Direxion Daily S&P 500 Bear 3X Shares (SPXS)

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

The chart shows the growth of an initial investment of $10,000 in Direxion Daily S&P 500 Bear 3X Shares, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Direxion Daily S&P 500 Bear 3X Shares (SPXS) has returned 15.24% so far this year and -41.31% over the past 12 months. Over the last ten years, SPXS has returned -39.79% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Nov 19, 2008, SPXS's average daily return is -0.17%, while the average monthly return is -4.02%.

Historically, 29% of months were positive and 71% were negative. The best month was Sep 2022 with a return of +30.9%, while the worst month was Apr 2020 at -36.2%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 15 months.

On a daily basis, SPXS closed higher 44% of trading days. The best single day was Mar 16, 2020 with a return of +33.8%, while the worst single day was Apr 9, 2025 at -28.1%.

Direxion Daily S&P 500 Bear 3X Shares has an annualized alpha of -3.04%, beta of -2.95, and R² of 1.00 versus S&P 500 Index. Calculated based on daily prices since November 20, 2008.

• This ETF tended to rise when S&P 500 Index fell (downside capture of -478.66%), but participation in market rallies was also limited (-150.09%) — a profile typical of counter-cyclical assets.
• This ETF had an annualized alpha of -3.04% versus S&P 500 Index — delivering less than market exposure alone would predict.
• Beta of -2.95 indicates this ETF moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.

SPXS has a high expense ratio of 1.08%, indicating above-average management fees.

SPXS ranks 3 for risk / return — in the bottom 3% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

The table below present risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) and compare them to a chosen benchmark (S&P 500 Index).

Direxion Daily S&P 500 Bear 3X Shares provided a 3.17% dividend yield over the last twelve months, with an annual payout of $1.29 per share.

The table displays the monthly dividend distributions for Direxion Daily S&P 500 Bear 3X Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Direxion Daily S&P 500 Bear 3X Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Direxion Daily S&P 500 Bear 3X Shares was 100.00%, occurring on Jan 12, 2026. The portfolio has not yet recovered.

The current Direxion Daily S&P 500 Bear 3X Shares drawdown is 100.00%.

The chart below shows the rolling one-month volatility.