AIBD vs. SPXS
AIBD (Direxion Daily AI and Big Data Bear 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - AIBD tracks the Solactive US AI & Big Data Index while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past year, AIBD returned -59.55% vs -48.73% for SPXS. A 0.79 correlation means they provide meaningful diversification when combined. AIBD charges 1.05%/yr vs 1.08%/yr for SPXS.
Performance
AIBD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, AIBD achieves a -38.68% return, which is significantly lower than SPXS's -25.49% return.
AIBD
- 1D
- 4.30%
- 1M
- -24.36%
- YTD
- -38.68%
- 6M
- -33.54%
- 1Y
- -59.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
AIBD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | -38.68% | -49.15% | -33.02% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -23.65% |
Correlation
The correlation between AIBD and SPXS is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 16, 2024 | 0.79 |
The correlation between AIBD and SPXS has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.
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Return for Risk
AIBD vs. SPXS — Risk / Return Rank
AIBD
SPXS
AIBD vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AI and Big Data Bear 2X Shares (AIBD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AIBD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.75 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.78 | -1.62 | -0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AIBD | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.17 | -1.38 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.95 | -0.83 | -0.12 |
Drawdowns
AIBD vs. SPXS - Drawdown Comparison
The maximum AIBD drawdown since its inception was -82.11%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AIBD and SPXS.
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Drawdown Indicators
| AIBD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.11% | -100.00% | +17.89% |
Max Drawdown (1Y)Largest decline over 1 year | -61.47% | -50.77% | -10.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -81.34% | -100.00% | +18.66% |
Average DrawdownAverage peak-to-trough decline | -48.17% | -96.30% | +48.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.38% | 30.04% | +3.34% |
Volatility
AIBD vs. SPXS - Volatility Comparison
Direxion Daily AI and Big Data Bear 2X Shares (AIBD) has a higher volatility of 14.63% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that AIBD's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIBD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.63% | 8.51% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 37.40% | 26.82% | +10.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.16% | 35.54% | +15.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.52% | 50.39% | +6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.52% | 53.54% | +2.98% |
AIBD vs. SPXS - Expense Ratio Comparison
AIBD has a 1.05% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
AIBD vs. SPXS - Dividend Comparison
AIBD's dividend yield for the trailing twelve months is around 5.68%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | 5.68% | 4.37% | 3.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
AIBD and SPXS have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIBD has higher volatility (14.63%) compared to SPXS (8.51%). In terms of maximum drawdown, AIBD dropped -82.11% vs SPXS's -100.00%.
On 1-year performance, SPXS leads with -48.73% vs -59.55% for AIBD. On fees, AIBD is cheaper at 1.05% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXS has performed better with a -48.73% return vs -59.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AIBD is cheaper with a 1.05% expense ratio, compared with 1.08% for SPXS.
AIBD has the higher dividend yield at 5.68%, compared with 4.91% for SPXS.
AIBD tracks Solactive US AI & Big Data Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.05% for AIBD and 1.08% for SPXS.
AIBD currently has the higher Sharpe Ratio (-1.17 vs -1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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