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 -42.81%/yr vs -37.89%/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 -45.77% return, which is significantly lower than QID's -24.66% return. Over the past 10 years, TZA has underperformed QID with an annualized return of -42.81%, while QID has yielded a comparatively higher -37.89% annualized return.
TZA
- 1D
- 0.10%
- 1M
- -3.28%
- 6M
- -32.12%
- YTD
- -45.77%
- 1Y
- -62.64%
- 3Y*
- -42.78%
- 5Y*
- -33.32%
- 10Y*
- -42.81%
QID
- 1D
- 3.44%
- 1M
- 7.92%
- 6M
- -23.02%
- YTD
- -24.66%
- 1Y
- -37.01%
- 3Y*
- -34.07%
- 5Y*
- -29.22%
- 10Y*
- -37.89%
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 | -45.77% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
QID ProShares UltraShort QQQ | -24.66% | -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 | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.75 |
The correlation between TZA and QID has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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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.
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 | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.84 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.83 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.61 | +0.19 |
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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 | -67.34% | -44.65% | -22.69% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -79.50% | -10.00% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -88.72% | -3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -99.24% | -0.43% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -87.06% | -10.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.18% | 23.08% | +21.10% |
Volatility
TZA vs. QID - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.24%, while ProShares UltraShort QQQ (QID) has a volatility of 15.04%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky 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 | 11.24% | 15.04% | -3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 42.46% | 30.91% | +11.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.67% | 37.38% | +20.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.48% | 45.63% | +21.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.78% | 44.85% | +23.93% |
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 4.89%, less than QID's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.82% | 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 | 4.89% | 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.
QID has higher volatility (15.04%) compared to TZA (11.24%). In terms of maximum drawdown, TZA dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -37.89% vs -42.81% for TZA. On fees, QID is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 11.24%. 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 -37.89% return vs -42.81%. 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 7.82%, compared with 4.89% 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.
QID currently has the higher Sharpe Ratio (-0.99 vs -1.09), 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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