TZA vs. SPXS
TZA (Direxion Daily Small Cap Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TZA returned -43.15%/yr vs -42.01%/yr for SPXS. Their correlation of 0.85 suggests significant overlap in exposure. TZA charges 1.11%/yr vs 1.08%/yr for SPXS.
Performance
TZA vs. SPXS - 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 SPXS's -25.49% return. Both investments have delivered pretty close results over the past 10 years, with TZA having a -43.15% annualized return and SPXS not far ahead at -42.01%.
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%
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
TZA vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TZA and SPXS is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
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 | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.85 |
The correlation between TZA and SPXS has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
TZA vs. SPXS — Risk / Return Rank
TZA
SPXS
TZA vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.75 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.62 | +0.12 |
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 | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | -1.38 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.69 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | -0.79 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.83 | +0.12 |
Drawdowns
TZA vs. SPXS - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TZA and SPXS.
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Drawdown Indicators
| TZA | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -50.77% | -16.51% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -84.13% | -4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -90.11% | -0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -99.63% | -0.08% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -96.30% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 30.04% | +13.47% |
Volatility
TZA vs. SPXS - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 8.51% | +8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 26.82% | +13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 35.54% | +21.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 50.39% | +17.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 53.54% | +15.37% |
TZA vs. SPXS - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
TZA vs. SPXS - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
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% |
Frequently Asked Questions
TZA and SPXS 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 (17.03%) compared to SPXS (8.51%). In terms of maximum drawdown, TZA dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.01% vs -43.15% for TZA. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -42.01% return vs -43.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.11% for TZA.
SPXS has the higher dividend yield at 4.91%, compared with 4.82% for TZA.
TZA is categorized as Leveraged Equities, while SPXS is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.11% for TZA and 1.08% for SPXS.
TZA currently has the higher Sharpe Ratio (-1.16 vs -1.38), 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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