Skip to content
etf.net

TZA vs WEBS

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Direxion Daily Dow Jones Internet Bear 3X ETF

WEBSFNYSE Arca

Overlap

Expense ratio

TZA −0.08pt a year

TZA0.99%WEBS1.07%

Avg volume · 30D

TZA 367.3×the volume

TZA17.8MWEBS48.5K

5Y return · a year

TZA +4.4pt

TZA−27.5%WEBS−31.9%

TZA vs WEBS Performance

Oct 29, 2021 – Oct 30, 2026

−79.9%TZA−85.4%WEBS

Oct 29, 2021 to Oct 30, 2026. TZA −79.9%. WEBS −85.4%. Use the arrow keys to read each point.0%100%200%300%Oct 2021Apr 2024Oct 2026
Expense ratio
TZA 0.99%, better
WEBS 1.07%
Fund size
TZA $191M
WEBS $7M
1Y total return
TZA −37.2%
WEBS +5.6%, better
Yield (12M)
TZA 4.06%, better
WEBS 3.27%
Holdings
TZA 7
WEBS 4
Avg volume (30D)
TZA 17.8M sh, better
WEBS 48.5K sh
NAV per share
TZA $44.49
WEBS $16.16
52W range

ETF.net Grade

TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60. WEBS: Cost 5, Risk 59, Mission not scored, Tradability 24, Holdings not scored, Durability 19.
Pillar letters and Scores for TZA, WEBS, with each pillar’s weight
PillarTZAWEBS
Cost30% weightB64HigherF5
Mission25% weightA75Not scored
Risk15% weightC54B59Higher
Tradability15% weightB63HigherF24
Holdings10% weightNot scoredNot scored
Durability5% weightB60HigherF19

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. TZA and WEBS 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 WEBS 13th 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 12FHIBSDirexion Daily S&P 500 High Beta Bear 3X ETFScore 23
  7. Rank 13FWEBSDirexion Daily Dow Jones Internet Bear 3X ETFScore 22
  8. Rank 14FLABDDirexion Daily S&P Biotech Bear 3X ETFScore 19

Our read on each fund

ETF.net Research

TZABDirexion Daily Small Cap Bear 3X ETF

WEBSFDirexion Daily Dow Jones Internet Bear 3X ETF

In short

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.

WEBS Most triple-inverse ETFs short the whole market. WEBS aims at 3x the inverse of one day's move in a 40-stock Dow Jones internet index, at 1.07% net of a waiver through September 1, 2027.

Stated mandate

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.

WEBS The fund seeks daily investment results equal to 300% of the inverse performance of the Dow Jones Internet Composite Index, before fees and expenses.

Why people hold it

  • 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.
  • WEBS Targets 3x the inverse of one day's move in the Dow Jones Internet Composite: 40 big US internet names, not the broad benchmarks most bears in this group short.spindices.com
  • Exposure resets daily, so each session starts back near the stated 3x inverse rather than drifting with an aging position.
  • Trading since 2019, from Direxion, which also runs other triple-inverse funds in this category including TZA and SOXS.

Worth knowing

  • 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.
  • WEBS The 3x target applies to one day. Over longer holds, daily compounding in a choppy index can push results far from 3x the index move, in either direction.
  • 1.07% net of a waiver through September 1, 2027 (1.23% gross): above SQQQ's 0.94% and SRTY's 0.95% net of a waiver through September 30, 2027, but near the category median.
  • Sits at the smaller, moderately traded end of its 14-fund category, so spreads and order size matter more here than with the headline index bears.

Full TZA profile⁠

Full WEBS profile⁠

TZA vs WEBS 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.

TZA vs WEBS Cost

Overpaying WEBS vs TZA

$1,290

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

  • TZA 0.99%

    $18,525

  • WEBS 1.07%

    $19,815

$10,000
30 years

Cost over time

  • TZA 0.99%
  • WEBS 1.07%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530WEBS $19,815TZA $18,525

Year by year

YearTZAWEBSOverpaying
10$1,746$1,881$135
20$6,565$7,046$481
30$18,525$19,815$1,290

Expense ratio

  • 0.99%TZA, cheaper
  • 1.07%WEBS
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

TZA 5th cheapest of 14 funds

WEBS 13th cheapest of 14 funds

TZA vs WEBS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TZA 4.06%, better
WEBS 3.27%
Payout (12M)
TZA $1.90
WEBS $0.58
Last payment
TZA $0.47
WEBS $0.19
Ex-dividend
TZA Sep 22, 2026
WEBS Sep 22, 2026
Paid on
TZA Sep 29, 2026
WEBS Sep 29, 2026
Frequency
TZA Quarterly
WEBS Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

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
WEBSQuarterly · 19 paymentsAll WEBS payments⁠
One bar per payment. 19 payments from 2018 to 2026 YTD. Dec 23, 2019 $2.54; Mar 24, 2020 $3.15; Sep 20, 2022 $0.13; Dec 20, 2022 $0.62; Mar 21, 2023 $1.88; Jun 21, 2023 $2.06; Sep 19, 2023 $1.62; Dec 21, 2023 $1.70; Mar 19, 2024 $0.80; Jun 25, 2024 $0.89; Sep 24, 2024 $0.70; Dec 23, 2024 $0.42; Mar 25, 2025 $0.22; Jun 24, 2025 $0.22; Sep 23, 2025 $0.15; Dec 23, 2025 $0.17; Mar 24, 2026 $0.12; Jun 23, 2026 $0.11; Sep 22, 2026 $0.19. Use the arrow keys to read each point.$0$25202020232026YTD

TZA vs WEBS Risk

Fall from peak · 5 years

  • TZA
  • WEBS
Oct 29, 2021 to Oct 30, 2026. Worst fall: WEBS −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
TZA 53.9%, betterWEBS 57.3%
Return per unit of riskSharpe ratio, 3 years
TZA −1.01WEBS −0.95, better
Worst fallMax drawdown, 5 years
TZA −92.1%, betterWEBS −97.5%
Market sensitivityBeta, 5 years
TZA −3.25WEBS −3.47

Popular comparisons

  • TZABvsSQQQA

    Direxion Daily Small Cap Bear 3X ETF · ProShares UltraPro Short QQQ

    Expense ratio
    0.99% · 0.94%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEBSFvsSQQQA

    Direxion Daily Dow Jones Internet Bear 3X ETF · ProShares UltraPro Short QQQ

    Expense ratio
    1.07% · 0.94%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TZABvsSDOWA

    Direxion Daily Small Cap Bear 3X ETF · ProShares UltraPro Short Dow30

    Expense ratio
    0.99% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEBSFvsSDOWA

    Direxion Daily Dow Jones Internet Bear 3X ETF · ProShares UltraPro Short Dow30

    Expense ratio
    1.07% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TZABvsSRTYA

    Direxion Daily Small Cap Bear 3X ETF · ProShares UltraPro Short Russell2000

    Expense ratio
    0.99% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEBSFvsSRTYA

    Direxion Daily Dow Jones Internet Bear 3X ETF · ProShares UltraPro Short Russell2000

    Expense ratio
    1.07% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.