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SDOW vs TZA

ProShares UltraPro Short Dow30

SDOWANYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

0.0%by weight

Expense ratio

SDOW −0.04pt a year

SDOW0.95%TZA0.99%

Avg volume · 30D

TZA 4.6×the volume

SDOW3.85MTZA17.8M

10Y return · a year

SDOW +4.2pt

SDOW−37.6%TZA−41.8%

SDOW vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−73.1%SDOW−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. SDOW −73.1%. TZA −79.9%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
SDOW 0.95%, better
TZA 0.99%
Fund size
SDOW $154M
TZA $191M
1Y total return
SDOW −21.9%, better
TZA −37.2%
Yield (12M)
SDOW 4.76%, better
TZA 4.06%
Holdings
SDOW 10
TZA 7
Avg volume (30D)
SDOW 3.85M sh
TZA 17.8M sh, better
NAV per share
SDOW $25.01
TZA $44.49
52W range

ETF.net Grade

SDOW: Cost 84, Risk 69, Mission 78, Tradability 81, Holdings 0, Durability 67. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for SDOW, TZA, with each pillar’s weight
PillarSDOWTZA
Cost30% weightA84HigherB64
Mission25% weightA78HigherA75
Risk15% weightB69HigherC54
Tradability15% weightA81HigherB63
Holdings10% weightF0Not scored
Durability5% weightB67HigherB60

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. SDOW 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 ›

SDOW ranks 2nd and TZA 4th 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

Our read on each fund

ETF.net Research

SDOWAProShares UltraPro Short Dow30

TZABDirexion Daily Small Cap Bear 3X ETF

In short

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.

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

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.

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

  • 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.
  • 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

  • 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
  • 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 SDOW profile⁠

Full TZA profile⁠

SDOW vs TZA Holdings

How SDOW and TZA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SDOW and 0.0% of TZA.

Level by level

  • Asset classEquity, Leveraged/Inverse0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for TZA.

Country, concentration and asset class

Country by domicile

No country split for TZA.

Concentration

Weight in the 10 largest Holdings

  • SDOW122.5%
  • TZA159.7%

Securities held

  • SDOW10
  • TZA0

Asset class

SDOW
Equity
TZA
Leveraged/Inverse

Holdings

  • Only in SDOW10
  • In both0
  • Only in TZA0

Only in SDOW

10 securities, 100% of SDOW by weight

  • Proshares Genius Mny Mkt Etf77.79%
  • TREASURY BILL, 0%, due 2026-12-2913.80%
  • TREASURY BILL, 0%, due 2026-12-109.88%

Only in TZA

0 securities, 0.0% of TZA by weight

Weight gaps

SDOW and TZA share no securities.

All 14 SDOW holdings⁠All 12 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.

SDOW vs TZA Cost

Overpaying TZA vs SDOW

$656

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

  • SDOW 0.95%

    $17,869

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • SDOW 0.95%
  • 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$20K051015202530TZA $18,525SDOW $17,869

Year by year

YearSDOWTZAOverpaying
10$1,678$1,746$68
20$6,322$6,565$243
30$17,869$18,525$656

Expense ratio

  • 0.95%SDOW, cheaper
  • 0.99%TZA
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SDOW 2nd cheapest of 14 funds

TZA 5th cheapest of 14 funds

SDOW vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SDOW 4.76%, better
TZA 4.06%
Payout (12M)
SDOW $1.19
TZA $1.90
Last payment
SDOW $0.29
TZA $0.47
Ex-dividend
SDOW Sep 23, 2026
TZA Sep 22, 2026
Paid on
SDOW Sep 29, 2026
TZA Sep 29, 2026
Frequency
SDOW Quarterly
TZA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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$252017202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2017 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$252017202020232026YTD

SDOW vs TZA Risk

Fall from peak · 5 years

  • SDOW
  • 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
SDOW 34.4%, betterTZA 53.9%
Return per unit of riskSharpe ratio, 3 years
SDOW −1.22TZA −1.01, better
Worst fallMax drawdown, 5 years
SDOW −85.1%, betterTZA −92.1%
Market sensitivityBeta, 5 years
SDOW −2.46TZA −3.25

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