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SRTY vs TZA

ProShares UltraPro Short Russell2000

SRTYANYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

Expense ratio

SRTY −0.04pt a year

SRTY0.95%TZA0.99%

Avg volume · 30D

TZA 11.1×the volume

SRTY1.6MTZA17.8M

10Y return · a year

TZA +1.0pt

SRTY−42.8%TZA−41.8%

SRTY vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−82.0%SRTY−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. SRTY −82.0%. TZA −79.9%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
SRTY 0.95%, better
TZA 0.99%
Fund size
SRTY $68M
TZA $191M
1Y total return
SRTY −37.4%
TZA −37.2%, better
Yield (12M)
SRTY 5.87%, better
TZA 4.06%
Holdings
SRTY 5
TZA 7
Avg volume (30D)
SRTY 1.6M sh
TZA 17.8M sh, better
NAV per share
SRTY $26.34
TZA $44.49
52W range

ETF.net Grade

SRTY: Cost 84, Risk 53, Mission 83, Tradability 70, Holdings not scored, Durability 56. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for SRTY, TZA, with each pillar’s weight
PillarSRTYTZA
Cost30% weightA84HigherB64
Mission25% weightA83HigherA75
Risk15% weightC53C54Higher
Tradability15% weightA70HigherB63
Holdings10% weightNot scoredNot scored
Durability5% weightB56B60Higher

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. SRTY 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 ›

SRTY ranks 3rd 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

SRTYAProShares UltraPro Short Russell2000

TZABDirexion Daily Small Cap Bear 3X ETF

In short

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.

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

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

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

  • 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.
  • 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

  • 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
  • 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 SRTY profile⁠

Full TZA profile⁠

SRTY 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.

SRTY vs TZA Cost

Overpaying TZA vs SRTY

$656

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

  • SRTY 0.95%

    $17,869

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • SRTY 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 $18,525SRTY $17,869

Year by year

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

Expense ratio

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

SRTY 2nd cheapest of 14 funds

TZA 5th cheapest of 14 funds

SRTY vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SRTY 5.87%, better
TZA 4.06%
Payout (12M)
SRTY $1.55
TZA $1.90
Last payment
SRTY $0.27
TZA $0.47
Ex-dividend
SRTY Sep 23, 2026
TZA Sep 22, 2026
Paid on
SRTY Sep 29, 2026
TZA Sep 29, 2026
Frequency
SRTY Quarterly
TZA Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

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$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

SRTY vs TZA Risk

Fall from peak · 5 years

  • SRTY
  • TZA
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
SRTY 54.0%TZA 53.9%, better
Return per unit of riskSharpe ratio, 3 years
SRTY −1.04TZA −1.01, better
Worst fallMax drawdown, 5 years
SRTY −92.8%TZA −92.1%, better
Market sensitivityBeta, 5 years
SRTY −3.24TZA −3.25

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