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 -44.82%/yr vs -42.33%/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
Loading charts...
Returns By Period
In the year-to-date period, TZA achieves a -47.59% return, which is significantly lower than SPXS's -19.79% return. Over the past 10 years, TZA has underperformed SPXS with an annualized return of -44.82%, while SPXS has yielded a comparatively higher -42.33% 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%
SPXS
- 1D
- 0.04%
- 1M
- 6.38%
- YTD
- -19.79%
- 6M
- -16.59%
- 1Y
- -41.52%
- 3Y*
- -40.72%
- 5Y*
- -33.23%
- 10Y*
- -42.33%
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 | -47.59% | -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 | -19.79% | -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 19, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.81 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.91 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.60 | -0.04 |
Loading charts...
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.
Loading charts...
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 | -66.73% | -45.74% | -20.99% |
Max Drawdown (3Y)Largest decline over 3 years | -89.31% | -84.13% | -5.18% |
Max Drawdown (5Y)Largest decline over 5 years | -91.59% | -90.11% | -1.48% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -99.61% | -0.11% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -96.29% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 27.24% | +16.39% |
Volatility
TZA vs. SPXS - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 18.54% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.10%. 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.
Loading charts...
Volatility by Period
| TZA | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.54% | 14.10% | +4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 42.79% | 29.36% | +13.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.52% | 37.23% | +21.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.65% | 50.68% | +16.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.96% | 53.57% | +15.39% |
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 5.06%, more than SPXS's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.23% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
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% |
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 (18.54%) compared to SPXS (14.10%). In terms of maximum drawdown, TZA dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.33% vs -44.82% for TZA. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 14.10%. 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 -42.33% return vs -44.82%. 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.
TZA has the higher dividend yield at 5.06%, compared with 4.23% for SPXS.
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.
SPXS currently has the higher Sharpe Ratio (-1.12 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.
Find the right allocation for TZA and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer