TZA vs. SRTY
TZA (Direxion Daily Small Cap Bear 3X Shares) and SRTY (ProShares UltraPro Short Russell2000) are both Leveraged Equities funds tracking the Russell 2000 Index (-300%), from Direxion and ProShares respectively. Both are passively managed. Over the past 10 years, TZA returned -44.28%/yr vs -44.81%/yr for SRTY. With a 1.00 correlation, they move nearly in lockstep. TZA charges 1.11%/yr vs 0.95%/yr for SRTY.
Performance
TZA vs. SRTY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TZA having a -47.43% return and SRTY slightly lower at -47.54%. Both investments have delivered pretty close results over the past 10 years, with TZA having a -44.28% annualized return and SRTY not far behind at -44.81%.
TZA
- 1D
- -2.74%
- 1M
- -14.44%
- YTD
- -47.43%
- 6M
- -42.41%
- 1Y
- -69.35%
- 3Y*
- -47.24%
- 5Y*
- -31.37%
- 10Y*
- -44.28%
SRTY
- 1D
- -2.68%
- 1M
- -14.37%
- YTD
- -47.54%
- 6M
- -42.54%
- 1Y
- -69.47%
- 3Y*
- -47.70%
- 5Y*
- -32.04%
- 10Y*
- -44.81%
TZA vs. SRTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -47.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
SRTY ProShares UltraPro Short Russell2000 | -47.54% | -40.55% | -32.91% | -42.02% | 28.99% | -51.67% | -80.61% | -53.83% | 23.37% | -38.31% |
Correlation
The correlation between TZA and SRTY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 1.00 |
The correlation between TZA and SRTY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
TZA vs. SRTY — Risk / Return Rank
TZA
SRTY
TZA vs. SRTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares UltraPro Short Russell2000 (SRTY). 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 | SRTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.76 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.02 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.60 | -1.60 | 0.00 |
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Drawdowns
TZA vs. SRTY - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum SRTY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TZA and SRTY.
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Drawdown Indicators
| TZA | SRTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -68.23% | -68.34% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -89.46% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -91.87% | +0.31% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -99.76% | +0.02% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -94.14% | -3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.01% | 45.14% | -0.13% |
Volatility
TZA vs. SRTY - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares UltraPro Short Russell2000 (SRTY) have volatilities of 19.05% and 19.34%, 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 | SRTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.05% | 19.34% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 42.78% | 42.98% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.69% | 58.91% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 67.67% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.07% | 68.51% | +0.56% |
TZA vs. SRTY - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SRTY's 0.95% expense ratio.
Dividends
TZA vs. SRTY - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.46%, less than SRTY's 10.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SRTY ProShares UltraPro Short Russell2000 | 10.42% | 6.87% | 9.40% | 4.93% | 0.17% | 0.00% | 0.95% | 2.13% | 0.70% | 0.04% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.46% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, TZA and SRTY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SRTY has higher volatility (19.34%) compared to TZA (19.05%). In terms of maximum drawdown, TZA dropped -100.00% vs SRTY's -100.00%.
On 10-year performance, TZA leads with -44.28% vs -44.81% for SRTY. On fees, SRTY is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 19.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TZA has performed better with a -44.28% return vs -44.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRTY is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
SRTY has the higher dividend yield at 10.42%, compared with 5.46% for TZA.
Both ETFs track Russell 2000 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for SRTY.
SRTY currently has the higher Sharpe Ratio (-1.18 vs -1.19), 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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