Direxion Daily Small Cap Bear 3X Shares (TZA) Performance
TZA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −33.2% since Dec 31, 2025
- 1 year
- −34.4% total return
- 5 years
- −27.1% a year
- 10 years
- −41.2% a year
- Since first price
- −42.5% a year since 2008
TZA trailing returns vs SPY, QQQ, AGG
| Period | TZA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +7.3% | +7.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +18.9% | +17.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.4% | −4.3% | +7.8% | +8.4% | −1.5% |
| YTD | −33.2% | −35.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −34.4% | −36.7% | +14.4% | +15.9% | −1.1% |
| 3 years | −85.6%−47.6%/yr | −87.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −79.4%−27.1%/yr | −82.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −99.5%−41.2%/yr | −99.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.97%−42.5%/yr | −99.98% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 5, 2008 | −100.00%−42.5%/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: TZA vs SPY
From Nov 5, 2008: TZA grew to $0, SPY to $109,469.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TZA returns by calendar year
2 of 17 full years positive. Best 2022 (+30.2%), worst 2020 (−80.4%). 2026 is year to date.
TZA annual returns table
| Year | TZA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −33.2% | −53.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −40.2% | −72.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −32.2% | −56.4% | +24.9% | +25.6% | +1.3% |
| 2023 | −41.2% | −52.6% | +26.2% | +54.9% | +5.7% |
| 2022 | +30.2% | −48.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −50.8% | −61.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −80.4% | −93.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −53.2% | −55.8% | +31.2% | +39.0% | +8.5% |
| 2018 | +25.1% | −43.4% | −4.6% | −0.1% | +0.1% |
| 2017 | −38.2% | −40.9% | +21.7% | +32.7% | +3.6% |
| 2016 | −55.9% | −73.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −6.2% | −34.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −29.3% | −41.6% | +13.5% | +19.2% | +6.0% |
| 2013 | −68.6% | −65.6% | +32.3% | +36.6% | −2.0% |
| 2012 | −49.0% | −47.6% | +16.0% | +18.1% | +3.8% |
| 2011 | −43.5% | −60.1% | +1.9% | +3.4% | +7.7% |
| 2010 | −68.3% | −73.4% | +15.1% | +19.9% | +6.4% |
| 2009 | −19.6% | −23.2% | +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.
TZA largest drawdowns
Now 100.00% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 30, 2009 | −100.00% | Aug 14, 2026 | not yet | 16.7 years | 16.9 years so far |
| Oct 5, 2009 | −11.9% | Oct 14, 2009 | Oct 26, 2009 | 9 days | 21 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TZA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −44.5% | −29.3% | −40.9% | −42.8% |
| Volatility (annualized) | 56.1% | 60.6% | 57.8% | 52.3% |
| Sharpe ratio | -0.82 | -0.32 | -0.64 | -0.80 |
| Sortino ratio | -1.01 | -0.44 | -0.82 | -0.99 |
| Best month | +29.5% | +32.2% | +40.9% | +40.9% |
| Worst month | −30.2% | −30.2% | −43.4% | −43.4% |
| Best 12 months | +6.1% | +49.2% | +62.7% | +62.7% |
| Worst 12 months | −69.2% | −69.2% | −92.8% | −92.8% |
| Positive months | 36% | 43% | 36% | 33% |
| Beta vs S&P 500 | -3.56 | -3.25 | -3.18 | — |
| Correlation with S&P 500 | -0.79 | -0.84 | -0.84 | — |
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.
TZA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −92.8% | −42.5% | +62.7% | 11% |
| 3-year (a year) | 180 | −64.4% | −43.0% | −11.7% | 0% |
| 5-year (a year) | 156 | −55.6% | −43.0% | −21.4% | 0% |
| 10-year (a year) | 96 | −50.2% | −42.7% | −35.7% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
TZA performance overview
Direxion Daily Small Cap Bear 3X Shares (TZA) returned −34.4% over the past year and −41.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −42.5% 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 Nov 30, 2009 to Aug 14, 2026; the fund has not yet regained that high. TZA finished 2 of its 17 full calendar years with a gain; the best year was 2022 (+30.2%) and the worst 2020 (−80.4%). Volatility has been 52.3% a year.
Related: TZA chart, TZA dividends. See the TZA overview for the latest quote and fund facts.
TZA performance FAQ
What is the TZA return over the past year?
TZA returned −34.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 36.7%.
What is the average annual return of TZA?
TZA has returned −27.1% a year over 5 years, −41.2% a year over 10 years, −42.5% a year since November 5, 2008 (total return, distributions reinvested).
How much would $10,000 invested in TZA be worth?
$10,000 invested in TZA at its first recorded close on November 5, 2008 would be worth about $0 on October 23, 2026 with distributions reinvested.
What was the worst year for TZA?
The worst calendar year was 2020, with a total return of −80.4%. The best was 2022 at +30.2%.
What is the biggest drawdown of TZA?
The largest peak-to-trough decline was −100.00% between November 30, 2009 and August 14, 2026. It has not yet recovered to that high; it is 100.00% below its peak.
How volatile is TZA?
Over the past 3 years TZA had an annualized volatility of 56.1% and a Sharpe ratio of -0.82 (excess return over 1–3 month T-bills per unit of risk).