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TZA vs. QQQE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TZA vs. QQQE

Last updated Jun 4, 2026

TZA (Direxion Daily Small Cap Bear 3X Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, TZA returned -43.15%/yr vs 15.49%/yr for QQQE. At a correlation of -0.79, they often move in opposite directions. TZA charges 1.11%/yr vs 0.35%/yr for QQQE.

Performance

TZA vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TZA achieves a -40.43% return, which is significantly lower than QQQE's 19.12% return. Over the past 10 years, TZA has underperformed QQQE with an annualized return of -43.15%, while QQQE has yielded a comparatively higher 15.49% 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%

QQQE

1D
-0.10%
1M
10.46%
YTD
19.12%
6M
17.48%
1Y
28.68%
3Y*
18.69%
5Y*
10.30%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TZA vs. QQQE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		19.12%14.58%6.98%33.76%-24.47%17.93%37.85%36.43%-5.40%26.53%

Correlation

The correlation between TZA and QQQE is -0.78, 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

-0.78

Correlation (3Y)
Calculated over the trailing 3-year period

-0.79

Correlation (5Y)
Calculated over the trailing 5-year period

-0.82

Correlation (10Y)
Calculated over the trailing 10-year period

-0.79

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2012

-0.79

The correlation between TZA and QQQE has been stable across timeframes, ranging from -0.82 to -0.78 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Direxion Daily Small Cap Bear 3X Shares

Direxion NASDAQ-100 Equal Weighted Index Shares

Often compared with TZA:
TZA vs. TNATZA vs. SRTYTZA vs. IWMTZA vs. SOXSTZA vs. SDSTZA vs. TECSTZA vs. FAZ
Often compared with QQQE:
QQQE vs. QQQQQQE vs. QQQMQQQE vs. QQEWQQQE vs. SPYGQQQE vs. TQQQQQQE vs. VOOQQQE vs. SPY

Return for Risk

TZA vs. QQQE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TZA
TZA Risk / Return Rank: 11
Overall Rank
TZA Sharpe Ratio Rank: 11
Sharpe Ratio Rank
TZA Sortino Ratio Rank: 11
Sortino Ratio Rank
TZA Omega Ratio Rank: 11
Omega Ratio Rank
TZA Calmar Ratio Rank: 11
Calmar Ratio Rank
TZA Martin Ratio Rank: 11
Martin Ratio Rank
QQQE
QQQE Risk / Return Rank: 5858
Overall Rank
QQQE Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QQQE Sortino Ratio Rank: 5757
Sortino Ratio Rank
QQQE Omega Ratio Rank: 5555
Omega Ratio Rank
QQQE Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQE Martin Ratio Rank: 5959
Martin Ratio Rank
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. QQQE - 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 NASDAQ-100 Equal Weighted Index Shares (QQQE). 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.

TZAQQQEDifference

Sharpe ratio

Return per unit of total volatility

-1.16

2.04

-3.20

Sortino ratio

Return per unit of downside risk

-2.07

2.79

-4.86

Omega ratio

Gain probability vs. loss probability

0.78

1.35

-0.57

Calmar ratio

Return relative to maximum drawdown

-0.98

3.06

-4.04

Martin ratio

Return relative to average drawdown

-1.51

10.57

-12.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TZA vs. QQQE - Sharpe Ratio Comparison

The current TZA Sharpe Ratio is -1.16, which is lower than the QQQE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TZA and QQQE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TZAQQQEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.16

2.04

-3.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.51

-0.96

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.63

0.75

-1.38

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.71

0.76

-1.48

Drawdowns

TZA vs. QQQE - Drawdown Comparison

The maximum TZA drawdown since its inception was -100.00%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for TZA and QQQE.

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Drawdown Indicators

TZAQQQEDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-32.14%

-67.86%

Max Drawdown (1Y)

Largest decline over 1 year

-67.28%

-9.41%

-57.87%

Max Drawdown (3Y)

Largest decline over 3 years

-88.34%

-21.38%

-66.96%

Max Drawdown (5Y)

Largest decline over 5 years

-90.83%

-32.14%

-58.69%

Max Drawdown (10Y)

Largest decline over 10 years

-99.71%

-32.14%

-67.57%

Current Drawdown

Current decline from peak

-100.00%

-0.10%

-99.90%

Average Drawdown

Average peak-to-trough decline

-98.00%

-5.17%

-92.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

43.51%

2.72%

+40.79%

Volatility

TZA vs. QQQE - Volatility Comparison

Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.79%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TZAQQQEDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.03%

3.79%

+13.24%

Volatility (6M)

Calculated over the trailing 6-month period

40.64%

10.64%

+30.00%

Volatility (1Y)

Calculated over the trailing 1-year period

57.05%

14.15%

+42.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.43%

20.30%

+47.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

68.91%

20.72%

+48.19%

TZA vs. QQQE - Expense Ratio Comparison

TZA has a 1.11% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

TZA vs. QQQE - Dividend Comparison

TZA's dividend yield for the trailing twelve months is around 4.82%, more than QQQE's 0.52% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		0.52%0.52%0.86%0.79%0.98%3.83%0.54%0.74%0.80%0.65%1.17%0.57%
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%0.00%0.00%

Frequently Asked Questions

TZA and QQQE have a correlation of -0.78, 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 QQQE (3.79%). In terms of maximum drawdown, TZA dropped -100.00% vs QQQE's -32.14%.

On 10-year performance, QQQE leads with 15.49% vs -43.15% for TZA. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQE has performed better with a 15.49% return vs -43.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQE is cheaper with a 0.35% expense ratio, compared with 1.11% for TZA.

TZA has the higher dividend yield at 4.82%, compared with 0.52% for QQQE.

TZA is categorized as Leveraged Equities, while QQQE is Nasdaq-100. TZA tracks Russell 2000 Index (-300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.11% for TZA and 0.35% for QQQE.

QQQE currently has the higher Sharpe Ratio (2.04 vs -1.16), 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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