TZA vs. QQQE
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 -42.58%/yr vs 14.70%/yr for QQQE. Their -0.79 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.35%/yr for QQQE.
Performance
TZA vs. QQQE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than QQQE's 14.79% return. Over the past 10 years, TZA has underperformed QQQE with an annualized return of -42.58%, while QQQE has yielded a comparatively higher 14.70% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
QQQE
- 1D
- 0.29%
- 1M
- -2.56%
- 6M
- 13.07%
- YTD
- 14.79%
- 1Y
- 21.68%
- 3Y*
- 14.21%
- 5Y*
- 8.11%
- 10Y*
- 14.70%
- ALL TIME*
- 14.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.33M | $22.31M | $23.91M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. QQQE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -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 | 14.79% | 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 -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.79 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2012 | -0.79 |
The correlation between TZA and QQQE has been stable across timeframes, ranging from -0.83 to -0.79 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TZA vs. QQQE — Risk / Return Rank
TZA
QQQE
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.
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 | QQQE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.11 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.34 | 6.75 | -8.09 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| TZA | QQQE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -32.14% | -67.86% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -9.41% | -57.93% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -21.38% | -68.12% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -32.14% | -59.60% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -32.14% | -67.53% |
Current DrawdownCurrent decline from peak | -100.00% | -4.46% | -95.54% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -5.14% | -92.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 2.94% | +43.24% |
Volatility
TZA vs. QQQE - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 11.25% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.68%. 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.
Loading charts...
Volatility by Period
| TZA | QQQE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 3.68% | +7.57% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 12.96% | +29.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 16.02% | +41.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 20.58% | +46.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 20.76% | +48.07% |
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 4.67%, more than QQQE's 0.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.58% | 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 | 4.67% | 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 -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (11.25%) compared to QQQE (3.68%). In terms of maximum drawdown, TZA dropped -100.00% vs QQQE's -32.14%.
On 10-year performance, QQQE leads with 14.70% vs -42.58% for TZA. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.68%. 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 14.70% return vs -42.58%. 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 4.67%, compared with 0.58% 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 (1.25 vs -1.07), 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.
Find the right allocation for TZA and QQQE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer