TZA vs. PYPG

Last updated Jun 26, 2026

TZA (Direxion Daily Small Cap Bear 3X Shares) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. TZA is passively managed, while PYPG is actively managed. Over the past year, TZA returned -68.17% vs -74.90% for PYPG. At a correlation of -0.47, they often move in opposite directions. TZA charges 1.11%/yr vs 0.75%/yr for PYPG.

Performance

TZA vs. PYPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bear 3X Shares (TZA) and Leverage Shares 2X Long PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TZA achieves a -47.59% return, which is significantly higher than PYPG's -55.55% return.

TZA

• 1D: -2.03%
• 1M: -9.56%
• YTD: -47.59%
• 6M: -43.28%
• 1Y: -68.17%
• 3Y*: -47.17%
• 5Y*: -30.85%
• 10Y*: -44.82%

PYPG

• 1D: -0.69%
• 1M: -9.15%
• YTD: -55.55%
• 6M: -58.04%
• 1Y: -74.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TZA vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
TZA Direxion Daily Small Cap Bear 3X Shares	-47.59%	-60.62%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-55.55%	-20.19%

Correlation

The correlation between TZA and PYPG is -0.41, 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	-0.41
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.47

Return for Risk

TZA vs. PYPG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TZA

TZA Risk / Return Rank: 0
TZA Sharpe Ratio Rank: 1
TZA Sortino Ratio Rank: 0
TZA Omega Ratio Rank: 1
TZA Calmar Ratio Rank: 0
TZA Martin Ratio Rank: 1

PYPG

PYPG Risk / Return Rank: 2
PYPG Sharpe Ratio Rank: 2
PYPG Sortino Ratio Rank: 1
PYPG Omega Ratio Rank: 1
PYPG Calmar Ratio Rank: 1
PYPG Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TZA vs. PYPG - 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 PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	-0.97	-0.20
Sortino ratio: Return per unit of downside risk	-2.18	-1.61	-0.57
Omega ratio: Gain probability vs. loss probability	0.77	0.77	-0.01
Calmar ratio: Return relative to maximum drawdown	-1.02	-0.94	-0.08
Martin ratio: Return relative to average drawdown	-1.65	-1.40	-0.25

TZA vs. PYPG - Sharpe Ratio Comparison

The current TZA Sharpe Ratio is -1.17, which is comparable to the PYPG Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of TZA and PYPG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TZA vs. PYPG - Drawdown Comparison

The maximum TZA drawdown since its inception was -100.00%, which is greater than PYPG's maximum drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for TZA and PYPG.

Drawdown Indicators

	TZA	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-79.52%	-20.48%
Max Drawdown (1Y) Largest decline over 1 year	-66.73%	-79.52%	+12.79%
Max Drawdown (3Y) Largest decline over 3 years	-89.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.72%	—	—
Current Drawdown Current decline from peak	-100.00%	-77.79%	-22.21%
Average Drawdown Average peak-to-trough decline	-97.99%	-39.87%	-58.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.63%	53.62%	-9.99%

Volatility

TZA vs. PYPG - Volatility Comparison

Direxion Daily Small Cap Bear 3X Shares (TZA) and Leverage Shares 2X Long PYPL Daily ETF (PYPG) have volatilities of 18.54% and 18.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TZA	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.54%	18.34%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	42.79%	69.28%	-26.49%
Volatility (1Y) Calculated over the trailing 1-year period	58.52%	77.40%	-18.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.65%	77.64%	-9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.96%	77.64%	-8.68%

TZA vs. PYPG - Expense Ratio Comparison

TZA has a 1.11% expense ratio, which is higher than PYPG's 0.75% expense ratio.

Dividends

TZA vs. PYPG - Dividend Comparison

TZA's dividend yield for the trailing twelve months is around 5.06%, while PYPG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PYPG Leverage Shares 2X Long PYPL 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	5.06%	5.08%	5.40%	5.49%	0.00%	0.00%	1.21%	1.56%	0.63%

Frequently Asked Questions

Can I hold both TZA and PYPG in my portfolio?

TZA and PYPG have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TZA or PYPG?

TZA has higher volatility (18.54%) compared to PYPG (18.34%). In terms of maximum drawdown, TZA dropped -100.00% vs PYPG's -79.52%.

Which ETF is better, TZA or PYPG?

On 1-year performance, TZA leads with -68.17% vs -74.90% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 18.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TZA or PYPG?

Over the 1-year period, TZA has performed better with a -68.17% return vs -74.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TZA or PYPG?

PYPG is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.

Which ETF pays a higher dividend yield, TZA or PYPG?

TZA has the higher dividend yield at 5.06%, compared with 0.00% for PYPG.

What is the main difference between TZA and PYPG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.11% for TZA and 0.75% for PYPG.

Which has better risk-adjusted returns?

PYPG currently has the higher Sharpe Ratio (-0.97 vs -1.17), 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.