEMG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TZA vs. GEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Leverage Shares 2X Long GEMI Daily ETF (GEMG). 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 | GEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.77 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | — | — |
| Martin ratioReturn relative to average drawdown | -1.56 | — | — |
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Drawdowns
TZA vs. GEMG - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for TZA and GEMG.
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Drawdown Indicators
| TZA | GEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -97.26% | -2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -68.07% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -97.10% | -2.90% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -81.17% | -16.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | — | — |
Volatility
TZA vs. GEMG - Volatility Comparison
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Volatility by Period
| TZA | GEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.17% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 219.33% | -160.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 219.33% | -151.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 219.33% | -150.35% |
TZA vs. GEMG - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than GEMG's 0.75% expense ratio.
Dividends
TZA vs. GEMG - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.35%, while GEMG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GEMG Leverage Shares 2X Long GEMI Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
TZA and GEMG have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GEMG is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.35%, compared with 0.00% for GEMG.
They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.11% for TZA and 0.75% for GEMG.
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