TZA vs. SOXL
TZA (Direxion Daily Small Cap Bear 3X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while SOXL tracks the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 48.63%/yr for SOXL. Their -0.70 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.75%/yr for SOXL.
Performance
TZA vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than SOXL's 172.95% return. Over the past 10 years, TZA has underperformed SOXL with an annualized return of -42.58%, while SOXL has yielded a comparatively higher 48.63% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
SOXL
- 1D
- 0.00%
- 1M
- -36.78%
- 6M
- 85.66%
- YTD
- 172.95%
- 1Y
- 376.55%
- 3Y*
- 60.01%
- 5Y*
- 21.65%
- 10Y*
- 48.63%
- ALL TIME*
- 38.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.60B | $10.77B | $11.72B | |
| $153.79M | $463.04M | $1.03B |
TZA vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 172.95% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between TZA and SOXL is -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.70 |
The correlation between TZA and SOXL has been stable across timeframes, ranging from -0.70 to -0.63 - a consistent structural relationship.
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Return for Risk
TZA vs. SOXL — Risk / Return Rank
TZA
SOXL
TZA vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.85 | ||
| Sortino ratioReturn per unit of downside risk | -4.51 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.36 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 5.22 | -6.14 |
| Martin ratioReturn relative to average drawdown | -1.34 | 18.04 | -19.38 |
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Drawdowns
TZA vs. SOXL - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TZA and SOXL.
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Drawdown Indicators
| TZA | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.46% | -9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -69.42% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -87.88% | -1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -90.46% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -90.46% | -9.21% |
Current DrawdownCurrent decline from peak | -100.00% | -61.86% | -38.14% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -35.00% | -63.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 20.04% | +26.14% |
Volatility
TZA vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 52.68%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 52.68% | -41.43% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 115.51% | -73.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 130.99% | -73.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 113.21% | -45.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 102.11% | -33.28% |
TZA vs. SOXL - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
TZA vs. SOXL - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% | 0.00% |
Frequently Asked Questions
TZA and SOXL have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (52.68%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 48.63% vs -42.58% for TZA. On fees, SOXL is cheaper at 0.75% per year. On volatility, TZA has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 48.63% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.67%, compared with 0.01% for SOXL.
TZA tracks Russell 2000 Index (-300%), while SOXL tracks NYSE Semiconductor Index. Their fees differ too: 1.11% for TZA and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (2.77 vs -1.07), 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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