TZA vs. TWM
Compare and contrast key facts about Direxion Daily Small Cap Bear 3X Shares (TZA) and ProShares UltraShort Russell2000 (TWM).
TZA and TWM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. TWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-200%). It was launched on Jan 23, 2007. Both TZA and TWM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TZA vs. TWM - Performance Comparison
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TZA vs. TWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -5.61% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
TWM ProShares UltraShort Russell2000 | -2.77% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
Returns By Period
In the year-to-date period, TZA achieves a -5.61% return, which is significantly lower than TWM's -2.77% return. Over the past 10 years, TZA has underperformed TWM with an annualized return of -41.41%, while TWM has yielded a comparatively higher -26.22% annualized return.
TZA
- 1D
- -10.46%
- 1M
- 13.79%
- YTD
- -5.61%
- 6M
- -13.23%
- 1Y
- -57.70%
- 3Y*
- -36.92%
- 5Y*
- -24.70%
- 10Y*
- -41.41%
TWM
- 1D
- -7.08%
- 1M
- 9.64%
- YTD
- -2.77%
- 6M
- -7.03%
- 1Y
- -40.09%
- 3Y*
- -22.79%
- 5Y*
- -12.98%
- 10Y*
- -26.22%
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TZA vs. TWM - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than TWM's 0.95% expense ratio.
Return for Risk
TZA vs. TWM — Risk / Return Rank
TZA
TWM
TZA vs. TWM - 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 Russell2000 (TWM). 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 | TWM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.83 | -0.86 | +0.03 |
Sortino ratioReturn per unit of downside risk | -1.20 | -1.17 | -0.03 |
Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.66 | -0.09 |
Martin ratioReturn relative to average drawdown | -0.93 | -0.86 | -0.07 |
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 | TWM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.83 | -0.86 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.29 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.60 | -0.58 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.55 | -0.15 |
Correlation
The correlation between TZA and TWM is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TZA vs. TWM - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 3.04%, less than TWM's 4.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | 3.04% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
TWM ProShares UltraShort Russell2000 | 4.66% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Drawdowns
TZA vs. TWM - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum TWM drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for TZA and TWM.
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Drawdown Indicators
| TZA | TWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.92% | -0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -76.19% | -59.88% | -16.31% |
Max Drawdown (5Y)Largest decline over 5 years | -87.77% | -70.51% | -17.26% |
Max Drawdown (10Y)Largest decline over 10 years | -99.64% | -96.07% | -3.57% |
Current DrawdownCurrent decline from peak | -100.00% | -99.91% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -97.98% | -87.16% | -10.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.07% | 45.89% | +15.18% |
Volatility
TZA vs. TWM - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 22.59% compared to ProShares UltraShort Russell2000 (TWM) at 15.08%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than TWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | TWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.59% | 15.08% | +7.51% |
Volatility (6M)Calculated over the trailing 6-month period | 43.38% | 28.97% | +14.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.32% | 46.52% | +22.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.53% | 45.14% | +22.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.79% | 45.69% | +23.10% |