Skip to content
etf.net

EDZ vs SDOW

Direxion Daily MSCI Emerging Markets Bear 3X ETF

EDZDNYSE Arca

ProShares UltraPro Short Dow30

SDOWANYSE Arca

Overlap

0.0%by weight

Expense ratio

SDOW −0.10pt a year

EDZ1.05%SDOW0.95%

Avg volume · 30D

SDOW 16.9×the volume

EDZ240KSDOW4.05M

10Y return · a year

EDZ +4.0pt

EDZ−33.4%SDOW−37.4%

EDZ vs SDOW Performance

Nov 9, 2021 – Nov 9, 2026

−76.7%EDZ−73.2%SDOW

Nov 9, 2021 to Nov 9, 2026. EDZ −76.7%. SDOW −73.2%. Use the arrow keys to read each point.0%50%100%Nov 2021May 2024Nov 2026
Expense ratio
EDZ 1.05%
SDOW 0.95%, better
Fund size
EDZ $27M
SDOW $168M
1Y total return
EDZ −48.9%
SDOW −28.4%, better
Yield (12M)
EDZ 4.69%
SDOW 4.99%, better
Holdings
EDZ 3
SDOW 10
Avg volume (30D)
EDZ 240K sh
SDOW 4.05M sh, better
NAV per share
EDZ $20.05
SDOW $25.48
52W range

ETF.net Grade

EDZ: Cost 23, Risk 49, Mission not scored, Tradability 39, Holdings not scored, Durability 39. SDOW: Cost 84, Risk 78, Mission 85, Tradability 81, Holdings 0, Durability 68.
Pillar letters and Scores for EDZ, SDOW, with each pillar’s weight
PillarEDZSDOW
Cost30% weightF23A84Higher
Mission25% weightNot scoredA85
Risk15% weightC49A78Higher
Tradability15% weightD39A81Higher
Holdings10% weightNot scoredF0
Durability5% weightD39B68Higher

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. EDZ and SDOW 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 ›

SDOW ranks 2nd and EDZ 11th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 84
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 80
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 69
  4. Rank 10DDRVDirexion Daily Real Estate Bear 3X ETFScore 37
  5. Rank 11DEDZDirexion Daily MSCI Emerging Markets Bear 3X ETFScore 34
  6. Rank 12DHIBSDirexion Daily S&P 500 High Beta Bear 3X ETFScore 26

Our read on each fund

ETF.net Research

EDZDDirexion Daily MSCI Emerging Markets Bear 3X ETF

SDOWAProShares UltraPro Short Dow30

In short

EDZ The bear 3X shelf is mostly US indexes. EDZ is the one pointed overseas: a single ticker seeking -300% of the MSCI Emerging Markets Index for one day, on the market since 2008. Built for short-term trading, with the daily reset that implies.

SDOW The only -3x ETF pointed at the Dow. SDOW aims to deliver three times the inverse of the index's daily move, reset at each close, for 0.95% net of a waiver through September 30, 2027.

Stated mandate

EDZ The fund seeks daily investment results, before fees and expenses, equal to 300% of the inverse performance of the MSCI Emerging Markets Index.

SDOW SDOW seeks daily investment results, before fees and expenses, corresponding to three times the inverse of the daily performance of the Dow Jones Industrial Average.

Why people hold it

  • EDZ The only broad emerging markets fund in Direxion's bear 3X lineup: one ticker for -300% daily exposure to large and mid cap stocks across two dozen EM countries, while SQQQ, SDOW, SRTY and TZA all aim at US indexes.direxion.commsci.com
  • Priced near the category median: 1.05% net of a waiver through September 1, 2027, against a 1.47% gross ratio. SQQQ (0.94%) and TZA (0.99%) sit lower, neither leaning on a waiver.
  • Launched December 2008, one of the longest-running inverse emerging markets ETFs, and Direxion posts the holdings daily.direxion.com
  • SDOW ProShares calls it the only -3x ETF built to move against the Dow's daily price, so a bearish view on the 30 blue chips has one address, not a Nasdaq or small-cap stand-in.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (0.98% gross) lands below the 3x bear median, next to SQQQ at 0.94% and SRTY at 0.95% net of a waiver through the same date.
  • Running since 2010 and actively traded, it sits among the stronger implementations in the 3x bear group, which matters for a tool used in days rather than years.

