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 -43.15%/yr vs 12.16%/yr for UWM. At a correlation of -1.00, they often move in opposite directions. 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 -40.43% return, which is significantly lower than UWM's 31.87% return. Over the past 10 years, TZA has underperformed UWM with an annualized return of -43.15%, while UWM has yielded a comparatively higher 12.16% annualized return.
TZA
- 1D
- 3.75%
- 1M
- -10.87%
- YTD
- -40.43%
- 6M
- -38.50%
- 1Y
- -65.59%
- 3Y*
- -44.69%
- 5Y*
- -30.11%
- 10Y*
- -43.15%
UWM
- 1D
- -2.69%
- 1M
- 6.41%
- YTD
- 31.87%
- 6M
- 28.56%
- 1Y
- 76.77%
- 3Y*
- 25.03%
- 5Y*
- 1.71%
- 10Y*
- 12.16%
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 | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
UWM ProShares Ultra Russell2000 | 31.87% | 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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 Nov 20, 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.
| TZA | UWM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.16 | 2.03 | -3.19 |
Sortino ratioReturn per unit of downside risk | -2.07 | 2.63 | -4.70 |
Omega ratioGain probability vs. loss probability | 0.78 | 1.31 | -0.53 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.46 | -4.44 |
Martin ratioReturn relative to average drawdown | -1.51 | 11.85 | -13.36 |
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 | UWM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 2.03 | -3.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.04 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | 0.26 | -0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.14 | -0.86 |
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 | -67.28% | -22.28% | -45.00% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -49.79% | -38.55% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -61.62% | -29.21% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -71.46% | -28.25% |
Current DrawdownCurrent decline from peak | -100.00% | -3.55% | -96.45% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -30.88% | -67.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 6.50% | +37.01% |
Volatility
TZA vs. UWM - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to ProShares Ultra Russell2000 (UWM) at 11.45%. 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 | 17.03% | 11.45% | +5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 26.82% | +13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 38.04% | +19.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 45.01% | +22.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 46.08% | +22.83% |
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 4.82%, more than UWM's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | 4.82% | 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 | 0.78% | 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 (17.03%) compared to UWM (11.45%). In terms of maximum drawdown, TZA dropped -100.00% vs UWM's -88.21%.
On 10-year performance, UWM leads with 12.16% vs -43.15% for TZA. On fees, UWM is cheaper at 0.95% per year. On volatility, UWM has been the lower-risk option at 11.45%. 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 12.16% return vs -43.15%. 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 4.82%, compared with 0.78% 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 (2.03 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.
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