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FAZ vs SQQQ

Direxion Daily Financial Bear 3x ETF

FAZCNYSE Arca

ProShares UltraPro Short QQQ

SQQQANasdaq

Overlap

Expense ratio

SQQQ −0.09pt a year

FAZ1.03%SQQQ0.94%

Avg volume · 30D

SQQQ 53.8×the volume

FAZ930KSQQQ50M

10Y return · a year

FAZ +10.3pt

FAZ−44.0%SQQQ−54.3%

FAZ vs SQQQ Performance

Oct 29, 2021 – Oct 30, 2026

−79.4%FAZ−93.7%SQQQ

Oct 29, 2021 to Oct 30, 2026. FAZ −79.4%. SQQQ −93.7%. Use the arrow keys to read each point.−50%0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
FAZ 1.03%
SQQQ 0.94%, better
Fund size
FAZ $86M
SQQQ $2.04B
1Y total return
FAZ −22.4%, better
SQQQ −32.5%
Yield (12M)
FAZ 2.98%
SQQQ 7.78%, better
Holdings
FAZ 5
SQQQ 12
Avg volume (30D)
FAZ 930K sh
SQQQ 50M sh, better
NAV per share
FAZ $32.80
SQQQ $41.85
52W range

ETF.net Grade

FAZ: Cost 42, Risk 68, Mission not scored, Tradability 61, Holdings not scored, Durability 53. SQQQ: Cost 99, Risk 47, Mission 95, Tradability 92, Holdings 47, Durability 73.
Pillar letters and Scores for FAZ, SQQQ, with each pillar’s weight
PillarFAZSQQQ
Cost30% weightC42A99Higher
Mission25% weightNot scoredA95
Risk15% weightB68HigherC47
Tradability15% weightB61A92Higher
Holdings10% weightNot scoredC47
Durability5% weightC53A73Higher

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 SQQQ 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 ›

SQQQ ranks 1st 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 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  4. Rank 6CFAZDirexion Daily Financial Bear 3x ETFScore 53
  5. Rank 7CTECSDirexion Daily Technology Bear 3X ETFScore 46

Our read on each fund

ETF.net Research

FAZCDirexion Daily Financial Bear 3x ETF

SQQQAProShares UltraPro Short QQQ

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.

SQQQ The workhorse of the short-Nasdaq trade. Running since 2010, it aims at three times the inverse of the Nasdaq-100's daily move, resets every session, and charges 0.94% a year, below the going rate in the 3x bear category.

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.

SQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the inverse of the Nasdaq-100 Index’s daily performance.

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.
  • SQQQ 0.94% a year with no waiver propping it up, and below what 3x bear peers charge: SDOW and SRTY each sit at 0.95% net of waivers through September 30, 2027.
  • One of the most actively traded funds in its category, with a billion-dollar-plus asset base behind it. Depth is the reason traders reach for this one.
  • ProShares has run this single-day mandate since February 2010, and it tracks its stated -3x daily target about as closely as anything in its peer group.proshares.com
  • The mandate is blunt and public: three times the inverse of the Nasdaq-100's daily performance, before fees, measured NAV to NAV. No discretion, no stock picking.sec.gov

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.
  • SQQQ Returns compound daily. Over any period longer than a single day, results will very likely differ from -3x the index, and the fund can lose money when the index is flat.sec.gov
  • It holds swaps and futures on the index, not shorted stocks, so counterparty exposure and financing costs ride along with the price.sec.gov
  • At 0.94%, the fee is heavy freight for a vehicle built around single-day results. Distributions, when declared, come quarterly.

Full FAZ profile⁠

Full SQQQ profile⁠

FAZ vs SQQQ 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 SQQQ Cost

Overpaying FAZ vs SQQQ

$1,469

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

  • FAZ 1.03%

    $19,173

  • SQQQ 0.94%

    $17,704

$10,000
30 years

Cost over time

  • FAZ 1.03%
  • SQQQ 0.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FAZ $19,173SQQQ $17,704

Year by year

YearFAZSQQQOverpaying
10$1,814$1,661$153
20$6,807$6,260$547
30$19,173$17,704$1,469

Expense ratio

  • 1.03%FAZ
  • 0.94%SQQQ, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SQQQ cheapest of 14 funds

FAZ 8th cheapest of 14 funds

FAZ vs SQQQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAZ 2.98%
SQQQ 7.78%, better
Payout (12M)
FAZ $1.00
SQQQ $3.25
Last payment
FAZ $0.20
SQQQ $0.47
Ex-dividend
FAZ Sep 22, 2026
SQQQ Sep 23, 2026
Paid on
FAZ Sep 29, 2026
SQQQ Sep 29, 2026
Frequency
FAZ Quarterly
SQQQ 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$2502017202020232026YTD
SQQQQuarterly · 26 paymentsAll SQQQ payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $15.09; Mar 21, 2018 $17.68; Jun 20, 2018 $20.64; Sep 26, 2018 $33.37; Dec 26, 2018 $257.26; Mar 20, 2019 $72.88; Jun 25, 2019 $152.59; Sep 25, 2019 $115.46; Dec 24, 2019 $67.50; Mar 25, 2020 $40.77; Dec 22, 2022 $3.78; Mar 22, 2023 $5.11; Jun 21, 2023 $6.66; Sep 20, 2023 $8.10; Dec 20, 2023 $7.07; Mar 20, 2024 $4.10; Jun 26, 2024 $4.01; Sep 25, 2024 $3.74; Dec 23, 2024 $4.08; Mar 26, 2025 $2.41; Jun 25, 2025 $1.28; Sep 24, 2025 $1.21; Dec 24, 2025 $1.51; Mar 25, 2026 $0.64; Jun 24, 2026 $0.64; Sep 23, 2026 $0.47. Use the arrow keys to read each point.$0$2502017202020232026YTD

FAZ vs SQQQ Risk

Fall from peak · 5 years

  • FAZ
  • SQQQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: SQQQ −97.5% · Oct 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%, betterSQQQ 48.2%
Return per unit of riskSharpe ratio, 3 years
FAZ −1.25, betterSQQQ −1.42
Worst fallMax drawdown, 5 years
FAZ −89.3%, betterSQQQ −97.5%
Market sensitivityBeta, 5 years
FAZ −2.11SQQQ −3.43

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