TZA vs. UWM
TZA (Direxion Daily Small Cap Bear 3X Shares) and UWM (ProShares Ultra Russell2000) are both Leveraged Equities funds - TZA tracks the Russell 2000 Index (-300%) while UWM tracks the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 11.65%/yr for UWM. Their -1.00 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.95%/yr for UWM.
Performance
TZA vs. UWM - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than UWM's 34.04% return. Over the past 10 years, TZA has underperformed UWM with an annualized return of -42.58%, while UWM has yielded a comparatively higher 11.65% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
UWM
- 1D
- -0.88%
- 1M
- -4.73%
- 6M
- 21.37%
- YTD
- 34.04%
- 1Y
- 71.18%
- 3Y*
- 19.23%
- 5Y*
- 3.29%
- 10Y*
- 11.65%
- ALL TIME*
- 7.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $153.79M | $463.04M | $1.03B | |
| $17.68M | $17.26M | $19.83M |
TZA vs. UWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
UWM ProShares Ultra Russell2000 | 34.04% | 13.59% | 11.32% | 22.62% | -43.69% | 23.91% | 16.57% | 48.62% | -25.89% | 26.92% |
Correlation
The correlation between TZA and UWM is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between TZA and UWM 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. UWM — Risk / Return Rank
TZA
UWM
TZA vs. UWM - 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 Ultra Russell2000 (UWM). 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 | UWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -4.10 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.90 | -3.82 |
| Martin ratioReturn relative to average drawdown | -1.34 | 9.90 | -11.24 |
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Drawdowns
TZA vs. UWM - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than UWM's maximum drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for TZA and UWM.
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Drawdown Indicators
| TZA | UWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.21% | -11.79% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -22.28% | -45.06% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -49.79% | -39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -61.62% | -30.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -71.46% | -28.21% |
Current DrawdownCurrent decline from peak | -100.00% | -6.49% | -93.51% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -30.65% | -67.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 6.51% | +39.67% |
Volatility
TZA vs. UWM - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 11.25% compared to ProShares Ultra Russell2000 (UWM) at 7.49%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | UWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 7.49% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 27.96% | +14.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 38.46% | +19.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 44.91% | +22.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 46.02% | +22.81% |
TZA vs. UWM - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than UWM's 0.95% expense ratio.
Dividends
TZA vs. UWM - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, more than UWM's 0.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% | 0.00% | 0.00% |
UWM ProShares Ultra Russell2000 | 0.84% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
Frequently Asked Questions
TZA and UWM have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (11.25%) compared to UWM (7.49%). In terms of maximum drawdown, TZA dropped -100.00% vs UWM's -88.21%.
On 10-year performance, UWM leads with 11.65% vs -42.58% for TZA. On fees, UWM is cheaper at 0.95% per year. On volatility, UWM has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UWM has performed better with a 11.65% return vs -42.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UWM is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.67%, compared with 0.84% for UWM.
TZA tracks Russell 2000 Index (-300%), while UWM tracks Russell 2000 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for UWM.
UWM currently has the higher Sharpe Ratio (1.68 vs -1.07), 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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