TZA vs. QID
TZA (Direxion Daily Small Cap Bear 3X Shares) and QID (ProShares UltraShort QQQ) are both Leveraged Equities funds - TZA tracks the Russell 2000 Index (-300%) while QID tracks the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, TZA returned -43.15%/yr vs -38.90%/yr for QID. A 0.75 correlation means they provide meaningful diversification when combined. TZA charges 1.11%/yr vs 0.95%/yr for QID.
Performance
TZA vs. QID - 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 QID's -32.03% return. Over the past 10 years, TZA has underperformed QID with an annualized return of -43.15%, while QID has yielded a comparatively higher -38.90% annualized 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%
QID
- 1D
- 0.52%
- 1M
- -18.27%
- YTD
- -32.03%
- 6M
- -29.81%
- 1Y
- -48.76%
- 3Y*
- -39.36%
- 5Y*
- -32.49%
- 10Y*
- -38.90%
TZA vs. QID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
QID ProShares UltraShort QQQ | -32.03% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
Correlation
The correlation between TZA and QID is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.75 |
The correlation between TZA and QID shifts across timeframes, from 0.64 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. QID — Risk / Return Rank
TZA
QID
TZA vs. QID - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares UltraShort QQQ (QID). 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 | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.73 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.96 | +0.45 |
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 | QID | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | -1.53 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.73 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | -0.88 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.81 | +0.09 |
Drawdowns
TZA vs. QID - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for TZA and QID.
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Drawdown Indicators
| TZA | QID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -49.58% | -17.70% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -79.41% | -8.93% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -88.67% | -2.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -99.37% | -0.34% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -87.00% | -11.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 24.91% | +18.60% |
Volatility
TZA vs. QID - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to ProShares UltraShort QQQ (QID) at 8.98%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | QID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 8.98% | +8.05% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 24.28% | +16.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 31.91% | +25.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 44.77% | +22.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 44.54% | +24.37% |
TZA vs. QID - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than QID's 0.95% expense ratio.
Dividends
TZA vs. QID - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, less than QID's 7.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.64% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
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% | 0.00% |
Frequently Asked Questions
TZA and QID have a correlation of 0.69, 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 QID (8.98%). In terms of maximum drawdown, TZA dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -38.90% vs -43.15% for TZA. On fees, QID is cheaper at 0.95% per year. On volatility, QID has been the lower-risk option at 8.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QID has performed better with a -38.90% return vs -43.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QID is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
QID has the higher dividend yield at 7.64%, compared with 4.82% for TZA.
TZA tracks Russell 2000 Index (-300%), while QID tracks NASDAQ-100 Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for QID.
TZA currently has the higher Sharpe Ratio (-1.16 vs -1.53), 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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