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 -40.66%/yr vs 18.74%/yr for IFED. Their -0.77 correlation means they have often moved in opposite directions in the past. 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 -43.24% return, which is significantly lower than IFED's 10.03% 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%
IFED
- 1D
- 0.00%
- 1M
- 13.92%
- 6M
- 14.63%
- YTD
- 10.03%
- 1Y
- 14.76%
- 3Y*
- 18.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.79K | $83.84K | $44.71K | |
| $153.79M | $463.04M | $1.03B |
TZA vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -12.80% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 10.03% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between TZA and IFED is -0.55, 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. | -0.55 |
Correlation (3Y) Balances recent behavior with more history. | -0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.77 |
Over the past year, the inverse relationship between TZA and IFED has weakened: their correlation has moved from -0.77 to -0.55, meaning they move in opposite directions less often than they have historically.
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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.
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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.14 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.64 | -1.56 |
| Martin ratioReturn relative to average drawdown | -1.34 | 2.01 | -3.35 |
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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 | -67.34% | -20.18% | -47.16% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -22.36% | -67.14% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -7.61% | -92.39% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -5.85% | -92.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 6.43% | +39.75% |
Volatility
TZA vs. IFED - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.07%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky 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 | 11.25% | 24.07% | -12.82% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 27.96% | +14.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 29.34% | +28.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 22.56% | +44.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 22.56% | +46.27% |
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 4.67%, 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 | 4.67% | 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 -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.07%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs IFED's -22.36%.
On 3-year performance, IFED leads with 18.74% vs -40.66% for TZA. On fees, IFED is cheaper at 0.45% per year. On volatility, TZA has been the lower-risk option at 11.25%. 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 18.74% return vs -40.66%. 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 4.67%, 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 (0.44 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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