AMDD vs. SPXS

Last updated Aug 4, 2026

AMDD (Direxion Daily AMD Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion. AMDD is actively managed, while SPXS is passively managed. Over the past year, AMDD returned -77.50% vs -43.54% for SPXS. Their 0.61 correlation means they have sometimes moved together and sometimes differently. AMDD charges 0.97%/yr vs 1.08%/yr for SPXS.

Performance

AMDD vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMD Bear 1X Shares (AMDD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDD achieves a -67.52% return, which is significantly lower than SPXS's -26.94% return.

AMDD

• 1D: -1.64%
• 1M: 1.07%
• 6M: -61.99%
• YTD: -67.52%
• 1Y: -77.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.52%

SPXS

• 1D: -4.25%
• 1M: -4.72%
• 6M: -23.08%
• YTD: -26.94%
• 1Y: -43.54%
• 3Y*: -40.76%
• 5Y*: -33.22%
• 10Y*: -41.26%
• ALL TIME*: -44.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMDD Direxion Daily AMD Bear 1X Shares	$19.29M	$38.66M	$56.16M
SPXS Direxion Daily S&P 500 Bear 3X Shares	$311.03M	$277.03M	$339.25M

AMDD vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
AMDD Direxion Daily AMD Bear 1X Shares	-67.52%	-61.12%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-26.94%	-36.14%

Correlation

The correlation between AMDD and SPXS is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.61

The correlation between AMDD and SPXS has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

AMDD vs. SPXS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMDD

AMDD Risk / Return Rank: 1
AMDD Sharpe Ratio Rank: 1
AMDD Sortino Ratio Rank: 0
AMDD Omega Ratio Rank: 0
AMDD Calmar Ratio Rank: 1
AMDD Martin Ratio Rank: 1

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AMDD vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMD Bear 1X Shares (AMDD) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMDD	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	-1.14	+0.05
Sortino ratio: Return per unit of downside risk	-2.11	-1.79	-0.32
Omega ratio: Gain probability vs. loss probability	0.74	0.81	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.94	-1.04	+0.09
Martin ratio: Return relative to average drawdown	-1.52	-1.74	+0.23

AMDD vs. SPXS - Sharpe Ratio Comparison

The current AMDD Sharpe Ratio is -1.09, which is comparable to the SPXS Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of AMDD and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMDD vs. SPXS - Drawdown Comparison

The maximum AMDD drawdown since its inception was -91.84%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AMDD and SPXS.

Drawdown Indicators

	AMDD	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-91.84%	-100.00%	+8.16%
Max Drawdown (1Y) Largest decline over 1 year	-82.18%	-42.15%	-40.03%
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	—	-99.56%	—
Current Drawdown Current decline from peak	-90.79%	-100.00%	+9.21%
Average Drawdown Average peak-to-trough decline	-59.97%	-96.32%	+36.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.11%	26.84%	+24.27%

Volatility

AMDD vs. SPXS - Volatility Comparison

Direxion Daily AMD Bear 1X Shares (AMDD) has a higher volatility of 25.42% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.58%. This indicates that AMDD'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.

Volatility by Period

	AMDD	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.42%	11.58%	+13.84%
Volatility (6M) Calculated over the trailing 6-month period	57.49%	30.75%	+26.74%
Volatility (1Y) Calculated over the trailing 1-year period	71.65%	38.54%	+33.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.16%	50.81%	+17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.16%	53.61%	+14.55%

AMDD vs. SPXS - Expense Ratio Comparison

AMDD has a 0.97% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

AMDD vs. SPXS - Dividend Comparison

AMDD's dividend yield for the trailing twelve months is around 13.33%, more than SPXS's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMDD Direxion Daily AMD Bear 1X Shares	13.33%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.65%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both AMDD and SPXS in my portfolio?

AMDD and SPXS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDD or SPXS?

AMDD has higher volatility (25.42%) compared to SPXS (11.58%). In terms of maximum drawdown, AMDD dropped -91.84% vs SPXS's -100.00%.

Which ETF is better, AMDD or SPXS?

On 1-year performance, SPXS leads with -43.54% vs -77.50% for AMDD. On fees, AMDD is cheaper at 0.97% per year. On volatility, SPXS has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDD or SPXS?

Over the 1-year period, SPXS has performed better with a -43.54% return vs -77.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDD or SPXS?

AMDD is cheaper with a 0.97% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, AMDD or SPXS?

AMDD has the higher dividend yield at 13.33%, compared with 4.65% for SPXS.

What is the main difference between AMDD and SPXS?

Their fees differ too: 0.97% for AMDD and 1.08% for SPXS.

Which has better risk-adjusted returns?

AMDD currently has the higher Sharpe Ratio (-1.09 vs -1.14), 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.