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DRV vs TZA

Direxion Daily Real Estate Bear 3X ETF

DRVDNYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

0.0%by weight

Expense ratio

TZA −0.07pt a year

DRV1.06%TZA0.99%

Avg volume · 30D

TZA 133.2×the volume

DRV134KTZA17.8M

10Y return · a year

DRV +12.8pt

DRV−29.0%TZA−41.8%

DRV vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−44.1%DRV−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. DRV −44.1%. TZA −79.9%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
DRV 1.06%
TZA 0.99%, better
Fund size
DRV $28M
TZA $191M
1Y total return
DRV −21.1%, better
TZA −37.2%
Yield (12M)
DRV 3.34%
TZA 4.06%, better
Holdings
DRV 3
TZA 7
Avg volume (30D)
DRV 134K sh
TZA 17.8M sh, better
NAV per share
DRV $19.97
TZA $44.49
52W range

ETF.net Grade

DRV: Cost 23, Risk 85, Mission not scored, Tradability 25, Holdings not scored, Durability 40. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for DRV, TZA, with each pillar’s weight
PillarDRVTZA
Cost30% weightF23B64Higher
Mission25% weightNot scoredA75
Risk15% weightA85HigherC54
Tradability15% weightD25B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC40B60Higher

Rank among 3x Leveraged Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DRV and TZA are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

TZA ranks 4th and DRV 10th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  6. Rank 9CSMDDProShares UltraPro Short MidCap400Score 40
  7. Rank 10DDRVDirexion Daily Real Estate Bear 3X ETFScore 39
  8. Rank 11DEDZDirexion Daily MSCI Emerging Markets Bear 3X ETFScore 31

Our read on each fund

ETF.net Research

DRVDDirexion Daily Real Estate Bear 3X ETF

TZABDirexion Daily Small Cap Bear 3X ETF

In short

DRV A one-day bet against landlords: DRV aims for -3x the daily move of the Real Estate Select Sector Index, at 1.06% net of a waiver through September 1, 2027. The sector specialist on a bear shelf built mostly of broad-index trades.

TZA Born in the wreckage of 2008, TZA aims to move three times the inverse of the Russell 2000's daily swing. A heavily traded way to press a bearish small-cap view, with a daily reset that makes it a tool for days, not quarters.

Stated mandate

DRV The fund seeks daily investment results of -300% of the Real Estate Select Sector Index before fees and expenses. Its objective is measured for a single day rather than over longer cumulative periods.

TZA The Fund seeks daily inverse leveraged investment results equal to negative three times the daily performance of the Russell 2000 Index. Its leverage makes it potentially riskier than nonleveraged alternatives.

Why people hold it

  • DRV Targets -3x the daily move of a large-cap US real estate index, a sector-specific trade on a shelf dominated by broad-market bears.direxion.com
  • Fee is 1.06% net of a waiver through September 1, 2027, near the median of its 14-fund category. SQQQ runs 0.94%, Direxion sibling TZA 0.99%.
  • Trading since July 2009, one of Direxion's original 3x pairs, with a record spanning a property crash, a zero-rate decade and the rate reset after it.sec.gov
  • TZA Fee of 0.99% comes in under the typical leveraged bear fund, and under every other Russell 2000 short ETF on the shelf (RWM, TWM, SRTY).
  • Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  • Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  • Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

  • DRV Built for a single day. Hold longer and the result comes from each day's compounding, which the prospectus says will likely differ from -3x the index.sec.gov
  • The yardstick changed: the MSCI US REIT Index at launch, the Real Estate Select Sector Index now, so the long record spans two different benchmarks.sec.govsec.gov 2
  • Costs bite on a short-horizon tool, and Direxion states there is no guarantee the fund achieves its stated objective.direxion.com
  • TZA The -3x target resets every day. Hold longer and compounding pulls results away from three times the index move over that stretch, up or down.
  • Triple leverage cuts both ways: a 1% up day in the Russell 2000 is roughly a 3% down day here, before costs.
  • Direxion's own filing flags the fund as potentially riskier than nonleveraged alternatives and built for daily monitoring.

Full DRV profile⁠

Full TZA profile⁠

DRV vs TZA Holdings

How DRV and TZA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DRV and 0.0% of TZA.

