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FAZ vs SDOW

Direxion Daily Financial Bear 3x ETF

FAZCNYSE Arca

ProShares UltraPro Short Dow30

SDOWANYSE Arca

Overlap

Expense ratio

SDOW −0.08pt a year

FAZ1.03%SDOW0.95%

Avg volume · 30D

SDOW 4.1×the volume

FAZ930KSDOW3.85M

10Y return · a year

SDOW +6.4pt

FAZ−44.0%SDOW−37.6%

FAZ vs SDOW Performance

Oct 29, 2021 – Oct 30, 2026

−79.4%FAZ−73.1%SDOW

Oct 29, 2021 to Oct 30, 2026. FAZ −79.4%. SDOW −73.1%. Use the arrow keys to read each point.−25%0%25%50%75%Oct 2021Apr 2024Oct 2026
Expense ratio
FAZ 1.03%
SDOW 0.95%, better
Fund size
FAZ $86M
SDOW $154M
1Y total return
FAZ −22.4%
SDOW −21.9%, better
Yield (12M)
FAZ 2.98%
SDOW 4.76%, better
Holdings
FAZ 5
SDOW 10
Avg volume (30D)
FAZ 930K sh
SDOW 3.85M sh, better
NAV per share
FAZ $32.80
SDOW $25.01
52W range

ETF.net Grade

FAZ: Cost 42, Risk 68, Mission not scored, Tradability 61, Holdings not scored, Durability 53. SDOW: Cost 84, Risk 69, Mission 78, Tradability 81, Holdings 0, Durability 67.
Pillar letters and Scores for FAZ, SDOW, with each pillar’s weight
PillarFAZSDOW
Cost30% weightC42A84Higher
Mission25% weightNot scoredA78
Risk15% weightB68B69Higher
Tradability15% weightB61A81Higher
Holdings10% weightNot scoredF0
Durability5% weightC53B67Higher

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. FAZ 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 FAZ 6th 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 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  5. Rank 6CFAZDirexion Daily Financial Bear 3x ETFScore 53
  6. Rank 7CTECSDirexion Daily Technology Bear 3X ETFScore 46

Our read on each fund

ETF.net Research

FAZCDirexion Daily Financial Bear 3x ETF

SDOWAProShares UltraPro Short Dow30

In short

FAZ Launched in November 2008, as the banking system was cracking, FAZ aims for 300% of the inverse daily move of the Financial Select Sector Index. A triple-strength short on financials that starts fresh every trading day.

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

FAZ The fund seeks daily investment results equal to 300% of the inverse performance of the Financial Select Sector Index, before fees and expenses.

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

  • FAZ At 1.03%, the fee runs below the typical leveraged or inverse fund in its group, and lands near household-name shorts like PSQ (1.00%).
  • One clean lever: 300% of the inverse daily move of a single, widely followed financials index. No stock picking, no basket surprises.direxion.com
  • Trading since 2008 and paired with a 3x bull fund on the same index, so direction can be flipped without leaving the same product family.direxion.com
  • Stands in the upper half of a crowded field of bear and inverse funds, helped by that below-median fee.
  • 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

  • FAZ The 3x is a one-day mandate. Held longer, compounding can pull results well away from three times the index move, in either direction.
  • Triple leverage on one sector means violent swings; this sits among the higher-risk profiles in its peer group.
  • 1.03% is many times what a plain index fund charges, and the daily reset adds its own trading frictions on top.
  • 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 FAZ profile⁠

Full SDOW profile⁠

FAZ vs 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.

FAZ vs SDOW Cost

Overpaying FAZ vs SDOW

$1,304

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

  • FAZ 1.03%

    $19,173

  • SDOW 0.95%

    $17,869

$10,000
30 years

Cost over time

  • FAZ 1.03%
  • 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$20K051015202530FAZ $19,173SDOW $17,869

Year by year

YearFAZSDOWOverpaying
10$1,814$1,678$136
20$6,807$6,322$485
30$19,173$17,869$1,304

Expense ratio

  • 1.03%FAZ
  • 0.95%SDOW, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SDOW 2nd cheapest of 14 funds

FAZ 8th cheapest of 14 funds

FAZ vs SDOW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAZ 2.98%
SDOW 4.76%, better
Payout (12M)
FAZ $1.00
SDOW $1.19
Last payment
FAZ $0.20
SDOW $0.29
Ex-dividend
FAZ Sep 22, 2026
SDOW Sep 23, 2026
Paid on
FAZ Sep 29, 2026
SDOW Sep 29, 2026
Frequency
FAZ Quarterly
SDOW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FAZQuarterly · 18 paymentsAll FAZ payments⁠
One bar per payment. 18 payments from 2017 to 2026 YTD. Sep 25, 2018 $8.40; Mar 19, 2019 $10.80; Sep 24, 2019 $19.28; Dec 23, 2019 $5.84; Dec 20, 2022 $0.0094; Jun 21, 2023 $1.69; Sep 19, 2023 $1.49; Dec 21, 2023 $0.80; Mar 19, 2024 $1.80; Jun 25, 2024 $1.45; Dec 23, 2024 $0.42; Mar 25, 2025 $1.03; Jun 24, 2025 $0.38; Sep 23, 2025 $0.38; Dec 23, 2025 $0.16; Mar 24, 2026 $0.38; Jun 23, 2026 $0.25; Sep 22, 2026 $0.20. Use the arrow keys to read each point.$0$202017202020232026YTD
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$202017202020232026YTD

FAZ vs SDOW Risk

Fall from peak · 5 years

  • FAZ
  • SDOW
Oct 29, 2021 to Oct 30, 2026. Worst fall: FAZ −89.3% · Sep 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FAZ 42.2%SDOW 34.4%, better
Return per unit of riskSharpe ratio, 3 years
FAZ −1.25SDOW −1.22, better
Worst fallMax drawdown, 5 years
FAZ −89.3%SDOW −85.1%, better
Market sensitivityBeta, 5 years
FAZ −2.11SDOW −2.46

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