Data as of .
FAZ vs XLFX: which held to its multiple?
Over three months against its own daily promise, FAZ finished 2.9 points over and XLFX 3.2 points short.
ETFIQ Decay Resistance Score: FAZ scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| FAZ | XLFX | FAZ | XLFX | FAZ | XLFX | |
| 1 month | +4.2% | −3.6% | +3.5% | −2.3% | +0.7 pts | −1.3 pts |
| 3 months | −19.0% | +12.3% | −23.1% | +15.4% | +4.1 pts | −3.1 pts |
| 6 months | −38.2% | not published | −54.3% | not published | +16.1 pts | not published |
| 1 year | −17.2% | not published | −22.8% | not published | +5.6 pts | not published |
| 3 years | −79.2% | not published | −219.0% | not published | +139.7 pts | not published |
| Since launch | −100.0% | +22.8% | not meaningful | +25.9% | not meaningful | −3.1 pts |
| FAZ Direxion Daily Financial Bear 3X ETF Aims to return three times the opposite of the daily move of financials (XLF) | XLFX Corgi U.S. Financials 2x Daily ETF Aims to return twice the daily move of financials (XLF) | |
|---|---|---|
| Issuer | Direxion | Corgi |
| Sets out to return | -3x | +2x |
| On | XLF | XLF |
| Segment | sector | sector |
| Fund returned, 3 months | −19.0% | +12.3% |
| Underlying returned, 3 months | +7.7% | +7.7% |
| What the stated multiple implies, 3 months | −23.1% | +15.4% |
| Difference from stated, 3 months | +4.1 pts | −3.1 pts |
| Fund returned, 1 year or since launch | −17.2% | +22.8% |
| Difference from stated, over that window | +5.6 pts | −3.1 pts |
| Underlying volatility | 13% | 13% |
| Difference over the days both have traded | no shared window | −3.1 pts |
| Expense ratio | 1.03% | 0.45% |
| Launched | Jan 4, 2010 | Jun 3, 2026 |
FAZ in plain words
Three months to Sep 11, 2026: FAZ returned −19.0% where its own daily promise gave −21.9%, 2.9 points over. Read the multiple against the whole window instead and −3 times XLF's 7.7% implies −23.1%, which makes FAZ look 4.1 points over. 1.2 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. FAZ aims to return -3 times XLF's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLF moved at 13% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
XLFX in plain words
Three months to Sep 11, 2026: XLFX returned +12.3% where its own daily promise gave +15.5%, 3.2 points short. Read the multiple against the whole window instead and +2 times XLF's 7.7% implies +15.4%, which makes XLFX look 3.1 points short. 0.1 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. XLFX aims to return +2 times XLF's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, FAZ or XLFX?
- Over the window to Sep 11, 2026, FAZ finished 4.1 points from what its multiple implies and XLFX finished 3.1 points from its own, so XLFX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FAZ and XLFX levered on the same thing?
- Yes. Both are levered on financials, FAZ at -3 times and XLFX at +2 times the daily move.
- Which one decays faster, FAZ or XLFX?
- Decay follows how much the underlying moves about. Over this window FAZ’s moved at 13% annualized and XLFX’s at 13%, so FAZ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FAZ or XLFX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, FAZ or XLFX?
- FAZ charges 1.03% a year and XLFX charges 0.45%, so XLFX is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FAZ against XLFX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/FAZ-XLFX Free to use with attribution; the underlying files are at Open data.