Level by level

  • Holdings0 in both0.0%
  • Asset classLeveraged/Inverse100%

Sector

No Sector split for DRV and TZA.

Country, concentration and asset class

Country by domicile

No country split for DRV and TZA.

Concentration

Weight in the 10 largest Holdings

  • DRV157.2%
  • TZA159.7%

Securities held

  • DRV0
  • TZA0

Asset class

DRV
Leveraged/Inverse
TZA
Leveraged/Inverse

Holdings

  • Only in DRV0
  • In both0
  • Only in TZA0

Only in DRV

0 securities, 0.0% of DRV by weight

Only in TZA

0 securities, 0.0% of TZA by weight

Weight gaps

DRV and TZA share no securities.

All 6 DRV holdings⁠All 12 TZA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DRV vs TZA Cost

Overpaying DRV vs TZA

$1,130

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DRV 1.06%

    $19,655

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • DRV 1.06%
  • TZA 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DRV $19,655TZA $18,525

Year by year

YearDRVTZAOverpaying
10$1,864$1,746$118
20$6,987$6,565$422
30$19,655$18,525$1,130

Expense ratio

  • 1.06%DRV
  • 0.99%TZA, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

TZA 5th cheapest of 14 funds

DRV 11th cheapest of 14 funds

DRV vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DRV 3.34%
TZA 4.06%, better
Payout (12M)
DRV $0.66
TZA $1.90
Last payment
DRV $0.15
TZA $0.47
Ex-dividend
DRV Sep 22, 2026
TZA Sep 22, 2026
Paid on
DRV Sep 29, 2026
TZA Sep 29, 2026
Frequency
DRV Quarterly
TZA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DRVQuarterly · 23 paymentsAll DRV payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Jun 19, 2018 $0.10; Sep 25, 2018 $1.55; Dec 27, 2018 $0.65; Mar 19, 2019 $1.89; Sep 24, 2019 $2.24; Dec 23, 2019 $0.33; Mar 24, 2020 $0.60; Dec 20, 2022 $0.21; Mar 21, 2023 $0.43; Jun 21, 2023 $0.58; Sep 19, 2023 $0.41; Dec 21, 2023 $0.42; Mar 19, 2024 $0.37; Jun 25, 2024 $0.41; Sep 24, 2024 $0.30; Dec 23, 2024 $0.26; Mar 25, 2025 $0.28; Jun 24, 2025 $0.20; Sep 23, 2025 $0.19; Dec 23, 2025 $0.10; Mar 24, 2026 $0.25; Jun 23, 2026 $0.16; Sep 22, 2026 $0.15. Use the arrow keys to read each point.$0$252017202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2017 to 2026 YTD. Mar 20, 2018 $6.00; Sep 25, 2018 $12.00; Dec 27, 2018 $20.23; Mar 19, 2019 $2.16; Sep 24, 2019 $26.07; Dec 23, 2019 $7.17; Mar 21, 2023 $4.60; Jun 21, 2023 $2.36; Sep 19, 2023 $2.88; Dec 21, 2023 $1.11; Mar 19, 2024 $2.36; Jun 25, 2024 $2.33; Sep 24, 2024 $1.47; Dec 23, 2024 $0.84; Mar 25, 2025 $2.38; Jun 24, 2025 $0.56; Sep 23, 2025 $0.53; Dec 23, 2025 $0.34; Mar 24, 2026 $0.71; Jun 23, 2026 $0.38; Sep 22, 2026 $0.47. Use the arrow keys to read each point.$0$252017202020232026YTD

DRV vs TZA Risk

Fall from peak · 5 years

  • DRV
  • TZA
Oct 29, 2021 to Oct 30, 2026. Worst fall: TZA −92.1% · Aug 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DRV 49.4%, betterTZA 53.9%
Return per unit of riskSharpe ratio, 3 years
DRV −0.57, betterTZA −1.01
Worst fallMax drawdown, 5 years
DRV −76.1%, betterTZA −92.1%
Market sensitivityBeta, 5 years
DRV −2.51TZA −3.25

Popular comparisons

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    Expense ratio
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