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 -44.69%/yr vs -30.74%/yr for SARK. A 0.79 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 -40.43% return, which is significantly lower than SARK's -6.78% 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%
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
TZA vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | 20.12% |
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Correlation
The correlation between TZA and SARK is 0.74, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.79 |
The correlation between TZA and SARK has been stable across timeframes, ranging from 0.74 to 0.79 - 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.
| TZA | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.86 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.83 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.11 | -0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TZA | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | -0.95 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.24 | -0.47 |
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 | -67.28% | -40.75% | -26.53% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -74.42% | -13.92% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -79.42% | -20.58% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -46.46% | -51.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 30.47% | +13.04% |
Volatility
TZA vs. SARK - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to Tradr Short Innovation Daily ETF (SARK) at 9.13%. 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 | 17.03% | 9.13% | +7.90% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 25.05% | +15.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 35.91% | +21.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 56.24% | +11.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 56.24% | +12.67% |
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 4.82%, more than SARK's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.02% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.82% | 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 0.74, 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 SARK (9.13%). In terms of maximum drawdown, TZA dropped -100.00% vs SARK's -81.07%.
On 3-year performance, SARK leads with -30.74% vs -44.69% for TZA. On fees, SARK is cheaper at 0.75% per year. On volatility, SARK has been the lower-risk option at 9.13%. 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 -30.74% return vs -44.69%. 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 4.82%, compared with 3.02% 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 (-0.94 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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