Direxion Daily Financial Bull 3X ETF (FAS) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FAS returned +22.24% while SPY returned +22.80%. Year to date, FAS is up 7.88% versus a gain of 13.10% for SPY.

Over three years, FAS compounded at +41.00% per year against +20.98% for SPY; over five years the annualized figures are +11.98% and +13.20% respectively. Across the full 18-year window we track, FAS has the edge at +11.03% annualized vs +8.83%. Past performance does not guarantee future results.

FAS has been the more volatile fund, with annualized monthly volatility of 57.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.

The deepest peak-to-trough decline in our data was -94.8% for FAS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.

FAS charges 0.88% per year while SPY charges 0.09%. On a $10,000 position that is $88 vs $9 annually, a gap of $79 per year that compounds over a long holding period. On income, FAS currently yields 9.50% against 1.01% for SPY.