TZA vs. KORU
TZA (Direxion Daily Small Cap Bear 3X Shares) and KORU (Direxion Daily MSCI South Korea Bull 3X Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while KORU is a South Korea Equities fund tracking the MSCI Korea 25/50 Index. Both are passively managed. Over the past 10 years, TZA returned -42.71%/yr vs 6.31%/yr for KORU. At a correlation of -0.52, they often move in opposite directions. TZA charges 1.11%/yr vs 1.32%/yr for KORU.
Performance
TZA vs. KORU - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -44.60% return, which is significantly lower than KORU's 130.89% return. Over the past 10 years, TZA has underperformed KORU with an annualized return of -42.71%, while KORU has yielded a comparatively higher 6.31% annualized return.
TZA
- 1D
- 2.26%
- 1M
- -0.96%
- 6M
- -33.75%
- YTD
- -44.60%
- 1Y
- -61.49%
- 3Y*
- -42.97%
- 5Y*
- -32.31%
- 10Y*
- -42.71%
KORU
- 1D
- -24.74%
- 1M
- -49.18%
- 6M
- 66.57%
- YTD
- 130.89%
- 1Y
- 413.07%
- 3Y*
- 60.31%
- 5Y*
- 1.85%
- 10Y*
- 6.31%
TZA vs. KORU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -44.60% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
KORU Direxion Daily MSCI South Korea Bull 3X Shares | 130.89% | 432.73% | -62.18% | 28.61% | -70.16% | -33.86% | 48.78% | 5.47% | -59.89% | 167.08% |
Correlation
The correlation between TZA and KORU is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.52 |
The correlation between TZA and KORU has been stable across timeframes, ranging from -0.56 to -0.52 - a consistent structural relationship.
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Return for Risk
TZA vs. KORU — Risk / Return Rank
TZA
KORU
TZA vs. KORU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily MSCI South Korea Bull 3X Shares (KORU). 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 | KORU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.84 | ||
| Sortino ratioReturn per unit of downside risk | -4.56 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.40 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 6.23 | -7.14 |
| Martin ratioReturn relative to average drawdown | -1.41 | 17.42 | -18.83 |
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Drawdowns
TZA vs. KORU - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum KORU drawdown of -95.79%. Use the drawdown chart below to compare losses from any high point for TZA and KORU.
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Drawdown Indicators
| TZA | KORU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -95.79% | -4.21% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -66.86% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -73.34% | -16.16% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -92.82% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -95.79% | -3.88% |
Current DrawdownCurrent decline from peak | -100.00% | -66.86% | -33.14% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -57.39% | -40.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.61% | 23.85% | +19.76% |
Volatility
TZA vs. KORU - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 14.74%, while Direxion Daily MSCI South Korea Bull 3X Shares (KORU) has a volatility of 78.13%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky than KORU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | KORU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.74% | 78.13% | -63.39% |
Volatility (6M)Calculated over the trailing 6-month period | 42.49% | 145.83% | -103.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.13% | 150.12% | -91.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 93.49% | -25.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.81% | 84.08% | -15.27% |
TZA vs. KORU - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is lower than KORU's 1.32% expense ratio.
Dividends
TZA vs. KORU - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.78%, more than KORU's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
KORU Direxion Daily MSCI South Korea Bull 3X Shares | 0.38% | 0.89% | 4.10% | 2.55% | 0.48% | 0.76% | 0.01% | 0.93% | 1.40% | 3.59% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.78% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TZA and KORU 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.
KORU has higher volatility (78.13%) compared to TZA (14.74%). In terms of maximum drawdown, TZA dropped -100.00% vs KORU's -95.79%.
On 10-year performance, KORU leads with 6.31% vs -42.71% for TZA. On fees, TZA is cheaper at 1.11% per year. On volatility, TZA has been the lower-risk option at 14.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KORU has performed better with a 6.31% return vs -42.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TZA is cheaper with a 1.11% expense ratio, compared with 1.32% for KORU.
TZA has the higher dividend yield at 4.78%, compared with 0.38% for KORU.
TZA is categorized as Leveraged Equities, while KORU is South Korea Equities. TZA tracks Russell 2000 Index (-300%), while KORU tracks MSCI Korea 25/50 Index. Their fees differ too: 1.11% for TZA and 1.32% for KORU.
KORU currently has the higher Sharpe Ratio (2.78 vs -1.06), 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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