TZA vs. SARK
Compare and contrast key facts about Direxion Daily Small Cap Bear 3X Shares (TZA) and Tradr Short Innovation Daily ETF (SARK).
TZA and SARK are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. SARK is an actively managed fund by AXS. It was launched on Nov 5, 2021.
Performance
TZA vs. SARK - Performance Comparison
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TZA vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -7.36% | -40.22% | -32.22% | -41.19% | 30.21% | 20.12% |
SARK Tradr Short Innovation Daily ETF | 8.23% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Returns By Period
In the year-to-date period, TZA achieves a -7.36% return, which is significantly lower than SARK's 8.23% return.
TZA
- 1D
- -1.85%
- 1M
- 14.81%
- YTD
- -7.36%
- 6M
- -14.42%
- 1Y
- -58.53%
- 3Y*
- -37.32%
- 5Y*
- -24.98%
- 10Y*
- -41.52%
SARK
- 1D
- -1.21%
- 1M
- 6.96%
- YTD
- 8.23%
- 6M
- 18.23%
- 1Y
- -34.20%
- 3Y*
- -28.25%
- 5Y*
- —
- 10Y*
- —
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TZA vs. SARK - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SARK's 0.75% expense ratio.
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 | -0.85 | -0.74 | -0.10 |
Sortino ratioReturn per unit of downside risk | -1.24 | -0.95 | -0.29 |
Omega ratioGain probability vs. loss probability | 0.85 | 0.89 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.59 | -0.18 |
Martin ratioReturn relative to average drawdown | -0.96 | -0.73 | -0.23 |
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 | -0.85 | -0.74 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.19 | -0.51 |
Correlation
The correlation between TZA and SARK is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TZA vs. SARK - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 3.10%, more than SARK's 2.60% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | 3.10% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
SARK Tradr Short Innovation Daily ETF | 2.60% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | -76.19% | -59.44% | -16.75% |
Max Drawdown (5Y)Largest decline over 5 years | -87.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.64% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -76.11% | -23.89% |
Average DrawdownAverage peak-to-trough decline | -97.98% | -45.20% | -52.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.24% | 47.97% | +13.27% |
Volatility
TZA vs. SARK - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 22.27% compared to Tradr Short Innovation Daily ETF (SARK) at 12.41%. 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 | 22.27% | 12.41% | +9.86% |
Volatility (6M)Calculated over the trailing 6-month period | 43.41% | 27.16% | +16.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.32% | 46.26% | +23.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.52% | 56.94% | +10.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.78% | 56.94% | +11.84% |