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FAZ vs SRTY

Direxion Daily Financial Bear 3x ETF

FAZCNYSE Arca

ProShares UltraPro Short Russell2000

SRTYANYSE Arca

Overlap

Expense ratio

SRTY −0.08pt a year

FAZ1.03%SRTY0.95%

Avg volume · 30D

SRTY 1.7×the volume

FAZ930KSRTY1.6M

10Y return · a year

SRTY +1.2pt

FAZ−44.0%SRTY−42.8%

FAZ vs SRTY Performance

Oct 29, 2021 – Oct 30, 2026

−79.4%FAZ−82.0%SRTY

Oct 29, 2021 to Oct 30, 2026. FAZ −79.4%. SRTY −82.0%. Use the arrow keys to read each point.−25%0%25%50%75%Oct 2021Apr 2024Oct 2026
Expense ratio
FAZ 1.03%
SRTY 0.95%, better
Fund size
FAZ $86M
SRTY $68M
1Y total return
FAZ −22.4%, better
SRTY −37.4%
Yield (12M)
FAZ 2.98%
SRTY 5.87%, better
Holdings
FAZ 5
SRTY 5
Avg volume (30D)
FAZ 930K sh
SRTY 1.6M sh, better
NAV per share
FAZ $32.80
SRTY $26.34
52W range

ETF.net Grade

FAZ: Cost 42, Risk 68, Mission not scored, Tradability 61, Holdings not scored, Durability 53. SRTY: Cost 84, Risk 53, Mission 83, Tradability 70, Holdings not scored, Durability 56.
Pillar letters and Scores for FAZ, SRTY, with each pillar’s weight
PillarFAZSRTY
Cost30% weightC42A84Higher
Mission25% weightNot scoredA83
Risk15% weightB68HigherC53
Tradability15% weightB61A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC53B56Higher

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 SRTY 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 ›

SRTY ranks 3rd 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 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  6. Rank 6CFAZDirexion Daily Financial Bear 3x ETFScore 53
  7. Rank 7CTECSDirexion Daily Technology Bear 3X ETFScore 46

Our read on each fund

ETF.net Research

FAZCDirexion Daily Financial Bear 3x ETF

SRTYAProShares UltraPro Short Russell2000

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.

SRTY A one-day instrument by design: SRTY aims for three times the inverse of the Russell 2000's daily move, and it has been the ProShares small-cap bear since 2010.

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.

SRTY SRTY seeks daily investment results, before fees and expenses, equal to three times the inverse daily performance of the Russell 2000 Index.

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.
  • SRTY 0.95% net of a waiver through September 30, 2027 (1.10% gross), which undercuts TZA at 0.99%, the only other 3x small-cap bear in the peer set, and sits below the category median.
  • The mechanism is plain: three times the inverse of the Russell 2000's daily performance, reset each day. That index covers roughly 2,000 of the smallest names in the Russell 3000.proshares.comfidelity.com
  • Listed since 2010 and actively traded, it rates as one of the stronger implementations in its bear-3x peer group.

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.
  • SRTY Daily reset means compounding. Hold past a single day and results can diverge widely from 3x the index's move over that stretch, especially through choppy markets.proshares.com
  • The fee steps toward the 1.10% gross rate if the waiver is not extended past September 30, 2027.
  • Small caps are the jumpier end of US equity, and a 3x inverse multiplies that daily swing in both directions.fidelity.com

Full FAZ profile⁠

Full SRTY profile⁠

FAZ vs SRTY 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 SRTY Cost

Overpaying FAZ vs SRTY

$1,304

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

  • FAZ 1.03%

    $19,173

  • SRTY 0.95%

    $17,869

$10,000
30 years

Cost over time

  • FAZ 1.03%
  • SRTY 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 $19,173SRTY $17,869

Year by year

YearFAZSRTYOverpaying
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%SRTY, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SRTY 2nd cheapest of 14 funds

FAZ 8th cheapest of 14 funds

FAZ vs SRTY Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAZ 2.98%
SRTY 5.87%, better
Payout (12M)
FAZ $1.00
SRTY $1.55
Last payment
FAZ $0.20
SRTY $0.27
Ex-dividend
FAZ Sep 22, 2026
SRTY Sep 23, 2026
Paid on
FAZ Sep 29, 2026
SRTY Sep 29, 2026
Frequency
FAZ Quarterly
SRTY Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

FAZQuarterly · 18 paymentsAll FAZ payments⁠
One bar per payment. 18 payments from 2018 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$20202020232026YTD
SRTYQuarterly · 10 paymentsAll SRTY payments⁠
One bar per payment. 10 payments from 2018 to 2026 YTD. Mar 20, 2024 $1.50; Jun 26, 2024 $1.99; Dec 23, 2024 $1.80; Mar 26, 2025 $0.89; Jun 25, 2025 $0.68; Sep 24, 2025 $0.63; Dec 24, 2025 $0.72; Mar 25, 2026 $0.27; Jun 24, 2026 $0.29; Sep 23, 2026 $0.27. Use the arrow keys to read each point.$0$20202020232026YTD

FAZ vs SRTY Risk

Fall from peak · 5 years

  • FAZ
  • SRTY
Oct 29, 2021 to Oct 30, 2026. Worst fall: SRTY −92.8% · 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
FAZ 42.2%, betterSRTY 54.0%
Return per unit of riskSharpe ratio, 3 years
FAZ −1.25SRTY −1.04, better
Worst fallMax drawdown, 5 years
FAZ −89.3%, betterSRTY −92.8%
Market sensitivityBeta, 5 years
FAZ −2.11SRTY −3.24

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