Worth knowing

  • EDZ Leverage resets daily. Direxion states the fund should not be expected to deliver -300% of the index's cumulative return over periods longer than a day; compounding can push multi-day results off that mark.direxion.com
  • The 1.05% net rate depends on a waiver running to September 1, 2027. If it lapses, cost steps toward the 1.47% gross figure.
  • One of the smaller, less heavily traded names in the bear 3X group, so order size and spreads matter more here than with the big US-index shorts.
  • SDOW The -3x target is a one-day target. Held longer, compounding can push results away from -3x the Dow's move over the same stretch, especially after choppy markets.proshares.com
  • Leverage cuts both ways: on a day the Dow rises, the fund is designed to lose roughly three times as much.proshares.com
  • Exposure comes from swaps and futures rather than Dow shares, and the fee runs above a plain Dow index fund.proshares.com

Full EDZ profile⁠

Full SDOW profile⁠

EDZ vs SDOW Holdings

How EDZ and SDOW differ

Overlap by weight

0.0%

About this figure: EDZ gets much of its exposure from swaps and futures, which aren’t counted.

SDOW gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

  • Sector12 Sectors0.0%
  • Holdings0 in both0.0%
  • Countryby domicile2.7%
  • Asset classStocks100%

Sector

Sector weights in EDZ and SDOW, widest gap first
SectorMore in EDZMore in SDOWGap
GovernmentSDOW +100.0 points
FinancialsEDZ +28.4 points
IndustrialsEDZ +19.0 points
TechnologyEDZ +15.3 points
Consumer DiscretionaryEDZ +7.3 points
UtilitiesEDZ +6.6 points
Consumer StaplesEDZ +6.1 points
Health CareEDZ +5.4 points
MaterialsEDZ +3.7 points
CommunicationEDZ +3.5 points
EnergyEDZ +3.4 points
Real EstateEDZ +1.3 points

Country, concentration and asset class

Country by domicile

Country weights in EDZ and SDOW, widest gap first
CountryMore in EDZMore in SDOWGap
United StatesSDOW +97.3 points
FranceEDZ +24.8 points
GermanyEDZ +24.1 points
NetherlandsEDZ +17.5 points
SpainEDZ +11.5 points
ItalyEDZ +8.9 points
FinlandEDZ +3.0 points
BelgiumEDZ +2.5 points
Other countries (9)EDZ +4.8 points

Outside the US: EDZ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

  • EDZ162.6%
  • SDOW121.3%

Securities held

  • EDZ0
  • SDOW10

Asset class

EDZ
Stocks
SDOW
Stocks

Holdings

  • Only in EDZ0
  • In both0
  • Only in SDOW10

Only in EDZ

0 securities, 0.0% of EDZ by weight

Only in SDOW

10 securities, 100% of SDOW by weight

  • Proshares Genius Mny Mkt Etf78.96%
  • TREASURY BILL, 0%, due 2026-12-2913.44%
  • TREASURY BILL, 0%, due 2026-12-109.62%

Weight gaps

EDZ and SDOW share no securities.

All 6 EDZ holdings⁠All 14 SDOW 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.

