TZA vs. SARK
TZA (Direxion Daily Small Cap Bear 3X Shares) and SARK (Tradr Short Innovation Daily ETF) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while SARK is a Inverse Equities fund actively managed by AXS. TZA is passively managed, while SARK is actively managed. Over the past 3 years, TZA returned -42.97%/yr vs -27.37%/yr for SARK. A 0.78 correlation means they provide meaningful diversification when combined. TZA charges 1.11%/yr vs 0.75%/yr for SARK.
Performance
TZA vs. SARK - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -44.60% return, which is significantly lower than SARK's -8.35% return.
TZA
- 1D
- 2.26%
- 1M
- -0.96%
- 6M
- -33.75%
- YTD
- -44.60%
- 1Y
- -61.49%
- 3Y*
- -42.97%
- 5Y*
- -32.31%
- 10Y*
- -42.71%
SARK
- 1D
- 2.42%
- 1M
- -4.13%
- 6M
- -1.28%
- YTD
- -8.35%
- 1Y
- -17.72%
- 3Y*
- -27.37%
- 5Y*
- —
- 10Y*
- —
TZA vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -44.60% | -40.22% | -32.22% | -41.19% | 30.21% | 22.24% |
SARK Tradr Short Innovation Daily ETF | -8.35% | -25.93% | -36.90% | -46.32% | 83.35% | 24.05% |
Correlation
The correlation between TZA and SARK is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.78 |
The correlation between TZA and SARK has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
TZA vs. SARK — Risk / Return Rank
TZA
SARK
TZA vs. SARK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Tradr Short Innovation Daily ETF (SARK). 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 | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.94 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.68 | -0.24 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.19 | -0.22 |
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Drawdowns
TZA vs. SARK - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than SARK's maximum drawdown of -81.07%. Use the drawdown chart below to compare losses from any high point for TZA and SARK.
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Drawdown Indicators
| TZA | SARK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.07% | -18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -26.34% | -41.00% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -74.42% | -15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -79.77% | -20.23% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -47.16% | -50.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.61% | 14.88% | +28.73% |
Volatility
TZA vs. SARK - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 14.74% compared to Tradr Short Innovation Daily ETF (SARK) at 10.16%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than SARK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | SARK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.74% | 10.16% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 42.49% | 26.83% | +15.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.13% | 36.04% | +22.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 55.93% | +11.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.81% | 55.93% | +12.88% |
TZA vs. SARK - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SARK's 0.75% expense ratio.
Dividends
TZA vs. SARK - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.78%, more than SARK's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.07% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.78% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and SARK have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (14.74%) compared to SARK (10.16%). In terms of maximum drawdown, TZA dropped -100.00% vs SARK's -81.07%.
On 3-year performance, SARK leads with -27.37% vs -42.97% for TZA. On fees, SARK is cheaper at 0.75% per year. On volatility, SARK has been the lower-risk option at 10.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SARK has performed better with a -27.37% return vs -42.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.78%, compared with 3.07% for SARK.
TZA is categorized as Leveraged Equities, while SARK is Inverse Equities. They also come from different issuers: Direxion and AXS. Their fees differ too: 1.11% for TZA and 0.75% for SARK.
SARK currently has the higher Sharpe Ratio (-0.49 vs -1.06), 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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