TZA vs. XTJL
TZA (Direxion Daily Small Cap Bear 3X Shares) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. TZA is passively managed, while XTJL is actively managed. Over the past 3 years, TZA returned -44.69%/yr vs 14.68%/yr for XTJL. At a correlation of -0.78, they often move in opposite directions. TZA charges 1.11%/yr vs 0.79%/yr for XTJL.
Performance
TZA vs. XTJL - 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 XTJL's 5.36% 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%
XTJL
- 1D
- 0.00%
- 1M
- 1.16%
- YTD
- 5.36%
- 6M
- 6.38%
- 1Y
- 15.64%
- 3Y*
- 14.68%
- 5Y*
- —
- 10Y*
- —
TZA vs. XTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -3.19% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 5.36% | 15.42% | 14.43% | 25.72% | -15.66% | 7.28% |
Correlation
The correlation between TZA and XTJL is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021 | -0.78 |
The correlation between TZA and XTJL has been stable across timeframes, ranging from -0.78 to -0.70 - a consistent structural relationship.
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Return for Risk
TZA vs. XTJL — Risk / Return Rank
TZA
XTJL
TZA vs. XTJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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 | XTJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -5.22 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.46 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.07 | -4.05 |
| Martin ratioReturn relative to average drawdown | -1.51 | 17.37 | -18.87 |
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 | XTJL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 2.12 | -3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.65 | -1.36 |
Drawdowns
TZA vs. XTJL - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for TZA and XTJL.
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Drawdown Indicators
| TZA | XTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -23.24% | -76.76% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -5.12% | -62.16% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -16.70% | -71.64% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -4.04% | -93.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 0.90% | +42.61% |
Volatility
TZA vs. XTJL - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 0.33%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | XTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 0.33% | +16.70% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 5.72% | +34.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 7.43% | +49.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 15.22% | +52.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 15.22% | +53.69% |
TZA vs. XTJL - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than XTJL's 0.79% expense ratio.
Dividends
TZA vs. XTJL - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, while XTJL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TZA and XTJL have a correlation of -0.73, 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 XTJL (0.33%). In terms of maximum drawdown, TZA dropped -100.00% vs XTJL's -23.24%.
On 3-year performance, XTJL leads with 14.68% vs -44.69% for TZA. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTJL has performed better with a 14.68% return vs -44.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTJL is cheaper with a 0.79% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 4.82%, compared with 0.00% for XTJL.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.11% for TZA and 0.79% for XTJL.
XTJL currently has the higher Sharpe Ratio (2.12 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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