TZA vs SPY
Comparison between Direxion Small Cap Bear 3X ETF (TZA, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed TZA, delivering a return of +13.0% compared to -32.0%
TZA vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
TZA
$208M
Winner
SPY
$781B
Expense Ratio
TZA
N/A
SPY
0.09%
Max Drawdown
TZA
100.00%
Winner
SPY
56.47%
Sharpe Ratio
TZA
-1.47
Winner
SPY
1.25
5Y Beta
Winner
TZA
0.00
SPY
1.00
P/E Ratio
TZA
N/A
SPY
28.78
Forward P/E
TZA
N/A
SPY
21.23
5Y Dividends CAGR
TZA
N/A
SPY
6.00%
5Y EPS CAGR
TZA
N/A
SPY
25.62%
Debt to Equity
TZA
N/A
SPY
31.92%
P/S Ratio
TZA
N/A
SPY
3.76
P/B Ratio
TZA
N/A
SPY
5.64
TZA vs SPY - Holdings Comparison
TZA and SPY have 0 common holdings. Overlap is 0.00%
TZA's top 25 holdings weight is 40.95%. SPY's top 25 holdings weight is 51.74%.
| Rank | TZA | SPY |
|---|---|---|
| #1 | GOLDMAN SACHS FS TREASURY INTMS INSTL (FTIXX) - 40.95% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | N/A | APPLE INC (AAPL) - 7.37% |
| #3 | N/A | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | N/A | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | N/A | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | N/A | BROADCOM INC (AVGO) - 2.86% |
| #7 | N/A | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | N/A | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | N/A | TESLA INC (TSLA) - 1.70% |
| #10 | N/A | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | N/A | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | N/A | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | N/A | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | N/A | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | N/A | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | N/A | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | N/A | VISA INC CLASS A (V) - 0.90% |
| #18 | N/A | WALMART INC (WMT) - 0.76% |
| #19 | N/A | INTEL CORP (INTC) - 0.75% |
| #20 | N/A | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | N/A | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | N/A | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | N/A | ABBVIE INC (ABBV) - 0.66% |
| #24 | N/A | CATERPILLAR INC (CAT) - 0.65% |
| #25 | N/A | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 1 | 505 |
TZA vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
TZA
+2.22%
SPY
+0.52%
3M
TZA
-22.24%
Winner
SPY
+6.55%
6M
TZA
-31.00%
Winner
SPY
+9.76%
1Y
TZA
-62.75%
Winner
SPY
+20.32%
5Y(CAGR)
TZA
-31.96%
Winner
SPY
+13.01%
10Y(CAGR)
TZA
-42.89%
Winner
SPY
+15.06%
Max(CAGR)
TZA
-50.45%
Winner
SPY
+8.50%
TZA vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | TZA | SPY |
|---|---|---|
| 2026 | -44.63% | +10.11% |
| 2025 | -40.14% | +18.00% |
| 2024 | -33.52% | +25.59% |
| 2023 | -42.13% | +26.72% |
| 2022 | +35.32% | -18.64% |
| 2021 | -52.86% | +30.52% |
| 2020 | -80.41% | +17.28% |
| 2019 | -52.45% | +31.09% |
| 2018 | +28.74% | -5.24% |
| 2017 | -37.30% | +20.78% |
| 2016 | -58.67% | +13.59% |
| 2015 | -7.71% | +1.31% |
| 2014 | -31.55% | +14.56% |
| 2013 | -65.56% | +29.00% |
| 2012 | -46.46% | +14.17% |
| 2011 | -40.32% | +0.85% |
| 2010 | -65.58% | +13.14% |
| 2009 | -78.57% | +22.67% |
| 2008 | -59.11% | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
TZA vs SPY Drawdown Comparison
The maximum drawdown for TZA was -100.00%, occurring on Jun 30, 2026. This drawdown has not yet recovered.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current TZA drawdown is -100.00%. The current SPY drawdown is -1.24%.
| Rank | TZA | SPY |
|---|---|---|
| #1 | -100.00% Nov 20, 2008 - Jun 30, 2026 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | N/A | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | N/A | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | N/A | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | N/A | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | N/A | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | N/A | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | N/A | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | N/A | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | N/A | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | N/A | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | N/A | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | N/A | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | N/A | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | N/A | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between TZA and SPY is -0.31 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.
-0.31
-101
Dividend Comparison (1999 - 2026)
TZA vs SPY dividend yield comparison.
| Year | TZA | SPY |
|---|---|---|
| 2026 | 2.73% | 0.49% |
| 2025 | 5.08% | 1.07% |
| 2024 | 5.40% | 1.21% |
| 2023 | 5.49% | 1.40% |
| 2022 | 0.00% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 1.21% | 1.52% |
| 2019 | 1.56% | 1.75% |
| 2018 | 0.63% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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