TZA vs. SPUU
TZA (Direxion Daily Small Cap Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, TZA returned -43.15%/yr vs 24.77%/yr for SPUU. At a correlation of -0.80, they often move in opposite directions. TZA charges 1.11%/yr vs 0.64%/yr for SPUU.
Performance
TZA vs. SPUU - 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 SPUU's 19.82% return. Over the past 10 years, TZA has underperformed SPUU with an annualized return of -43.15%, while SPUU has yielded a comparatively higher 24.77% annualized 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%
SPUU
- 1D
- -1.27%
- 1M
- 10.01%
- YTD
- 19.82%
- 6M
- 19.11%
- 1Y
- 53.61%
- 3Y*
- 38.21%
- 5Y*
- 20.19%
- 10Y*
- 24.77%
TZA vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 19.82% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between TZA and SPUU is -0.78, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014 | -0.80 |
The correlation between TZA and SPUU has been stable across timeframes, ranging from -0.81 to -0.76 - a consistent structural relationship.
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Return for Risk
TZA vs. SPUU — Risk / Return Rank
TZA
SPUU
TZA vs. SPUU - 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 S&P 500 Bull 2x Shares (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -4.94 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.38 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.96 | -3.94 |
| Martin ratioReturn relative to average drawdown | -1.51 | 13.06 | -14.57 |
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 | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 2.26 | -3.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.61 | -1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | 0.69 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.63 | -1.35 |
Drawdowns
TZA vs. SPUU - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TZA and SPUU.
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Drawdown Indicators
| TZA | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -18.19% | -49.09% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -35.18% | -53.16% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -46.59% | -44.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -59.35% | -40.36% |
Current DrawdownCurrent decline from peak | -100.00% | -1.27% | -98.73% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -9.51% | -88.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 4.12% | +39.39% |
Volatility
TZA vs. SPUU - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 5.71% | +11.32% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 18.09% | +22.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 23.90% | +33.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 33.46% | +33.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 35.77% | +33.14% |
TZA vs. SPUU - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
TZA vs. SPUU - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.34% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TZA and SPUU have a correlation of -0.78, 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 SPUU (5.71%). In terms of maximum drawdown, TZA dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.77% vs -43.15% for TZA. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.77% return vs -43.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.82%, compared with 1.34% for SPUU.
TZA tracks Russell 2000 Index (-300%), while SPUU tracks S&P 500 Index (200%). Their fees differ too: 1.11% for TZA and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.26 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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