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 -42.71%/yr vs 28.76%/yr for SPXL. At a correlation of -0.85, they often move in opposite directions. 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 -44.60% return, which is significantly lower than SPXL's 24.15% return. Over the past 10 years, TZA has underperformed SPXL with an annualized return of -42.71%, while SPXL has yielded a comparatively higher 28.76% annualized return.
TZA
- 1D
- 2.26%
- 1M
- -0.96%
- 6M
- -33.75%
- YTD
- -44.60%
- 1Y
- -61.49%
- 3Y*
- -42.97%
- 5Y*
- -32.31%
- 10Y*
- -42.71%
SPXL
- 1D
- -2.31%
- 1M
- 2.62%
- 6M
- 17.57%
- YTD
- 24.15%
- 1Y
- 54.60%
- 3Y*
- 44.34%
- 5Y*
- 20.30%
- 10Y*
- 28.76%
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 | -44.60% | -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 | 24.15% | 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 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.25 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.05 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.41 | 8.10 | -9.52 |
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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% | -5.13% | -94.87% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -16.07% | -81.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.61% | 6.76% | +36.85% |
Volatility
TZA vs. SPXL - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 14.74% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 12.75%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. 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 | 14.74% | 12.75% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 42.49% | 30.07% | +12.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.13% | 37.72% | +20.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 50.60% | +16.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.81% | 53.40% | +15.41% |
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 4.78%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 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 | 4.78% | 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 (14.74%) compared to SPXL (12.75%). In terms of maximum drawdown, TZA dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.76% vs -42.71% for TZA. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 12.75%. 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 28.76% return vs -42.71%. 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 4.78%, compared with 0.52% 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 (1.46 vs -1.06), 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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