XTN vs. FAS

Last updated Jun 4, 2026

XTN (SPDR S&P Transportation ETF) and FAS (Direxion Daily Financial Bull 3X Shares) are both exchange-traded funds - XTN is a Transportation Equities fund tracking the S&P Transportation Select Industry Index, while FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, XTN returned 10.58%/yr vs 18.36%/yr for FAS. A 0.72 correlation means they provide meaningful diversification when combined. XTN charges 0.35%/yr vs 1.00%/yr for FAS.

Performance

XTN vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Transportation ETF (XTN) and Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTN achieves a 21.64% return, which is significantly higher than FAS's -24.46% return. Over the past 10 years, XTN has underperformed FAS with an annualized return of 10.58%, while FAS has yielded a comparatively higher 18.36% annualized return.

XTN

• 1D: -0.75%
• 1M: 12.22%
• YTD: 21.64%
• 6M: 22.93%
• 1Y: 44.53%
• 3Y*: 14.95%
• 5Y*: 5.36%
• 10Y*: 10.58%

FAS

• 1D: -3.47%
• 1M: -5.15%
• YTD: -24.46%
• 6M: -18.86%
• 1Y: -12.36%
• 3Y*: 34.13%
• 5Y*: 3.01%
• 10Y*: 18.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XTN vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XTN SPDR S&P Transportation ETF	21.64%	6.33%	4.86%	25.22%	-28.10%	33.68%	12.11%	21.85%	-17.26%	21.55%
FAS Direxion Daily Financial Bull 3X Shares	-24.46%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between XTN and FAS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	0.72

The correlation between XTN and FAS shifts across timeframes, from 0.60 (1 year) to 0.72 (10 years), reflecting how their relationship changes across market environments.

XTN vs. FAS - Sectors Allocation Comparison

Sectors	XTN	FAS
Industrials	95.4%	0.2%
Technology	4.6%	1.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	98.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XTN vs. FAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XTN

XTN Risk / Return Rank: 45
XTN Sharpe Ratio Rank: 45
XTN Sortino Ratio Rank: 44
XTN Omega Ratio Rank: 42
XTN Calmar Ratio Rank: 53
XTN Martin Ratio Rank: 43

FAS

FAS Risk / Return Rank: 6
FAS Sharpe Ratio Rank: 6
FAS Sortino Ratio Rank: 6
FAS Omega Ratio Rank: 6
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XTN vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Transportation ETF (XTN) and Direxion Daily Financial Bull 3X Shares (FAS). 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.

	XTN	FAS	Difference
Sharpe ratio Return per unit of total volatility	1.60	-0.29	+1.89
Sortino ratio Return per unit of downside risk	2.22	-0.13	+2.35
Omega ratio Gain probability vs. loss probability	1.27	0.98	+0.29
Calmar ratio Return relative to maximum drawdown	2.59	-0.30	+2.89
Martin ratio Return relative to average drawdown	7.14	-0.71	+7.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTN vs. FAS - Sharpe Ratio Comparison

The current XTN Sharpe Ratio is 1.60, which is higher than the FAS Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of XTN and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XTN	FAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	-0.29	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.05	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.30	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.19	+0.25

Drawdowns

XTN vs. FAS - Drawdown Comparison

The maximum XTN drawdown since its inception was -43.77%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for XTN and FAS.

Drawdown Indicators

	XTN	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-91.61%	+47.84%
Max Drawdown (1Y) Largest decline over 1 year	-17.28%	-40.88%	+23.60%
Max Drawdown (3Y) Largest decline over 3 years	-33.69%	-43.10%	+9.41%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-66.88%	+31.83%
Max Drawdown (10Y) Largest decline over 10 years	-43.77%	-85.99%	+42.22%
Current Drawdown Current decline from peak	-5.70%	-30.69%	+24.99%
Average Drawdown Average peak-to-trough decline	-10.94%	-31.11%	+20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	17.51%	-11.26%

Volatility

XTN vs. FAS - Volatility Comparison

The current volatility for SPDR S&P Transportation ETF (XTN) is 7.36%, while Direxion Daily Financial Bull 3X Shares (FAS) has a volatility of 9.50%. This indicates that XTN experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTN	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	9.50%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	22.05%	32.51%	-10.46%
Volatility (1Y) Calculated over the trailing 1-year period	28.03%	42.76%	-14.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.83%	55.49%	-28.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.19%	61.29%	-35.10%

XTN vs. FAS - Expense Ratio Comparison

XTN has a 0.35% expense ratio, which is lower than FAS's 1.00% expense ratio.

Dividends

XTN vs. FAS - Dividend Comparison

XTN's dividend yield for the trailing twelve months is around 0.66%, less than FAS's 11.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAS Direxion Daily Financial Bull 3X Shares	11.04%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%
XTN SPDR S&P Transportation ETF	0.66%	0.78%	0.93%	0.73%	1.04%	1.02%	0.75%	1.17%	0.98%	0.63%	0.66%	1.03%

Frequently Asked Questions

Can I hold both XTN and FAS in my portfolio?

XTN and FAS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTN or FAS?

FAS has higher volatility (9.50%) compared to XTN (7.36%). In terms of maximum drawdown, XTN dropped -43.77% vs FAS's -91.61%.

Which ETF is better, XTN or FAS?

On 10-year performance, FAS leads with 18.36% vs 10.58% for XTN. On fees, XTN is cheaper at 0.35% per year. On volatility, XTN has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTN or FAS?

Over the 10-year period, FAS has performed better with a 18.36% return vs 10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTN or FAS?

XTN is cheaper with a 0.35% expense ratio, compared with 1.00% for FAS.

Which ETF pays a higher dividend yield, XTN or FAS?

FAS has the higher dividend yield at 11.04%, compared with 0.66% for XTN.

What is the main difference between XTN and FAS?

XTN is categorized as Transportation Equities, while FAS is Leveraged Equities. XTN tracks S&P Transportation Select Industry Index, while FAS tracks Russell 1000 Financial Services Index (300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XTN and 1.00% for FAS.

Which has better risk-adjusted returns?

XTN currently has the higher Sharpe Ratio (1.60 vs -0.29), 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.