EDZ vs SDOW Cost

Overpaying EDZ vs SDOW

$1,626

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

  • EDZ 1.05%

    $19,495

  • SDOW 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EDZ 1.05%
  • SDOW 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EDZ $19,495SDOW $17,869

Year by year

YearEDZSDOWOverpaying
10$1,847$1,678$169
20$6,927$6,322$605
30$19,495$17,869$1,626

Expense ratio

  • 1.05%EDZ
  • 0.95%SDOW, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SDOW 2nd cheapest of 14 funds

EDZ 10th cheapest of 14 funds

EDZ vs SDOW Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
EDZ 4.69%
SDOW 4.99%, better
Payout (12M)
EDZ $0.86
SDOW $1.19
Last payment
EDZ $0.18
SDOW $0.29
Ex-dividend
EDZ Sep 22, 2026
SDOW Sep 23, 2026
Paid on
EDZ Sep 29, 2026
SDOW Sep 29, 2026
Frequency
EDZ Quarterly
SDOW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EDZQuarterly · 19 paymentsAll EDZ payments⁠
One bar per payment. 19 payments from 2017 to 2026 YTD. Mar 20, 2018 $0.58; Sep 25, 2018 $0.99; Dec 27, 2018 $2.49; Jun 25, 2019 $0.19; Dec 23, 2019 $0.83; Mar 21, 2023 $0.15; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.70; Mar 19, 2024 $1.81; Jun 25, 2024 $1.28; Dec 23, 2024 $0.30; Mar 25, 2025 $1.03; Jun 24, 2025 $0.62; Sep 23, 2025 $0.49; Dec 23, 2025 $0.20; Mar 24, 2026 $0.25; Jun 23, 2026 $0.22; Sep 22, 2026 $0.18. Use the arrow keys to read each point.$0$52017202020232026YTD
SDOWQuarterly · 26 paymentsAll SDOW payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $1.10; Mar 21, 2018 $2.04; Jun 20, 2018 $2.87; Sep 26, 2018 $3.60; Dec 26, 2018 $6.62; Mar 20, 2019 $2.73; Jun 25, 2019 $4.55; Sep 25, 2019 $3.69; Dec 24, 2019 $2.27; Mar 25, 2020 $1.06; Dec 22, 2022 $0.39; Mar 22, 2023 $0.88; Jun 21, 2023 $1.03; Sep 20, 2023 $1.03; Dec 20, 2023 $1.01; Mar 20, 2024 $1.01; Jun 26, 2024 $1.10; Sep 25, 2024 $0.93; Dec 23, 2024 $1.17; Mar 26, 2025 $0.61; Jun 25, 2025 $0.39; Sep 24, 2025 $0.41; Dec 24, 2025 $0.44; Mar 25, 2026 $0.24; Jun 24, 2026 $0.22; Sep 23, 2026 $0.29. Use the arrow keys to read each point.$0$52017202020232026YTD

EDZ vs SDOW Risk

Fall from peak · 5 years

  • EDZ
  • SDOW
Nov 9, 2021 to Nov 9, 2026. Worst fall: EDZ −93.2% · Jun 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EDZ 45.8%SDOW 34.4%, better
Return per unit of riskSharpe ratio, 3 years
EDZ −1.27SDOW −1.22, better
Worst fallMax drawdown, 5 years
EDZ −93.2%SDOW −85.1%, better
Market sensitivityBeta, 5 years
EDZ −2.23SDOW −2.45

Popular comparisons

  • EDZDvsSQQQA

    Direxion Daily MSCI Emerging Markets Bear 3X ETF · ProShares UltraPro Short QQQ

    Expense ratio
    1.05% · 0.94%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SDOWAvsSQQQA

    ProShares UltraPro Short Dow30 · ProShares UltraPro Short QQQ

    Expense ratio
    0.95% · 0.94%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EDZDvsSRTYA

    Direxion Daily MSCI Emerging Markets Bear 3X ETF · ProShares UltraPro Short Russell2000

    Expense ratio
    1.05% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SDOWAvsSRTYA

    ProShares UltraPro Short Dow30 · ProShares UltraPro Short Russell2000

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EDZDvsTZAB

    Direxion Daily MSCI Emerging Markets Bear 3X ETF · Direxion Daily Small Cap Bear 3X ETF

    Expense ratio
    1.05% · 0.99%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SDOWAvsTZAB

    ProShares UltraPro Short Dow30 · Direxion Daily Small Cap Bear 3X ETF

    Expense ratio
    0.95% · 0.99%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.