TZA vs. IFED
TZA (Direxion Daily Small Cap Bear 3X Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - TZA tracks the Russell 2000 Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TZA returned -44.69%/yr vs 16.71%/yr for IFED. At a correlation of -0.78, they often move in opposite directions. TZA charges 1.11%/yr vs 0.45%/yr for IFED.
Performance
TZA vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -40.43% return, which is significantly lower than IFED's -3.52% 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%
IFED
- 1D
- -1.24%
- 1M
- 4.85%
- YTD
- -3.52%
- 6M
- -3.51%
- 1Y
- 1.97%
- 3Y*
- 16.71%
- 5Y*
- —
- 10Y*
- —
TZA vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -9.84% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.52% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between TZA and IFED is -0.59, 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 (1Y) Calculated over the trailing 1-year period | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | -0.78 |
The correlation between TZA and IFED shifts across timeframes, from -0.78 (all time) to -0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. IFED — Risk / Return Rank
TZA
IFED
TZA vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.16 | 0.12 | -1.28 |
Sortino ratioReturn per unit of downside risk | -2.07 | 0.29 | -2.37 |
Omega ratioGain probability vs. loss probability | 0.78 | 1.04 | -0.26 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.14 | -1.11 |
Martin ratioReturn relative to average drawdown | -1.51 | 0.34 | -1.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TZA | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 0.12 | -1.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.65 | -1.36 |
Drawdowns
TZA vs. IFED - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for TZA and IFED.
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Drawdown Indicators
| TZA | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -22.36% | -77.64% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -14.65% | -52.63% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -22.36% | -65.98% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -5.50% | -94.50% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -5.84% | -92.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 5.75% | +37.76% |
Volatility
TZA vs. IFED - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 4.50% | +12.53% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 12.86% | +27.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 16.21% | +40.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 19.88% | +47.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 19.88% | +49.03% |
TZA vs. IFED - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
TZA vs. IFED - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 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 | 4.82% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and IFED have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (17.03%) compared to IFED (4.50%). In terms of maximum drawdown, TZA dropped -100.00% vs IFED's -22.36%.
On 3-year performance, IFED leads with 16.71% vs -44.69% for TZA. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 16.71% return vs -44.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.82%, compared with 0.00% for IFED.
TZA tracks Russell 2000 Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.11% for TZA and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.12 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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