TZA vs. SZK
TZA (Direxion Daily Small Cap Bear 3X Shares) and SZK (ProShares UltraShort Consumer Goods) are both Leveraged Equities funds - TZA tracks the Russell 2000 Index (-300%) while SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%). Both are passively managed. Over the past 10 years, TZA returned -44.17%/yr vs -16.68%/yr for SZK. A 0.56 correlation means they provide meaningful diversification when combined. TZA charges 1.11%/yr vs 0.95%/yr for SZK.
Performance
TZA vs. SZK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TZA achieves a -46.35% return, which is significantly lower than SZK's -15.03% return. Over the past 10 years, TZA has underperformed SZK with an annualized return of -44.17%, while SZK has yielded a comparatively higher -16.68% annualized return.
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
SZK
- 1D
- -3.58%
- 1M
- 1.29%
- YTD
- -15.03%
- 6M
- -14.75%
- 1Y
- -5.00%
- 3Y*
- -5.75%
- 5Y*
- -4.45%
- 10Y*
- -16.68%
TZA vs. SZK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
SZK ProShares UltraShort Consumer Goods | -15.03% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
Correlation
The correlation between TZA and SZK is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.56 |
Over the past year, the correlation between TZA and SZK has dropped to 0.06 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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. SZK — Risk / Return Rank
TZA
SZK
TZA vs. SZK - 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 UltraShort Consumer Goods (SZK). 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 | SZK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.99 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.17 | -0.82 |
| Martin ratioReturn relative to average drawdown | -1.56 | -0.37 | -1.20 |
Loading charts...
Drawdowns
TZA vs. SZK - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum SZK drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for TZA and SZK.
Loading charts...
Drawdown Indicators
| TZA | SZK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.40% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -68.07% | -29.26% | -38.81% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -41.81% | -47.47% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -41.81% | -49.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -86.78% | -12.96% |
Current DrawdownCurrent decline from peak | -100.00% | -99.28% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -82.02% | -15.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 13.60% | +29.86% |
Volatility
TZA vs. SZK - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 19.17% compared to ProShares UltraShort Consumer Goods (SZK) at 10.21%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than SZK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TZA | SZK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.17% | 10.21% | +8.96% |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | 21.18% | +21.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 26.03% | +32.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 31.60% | +36.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 33.63% | +35.35% |
TZA vs. SZK - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SZK's 0.95% expense ratio.
Dividends
TZA vs. SZK - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.35%, more than SZK's 2.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.79% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and SZK have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (19.17%) compared to SZK (10.21%). In terms of maximum drawdown, TZA dropped -100.00% vs SZK's -99.40%.
On 10-year performance, SZK leads with -16.68% vs -44.17% for TZA. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 10.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SZK has performed better with a -16.68% return vs -44.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.35%, compared with 2.79% for SZK.
TZA tracks Russell 2000 Index (-300%), while SZK tracks Dow Jones U.S. Consumer Goods Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for SZK.
SZK currently has the higher Sharpe Ratio (-0.19 vs -1.16), 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 SZK
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