TZA vs. SKRE
TZA (Direxion Daily Small Cap Bear 3X Shares) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while SKRE is a Inverse Equities fund tracking the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, TZA returned -62.64% vs -46.37% for SKRE. A 0.71 correlation means they provide meaningful diversification when combined. TZA charges 1.11%/yr vs 0.75%/yr for SKRE.
Performance
TZA vs. SKRE - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -45.77% return, which is significantly lower than SKRE's -36.29% return.
TZA
- 1D
- 0.10%
- 1M
- -3.28%
- 6M
- -32.12%
- YTD
- -45.77%
- 1Y
- -62.64%
- 3Y*
- -42.78%
- 5Y*
- -33.32%
- 10Y*
- -42.81%
SKRE
- 1D
- -5.25%
- 1M
- -14.79%
- 6M
- -29.24%
- YTD
- -36.29%
- 1Y
- -46.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TZA vs. SKRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -45.77% | -40.22% | -38.46% |
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF | -36.29% | -31.29% | -44.47% |
Correlation
The correlation between TZA and SKRE is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024 | 0.71 |
The correlation between TZA and SKRE has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
TZA vs. SKRE — Risk / Return Rank
TZA
SKRE
TZA vs. SKRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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 | SKRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.82 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.90 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.61 | +0.19 |
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Drawdowns
TZA vs. SKRE - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than SKRE's maximum drawdown of -79.33%. Use the drawdown chart below to compare losses from any high point for TZA and SKRE.
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Drawdown Indicators
| TZA | SKRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.33% | -20.67% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -51.44% | -15.90% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | — | — |
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% | -79.33% | -20.67% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -48.53% | -49.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.18% | 28.81% | +15.37% |
Volatility
TZA vs. SKRE - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) have volatilities of 11.24% and 11.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | SKRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.24% | 11.56% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 42.46% | 32.58% | +9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.67% | 46.09% | +11.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.48% | 55.12% | +12.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.78% | 55.12% | +13.66% |
TZA vs. SKRE - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SKRE's 0.75% expense ratio.
Dividends
TZA vs. SKRE - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.89%, more than SKRE's 0.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF | 0.40% | 0.26% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.89% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and SKRE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKRE has higher volatility (11.56%) compared to TZA (11.24%). In terms of maximum drawdown, TZA dropped -100.00% vs SKRE's -79.33%.
On 1-year performance, SKRE leads with -46.37% vs -62.64% for TZA. On fees, SKRE is cheaper at 0.75% per year. On volatility, TZA has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SKRE has performed better with a -46.37% return vs -62.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKRE is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.89%, compared with 0.40% for SKRE.
TZA is categorized as Leveraged Equities, while SKRE is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: Direxion and Tuttle. Their fees differ too: 1.11% for TZA and 0.75% for SKRE.
SKRE currently has the higher Sharpe Ratio (-1.01 vs -1.09), 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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