TZA vs. SPXL
TZA (Direxion Daily Small Cap Bear 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 28.61%/yr for SPXL. Their -0.85 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.84%/yr for SPXL.
Performance
TZA vs. SPXL - 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 SPXL's 22.10% return. Over the past 10 years, TZA has underperformed SPXL with an annualized return of -42.58%, while SPXL has yielded a comparatively higher 28.61% 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%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $473.70M | $462.79M | $534.56M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 22.10% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between TZA and SPXL is -0.79, 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. | -0.79 |
Correlation (3Y) Balances recent behavior with more history. | -0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.85 |
The correlation between TZA and SPXL has been stable across timeframes, ranging from -0.85 to -0.78 - a consistent structural relationship.
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Return for Risk
TZA vs. SPXL — Risk / Return Rank
TZA
SPXL
TZA vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.76 | -2.68 |
| Martin ratioReturn relative to average drawdown | -1.34 | 6.74 | -8.07 |
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Drawdowns
TZA vs. SPXL - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TZA and SPXL.
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Drawdown Indicators
| TZA | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -26.77% | -40.57% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -48.95% | -40.55% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -63.80% | -27.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -76.86% | -22.81% |
Current DrawdownCurrent decline from peak | -100.00% | -6.70% | -93.30% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -16.04% | -81.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 6.98% | +39.20% |
Volatility
TZA vs. SPXL - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 11.25% and 10.75%, 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 | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 10.75% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 30.45% | +11.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 38.62% | +19.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 50.62% | +16.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 53.45% | +15.38% |
TZA vs. SPXL - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TZA vs. SPXL - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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% |
Frequently Asked Questions
TZA and SPXL have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (11.25%) compared to SPXL (10.75%). In terms of maximum drawdown, TZA dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.61% vs -42.58% for TZA. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.61% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.67%, compared with 0.53% for SPXL.
TZA tracks Russell 2000 Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.11% for TZA and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.22 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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