TZA Performance — Direxion Daily Small Cap Bear 3X Shares
Data updated: 2026-09-28
TZA returned −43.31% year to date and −61.72% over one year to Jul 2026. Annualised returns are −40.50% over 3 years and −31.41% over 5 years. The fund trailed its Trading - Inverse category average: $100 invested three years ago grew to $21, against $39 for the category, and to $38 over one year, against $73. Volatility over the past three years was 57.67% a year. In the 12 months to Jul 2026 the fund took in a net $158.4M, and assets reached $233.29M.
TZA Growth of $100
What $100 invested in Direxion Daily Small Cap Bear 3X Shares grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Trading - Inverse category average over the same months.
| Period | TZA | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $38 | $73 |
| 3 years (Aug 2023 – Jul 2026) | $21 | $39 |
| 5 years (Aug 2021 – Jul 2026) | $15 | $35 |
| Since data start (Aug 2019 – Jul 2026) | $1 | $12 |
TZA Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −43.31% |
| 1 year | −61.72% |
| 3 years (annualised) | −40.50% |
| 5 years (annualised) | −31.41% |
TZA Annual Returns
Calendar-year total returns of Direxion Daily Small Cap Bear 3X Shares, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −43.31% |
| 2025 | −40.49% |
| 2024 | −32.24% |
| 2023 | −41.00% |
| 2022 | +30.17% |
| 2021 | −51.00% |
| 2020 | −80.34% |
| 2019 (Aug–Dec) | −20.57% |
TZA Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −14.6% | −3.1% | +14.1% | −29.6% | −12.6% | −11.4% | +10.0% | — | — | — | — | — |
| 2025 | −7.3% | +18.0% | +21.8% | −3.3% | −15.3% | −15.0% | −5.0% | −19.6% | −8.5% | −6.2% | −4.0% | +2.0% |
| 2024 | +12.4% | −16.4% | −9.7% | +24.2% | −13.1% | +3.6% | −26.3% | +2.3% | −2.3% | +4.7% | −28.3% | +29.1% |
| 2023 | −24.9% | +4.8% | +13.6% | +5.8% | +2.8% | −21.5% | −16.2% | +17.7% | +20.7% | +23.1% | −24.5% | −30.2% |
| 2022 | +30.4% | −6.0% | −7.6% | +32.5% | −6.5% | +23.0% | −27.5% | +4.0% | +31.1% | −29.8% | −10.2% | +21.2% |
| 2021 | −16.1% | −19.2% | −8.3% | −7.5% | −2.9% | −6.9% | +9.0% | −8.1% | +7.6% | −12.9% | +11.2% | −9.6% |
| 2020 | +10.0% | +27.2% | +20.8% | −43.3% | −23.7% | −17.5% | −10.3% | −16.1% | +6.9% | −8.5% | −42.2% | −23.4% |
| 2019 | — | — | — | — | — | — | — | +13.5% | −6.6% | −8.0% | −11.5% | −8.0% |
TZA Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 57.67%
- 3-year Sharpe ratio: -0.78 (vs 4.5% risk-free rate)
- Best month: +29.10% (Dec 2024)
- Worst month: −30.16% (Dec 2023)
TZA Fund Flows
Monthly money in and out of Direxion Daily Small Cap Bear 3X Shares, from SEC Form N-PORT.
- 12-month net flow: $158.4M
- 12-month gross sales (incl. reinvestments): $1.9B
- Sales ÷ redemptions: 1.09×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $185.2M | $182.1M | $3.0M |
| Jun 2026 | $223.0M | $237.3M | −$14.3M |
| May 2026 | $159.2M | $145.0M | $14.2M |
| Apr 2026 | $204.2M | $106.7M | $97.5M |
| Mar 2026 | $215.2M | $225.2M | −$10.0M |
| Feb 2026 | $131.2M | $113.1M | $18.1M |
| Jan 2026 | $153.6M | $158.8M | −$5.2M |
| Dec 2025 | $163.5M | $194.8M | −$31.3M |
| Nov 2025 | $101.0M | $122.0M | −$21.0M |
| Oct 2025 | $109.1M | $82.1M | $27.0M |
| Sep 2025 | $106.3M | $70.3M | $35.9M |
| Aug 2025 | $149.3M | $104.9M | $44.4M |
TZA Assets Under Management
Net assets of Direxion Daily Small Cap Bear 3X Shares by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $233.29M |
| 2026-04-30 | $265.84M |
| 2026-01-31 | $230.10M |
| 2025-10-31 | $326.22M |
| 2025-07-31 | $324.00M |
| 2025-04-30 | $255.57M |
| 2025-01-31 | $257.18M |
| 2024-10-31 | $350.60M |
| 2024-07-31 | $382.36M |
| 2024-04-30 | $363.42M |
| 2024-01-31 | $407.75M |
| 2023-10-31 | $328.55M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.