LemonTradesTZA
TZA aims for three times the opposite of the Russell 2000’s move each day: it rises when small US stocks fall. Here it is live, and how far it drifts from −3× over time.
- Russell 2000 today
- −0.42%
- −3× Russell 2000 today
- +1.26%
- After hours
- $49.00 +1.62% 7:58 PM ET
- 52-week range
- $36.33–$95.40
- Expense ratio
- 0.99% a year
- Volume
- 4.6M
The chart fills in as the desk logs prices.
TZA against −3× the Russell 2000
To the last close. “−3×” is what many buyers expect over the period; the gap is how far TZA ended up from it, payouts included.
| Period | Russell 2000 | −3 × Russell 2000 | TZA | Gap |
|---|---|---|---|---|
| 1 week | +1.9% | −5.7% | −5.6% | +0.1 pts |
| 1 month | −3.3% | +9.8% | +10.3% | +0.5 pts |
| 3 months | −6.0% | +18.1% | +19.8% | +1.6 pts |
| 6 months | −0.2% | +0.5% | −2.3% | −2.8 pts |
| This year | +12.1% | −36.2% | −33.8% | +2.3 pts |
| 1 year | +11.8% | −35.4% | −34.6% | +0.8 pts |
How TZA works
TZA, the Direxion Daily Small Cap Bear 3X Shares, aims for −300% of the Russell 2000 index’s return each day, before fees. If small caps fall 1% today, TZA should rise about 3%; if they rise 1%, it falls about 3%. It resets daily, so over longer periods its return can be very different from −3× the index’s.
Why holding TZA tends to lose money
Two things work against long holders. Stocks rise over time, and TZA is bet against them. And volatility decay: in a choppy market that ends flat, a −3× daily fund loses value. That’s why TZA’s price has fallen so far over the years, with reverse splits along the way to keep the price up.
When traders use it
- To bet on a short, sharp fall in small caps, often around big data like CPI or a Fed decision.
- To hedge a portfolio of small stocks for a few days, without shorting.
TZA facts
- Issuer: Direxion. Launched: November 5, 2008.
- Index: the Russell 2000, about 2,000 smaller US companies.
- Expense ratio: 0.99% a year.
Recent payouts
| Ex-date | Payout per share |
|---|---|
| Sep 22, 2026 | $0.4730 |
| Jun 23, 2026 | $0.3800 |
| Mar 24, 2026 | $0.7000 |
| Dec 23, 2025 | $0.3400 |
| Sep 23, 2025 | $0.5300 |
| Jun 24, 2025 | $0.5600 |
| Mar 25, 2025 | $2.3800 |
| Dec 23, 2024 | $0.8400 |
Questions
What does TZA track?
Three times the inverse of the Russell 2000’s daily return, before fees.
Can you hold TZA long term?
It’s designed for a day or a few days. Held for months, decay and the market’s long-term rise usually erode it.
What is the opposite of TZA?
TNA, the Direxion Daily Small Cap Bull 3X, aims for three times the Russell 2000’s daily return.
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