TZA vs. SPUU
TZA (Direxion Daily Small Cap Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, TZA returned -44.82%/yr vs 25.28%/yr for SPUU. At a correlation of -0.80, they often move in opposite directions. TZA charges 1.11%/yr vs 0.60%/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 -47.59% return, which is significantly lower than SPUU's 13.24% return. Over the past 10 years, TZA has underperformed SPUU with an annualized return of -44.82%, while SPUU has yielded a comparatively higher 25.28% annualized return.
TZA
- 1D
- -2.03%
- 1M
- -9.56%
- YTD
- -47.59%
- 6M
- -43.28%
- 1Y
- -68.17%
- 3Y*
- -47.17%
- 5Y*
- -30.85%
- 10Y*
- -44.82%
SPUU
- 1D
- 0.03%
- 1M
- -4.55%
- YTD
- 13.24%
- 6M
- 10.22%
- 1Y
- 39.60%
- 3Y*
- 34.71%
- 5Y*
- 18.25%
- 10Y*
- 25.28%
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 | -47.59% | -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 ETF | 13.24% | 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 | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.80 |
The correlation between TZA and SPUU has been stable across timeframes, ranging from -0.82 to -0.77 - 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 ETF (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.
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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -4.29 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.28 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.19 | -3.21 |
| Martin ratioReturn relative to average drawdown | -1.65 | 9.22 | -10.86 |
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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 | -66.73% | -18.19% | -48.54% |
Max Drawdown (3Y)Largest decline over 3 years | -89.31% | -35.18% | -54.13% |
Max Drawdown (5Y)Largest decline over 5 years | -91.59% | -46.59% | -45.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -59.35% | -40.37% |
Current DrawdownCurrent decline from peak | -100.00% | -6.69% | -93.31% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -9.48% | -88.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 4.31% | +39.32% |
Volatility
TZA vs. SPUU - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 18.54% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.51%. 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 | 18.54% | 9.51% | +9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 42.79% | 19.81% | +22.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.52% | 25.05% | +33.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.65% | 33.67% | +33.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.96% | 35.79% | +33.17% |
TZA vs. SPUU - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
TZA vs. SPUU - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.06%, more than SPUU's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.39% | 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 | 5.06% | 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 (18.54%) compared to SPUU (9.51%). In terms of maximum drawdown, TZA dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 25.28% vs -44.82% for TZA. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.51%. 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 25.28% return vs -44.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.06%, compared with 1.39% for SPUU.
TZA tracks Russell 2000 Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.11% for TZA and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.59 vs -1.17), 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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