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FAZ vs TZA

Direxion Daily Financial Bear 3x ETF

FAZCNYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

Expense ratio

TZA −0.04pt a year

FAZ1.03%TZA0.99%

Avg volume · 30D

TZA 19.2×the volume

FAZ930KTZA17.8M

10Y return · a year

TZA +2.2pt

FAZ−44.0%TZA−41.8%

FAZ vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−79.4%FAZ−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. FAZ −79.4%. TZA −79.9%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
FAZ 1.03%
TZA 0.99%, better
Fund size
FAZ $86M
TZA $191M
1Y total return
FAZ −22.4%, better
TZA −37.2%
Yield (12M)
FAZ 2.98%
TZA 4.06%, better
Holdings
FAZ 5
TZA 7
Avg volume (30D)
FAZ 930K sh
TZA 17.8M sh, better
NAV per share
FAZ $32.80
TZA $44.49
52W range

ETF.net Grade

FAZ: Cost 42, Risk 68, Mission not scored, Tradability 61, Holdings not scored, Durability 53. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for FAZ, TZA, with each pillar’s weight
PillarFAZTZA
Cost30% weightC42B64Higher
Mission25% weightNot scoredA75
Risk15% weightB68HigherC54
Tradability15% weightB61B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC53B60Higher

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 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 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

TZABDirexion Daily Small Cap Bear 3X ETF

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.

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

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

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

  • 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.
  • 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

  • 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.
  • 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 FAZ profile⁠

Full TZA profile⁠

FAZ vs 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.

FAZ vs TZA Cost

Overpaying FAZ vs TZA

$648

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

  • FAZ 1.03%

    $19,173

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • FAZ 1.03%
  • 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$20K051015202530FAZ $19,173TZA $18,525

Year by year

YearFAZTZAOverpaying
10$1,814$1,746$68
20$6,807$6,565$242
30$19,173$18,525$648

Expense ratio

  • 1.03%FAZ
  • 0.99%TZA, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

TZA 5th cheapest of 14 funds

FAZ 8th cheapest of 14 funds

FAZ vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FAZ 2.98%
TZA 4.06%, better
Payout (12M)
FAZ $1.00
TZA $1.90
Last payment
FAZ $0.20
TZA $0.47
Ex-dividend
FAZ Sep 22, 2026
TZA Sep 22, 2026
Paid on
FAZ Sep 29, 2026
TZA Sep 29, 2026
Frequency
FAZ Quarterly
TZA 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$25202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2018 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$25202020232026YTD

FAZ vs TZA Risk

Fall from peak · 5 years

  • FAZ
  • 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
FAZ 42.2%, betterTZA 53.9%
Return per unit of riskSharpe ratio, 3 years
FAZ −1.25TZA −1.01, better
Worst fallMax drawdown, 5 years
FAZ −89.3%, betterTZA −92.1%
Market sensitivityBeta, 5 years
FAZ −2.11TZA −3.25

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