TZA vs. QTAP
TZA (Direxion Daily Small Cap Bear 3X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. TZA is passively managed, while QTAP is actively managed. Over the past 5 years, TZA returned -30.85%/yr vs 12.76%/yr for QTAP. At a correlation of -0.67, they often move in opposite directions. TZA charges 1.11%/yr vs 0.79%/yr for QTAP.
Performance
TZA vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -47.59% return, which is significantly lower than QTAP's 13.22% 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%
QTAP
- 1D
- 0.41%
- 1M
- -1.07%
- YTD
- 13.22%
- 6M
- 13.12%
- 1Y
- 21.83%
- 3Y*
- 20.17%
- 5Y*
- 12.76%
- 10Y*
- —
TZA vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -47.59% | -40.22% | -32.22% | -41.19% | 30.21% | -20.56% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.22% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between TZA and QTAP is -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.67 |
The correlation between TZA and QTAP has been stable across timeframes, ranging from -0.68 to -0.58 - a consistent structural relationship.
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Return for Risk
TZA vs. QTAP — Risk / Return Rank
TZA
QTAP
TZA vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.79 | ||
| Sortino ratioReturn per unit of downside risk | -8.06 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.91 | -1.15 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 8.80 | -9.83 |
| Martin ratioReturn relative to average drawdown | -1.65 | 48.87 | -50.52 |
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Drawdowns
TZA vs. QTAP - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for TZA and QTAP.
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Drawdown Indicators
| TZA | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -29.44% | -70.56% |
Max Drawdown (1Y)Largest decline over 1 year | -66.73% | -2.49% | -64.24% |
Max Drawdown (3Y)Largest decline over 3 years | -89.31% | -13.03% | -76.28% |
Max Drawdown (5Y)Largest decline over 5 years | -91.59% | -29.44% | -62.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.36% | -98.64% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -4.99% | -93.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 0.45% | +43.18% |
Volatility
TZA vs. QTAP - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 18.54% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 3.01%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.54% | 3.01% | +15.53% |
Volatility (6M)Calculated over the trailing 6-month period | 42.79% | 4.94% | +37.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.52% | 6.05% | +52.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.65% | 18.92% | +48.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.96% | 18.70% | +50.26% |
TZA vs. QTAP - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
TZA vs. QTAP - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.06%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 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
TZA and QTAP have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (18.54%) compared to QTAP (3.01%). In terms of maximum drawdown, TZA dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.76% vs -30.85% for TZA. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.76% return vs -30.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.06%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.11% for TZA and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (3.62 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.
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