FAZ vs SPXS
Direxion Daily Financial Bear 3X ETF vs Direxion Daily S&P 500 Bear 3X ETF
Which is better, FAZ or SPXS?
Each has led over a different period.
SPXS has a lower expense ratio. FAZ led over 1Y, 3Y and 5Y, SPXS over the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FAZ | SPXS |
|---|---|---|
| Expense Ratio | 1.04% | 1.02%Best |
| AUM | $93M | $336M |
| Dividend Yield | 2.53% | 4.64% |
| Holdings | 16 | 22 |
| YTD Return | -0.09%Best | -29.24% |
| 1Y Return | -8.61%Best | -35.00% |
| 3Y Return (annualized) | -40.22%Best | -43.34% |
| 5Y Return (annualized) | -26.94%Best | -33.13% |
| Volatility (annualized) | 53.6% | 41.3%Best |
| $10,000 over 5 years | $2,082Best | $1,337 |
| Fund Family | Direxion Shares ETF Trust | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Nov 6, 2008 | Nov 5, 2008 |
Not shown on this pair: Max Drawdown, Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 6, 2008 to Oct 14, 2026 (17.9 years).
FAZ vs SPXS growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.9 years both funds cover.
FAZ vs SPXS Performance
Direxion Daily Financial Bear 3X ETF (FAZ) is an ETF from Direxion Shares ETF Trust and Direxion Daily S&P 500 Bear 3X ETF (SPXS) is an ETF from Direxion Shares ETF Trust. Over the past year FAZ returned -8.61% while SPXS returned -35.00%. Year to date, FAZ is down 0.09% versus a loss of 29.24% for SPXS.
Over three years, FAZ compounded at -40.22% per year against -43.34% for SPXS; over five years the annualized figures are -26.94% and -33.13% respectively. Across the full 18-year window we track, SPXS has the edge at -44.24% annualized vs -52.01%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FAZ has been the more volatile fund, with annualized monthly volatility of 53.6% compared with 41.3% for SPXS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FAZ charges 1.04% per year while SPXS charges 1.02%. On a $10,000 position that is $104 vs $102 annually, a gap of $2 per year that compounds over a long holding period. On income, FAZ currently yields 2.53% against 4.64% for SPXS.
Holdings Overlap
We hold position weights for 3 holdings in FAZ and 3 in SPXS, totalling 102.9% and 89.9% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 3 positions appear in both.
3 positions in common, counted across the 3 positions we hold weights for in FAZ and 3 in SPXS, against full books of 16 and 22.
You are not choosing between two funds in isolation.
Whichever of FAZ and SPXS you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FAZ or SPXS?
FAZ has an expense ratio of 1.04% while SPXS charges 1.02%. SPXS is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, FAZ or SPXS?
Over the past year FAZ returned -8.61% vs -35.00% for SPXS, so FAZ leads on 1-year performance. Over the longest common window we track (18 years), FAZ annualized -52.01% vs -44.24% for SPXS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FAZ or SPXS?
FAZ has been the more volatile fund at 53.6% annualized versus 41.3% for SPXS.
Should I hold both FAZ and SPXS?
FAZ and SPXS have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FAZ or SPXS?
FAZ yields 2.53% while SPXS yields 4.64%, so SPXS currently pays the higher dividend yield.
Is SPXS better than FAZ?
SPXS has a lower expense ratio. FAZ led over 1Y, 3Y and 5Y, SPXS over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.