Direxion Daily Financial Bear 3X Shares (FAZ) Performance
FAZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −8.2% since Dec 31, 2025
- 1 year
- −18.7% total return
- 5 years
- −26.1% a year
- 10 years
- −43.6% a year
- Since first price
- −43.1% a year since 2008
FAZ trailing returns vs SPY, QQQ, AGG
| Period | FAZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.7% | −6.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.2% | −0.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −20.4% | −21.3% | +7.8% | +8.4% | −1.5% |
| YTD | −8.2% | −10.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −18.7% | −20.6% | +14.4% | +15.9% | −1.1% |
| 3 years | −82.6%−44.2%/yr | −84.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −77.9%−26.1%/yr | −80.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −99.7%−43.6%/yr | −99.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.99%−44.6%/yr | −99.99% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 19, 2008 | −100.00%−43.1%/yr | −100.00% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FAZ vs SPY
From Nov 19, 2008: FAZ grew to $0, SPY to $129,200.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FAZ returns by calendar year
2 of 17 full years positive. Best 2018 (+16.8%), worst 2020 (−73.9%). 2026 is year to date.
FAZ annual returns table
| Year | FAZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −8.2% | −45.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −37.2% | −52.9% | +17.7% | +20.8% | +7.2% |
| 2024 | −51.0% | −60.4% | +24.9% | +25.6% | +1.3% |
| 2023 | −26.7% | −44.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +1.2% | −48.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −67.0% | −70.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −73.9% | −90.3% | +18.3% | +48.6% | +7.5% |
| 2019 | −58.6% | −60.7% | +31.2% | +39.0% | +8.5% |
| 2018 | +16.8% | −30.8% | −4.6% | −0.1% | +0.1% |
| 2017 | −46.2% | −47.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −47.3% | −68.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −18.7% | −35.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −41.1% | −51.6% | +13.5% | +19.2% | +6.0% |
| 2013 | −64.4% | −61.4% | +32.3% | +36.6% | −2.0% |
| 2012 | −59.5% | −58.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −21.0% | −54.7% | +1.9% | +3.4% | +7.7% |
| 2010 | −51.4% | −57.0% | +15.1% | +19.9% | +6.4% |
| 2009 | −37.8% | −43.9% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FAZ largest drawdowns
Now 100.00% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 3, 2009 | −100.00% | Sep 3, 2026 | not yet | 17.1 years | 17.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FAZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −39.4% | −27.9% | −42.9% | −42.8% |
| Volatility (annualized) | 42.3% | 53.1% | 49.7% | 46.3% |
| Sharpe ratio | -1.05 | -0.42 | -0.90 | -0.97 |
| Sortino ratio | -1.23 | -0.57 | -1.10 | -1.16 |
| Best month | +25.2% | +35.2% | +35.2% | +35.2% |
| Worst month | −26.6% | −31.7% | −40.2% | −40.2% |
| Best 12 months | +0.2% | +28.1% | +28.1% | +28.1% |
| Worst 12 months | −64.5% | −64.5% | −88.6% | −88.6% |
| Positive months | 39% | 43% | 38% | 35% |
| Beta vs S&P 500 | -2.11 | -2.51 | -2.53 | — |
| Correlation with S&P 500 | -0.62 | -0.74 | -0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FAZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −88.6% | −42.0% | +28.1% | 6% |
| 3-year (a year) | 180 | −67.1% | −42.6% | −24.1% | 0% |
| 5-year (a year) | 156 | −56.9% | −46.5% | −26.3% | 0% |
| 10-year (a year) | 96 | −52.7% | −44.0% | −39.0% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
FAZ performance overview
Direxion Daily Financial Bear 3X Shares (FAZ) returned −18.7% over the past year and −43.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −43.1% a year, turning $10,000 into about $0. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −100.00%, from Aug 3, 2009 to Sep 3, 2026; the fund has not yet regained that high. FAZ finished 2 of its 17 full calendar years with a gain; the best year was 2018 (+16.8%) and the worst 2020 (−73.9%). Volatility has been 46.3% a year.
Related: FAZ chart, FAZ dividends. See the FAZ overview for the latest quote and fund facts.
FAZ performance FAQ
What is the FAZ return over the past year?
FAZ returned −18.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 20.6%.
What is the average annual return of FAZ?
FAZ has returned −26.1% a year over 5 years, −43.6% a year over 10 years, −43.1% a year since November 19, 2008 (total return, distributions reinvested).
How much would $10,000 invested in FAZ be worth?
$10,000 invested in FAZ at its first recorded close on November 19, 2008 would be worth about $0 on October 23, 2026 with distributions reinvested.
What was the worst year for FAZ?
The worst calendar year was 2020, with a total return of −73.9%. The best was 2018 at +16.8%.
What is the biggest drawdown of FAZ?
The largest peak-to-trough decline was −100.00% between August 3, 2009 and September 3, 2026. It has not yet recovered to that high; it is 100.00% below its peak.
How volatile is FAZ?
Over the past 3 years FAZ had an annualized volatility of 42.3% and a Sharpe ratio of -1.05 (excess return over 1–3 month T-bills per unit of risk).