AMZD vs. SPXS
AMZD (Direxion Daily AMZN Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - AMZD tracks the Amazon.com, Inc. (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, AMZD returned -22.66%/yr vs -42.68%/yr for SPXS. A 0.66 correlation means they provide meaningful diversification when combined. AMZD charges 1.09%/yr vs 1.08%/yr for SPXS.
Performance
AMZD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, AMZD achieves a -8.90% return, which is significantly higher than SPXS's -25.49% return.
AMZD
- 1D
- 2.47%
- 1M
- 8.70%
- YTD
- -8.90%
- 6M
- -8.11%
- 1Y
- -19.87%
- 3Y*
- -22.66%
- 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%
AMZD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | -8.90% | -9.84% | -30.80% | -46.50% | 45.25% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 0.90% |
Correlation
The correlation between AMZD and SPXS is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.66 |
The correlation between AMZD and SPXS has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
AMZD vs. SPXS — Risk / Return Rank
AMZD
SPXS
AMZD vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) 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.
| AMZD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.75 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.96 | +0.26 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.62 | +0.08 |
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
| AMZD | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -1.38 | +0.71 |
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 | -0.59 | -0.83 | +0.24 |
Drawdowns
AMZD vs. SPXS - Drawdown Comparison
The maximum AMZD drawdown since its inception was -73.05%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AMZD and SPXS.
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Drawdown Indicators
| AMZD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.05% | -100.00% | +26.95% |
Max Drawdown (1Y)Largest decline over 1 year | -28.27% | -50.77% | +22.50% |
Max Drawdown (3Y)Largest decline over 3 years | -59.20% | -84.13% | +24.93% |
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 | -70.36% | -100.00% | +29.64% |
Average DrawdownAverage peak-to-trough decline | -49.11% | -96.30% | +47.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.24% | 30.04% | -16.80% |
Volatility
AMZD vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily AMZN Bear 1X Shares (AMZD) is 7.23%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. This indicates that AMZD experiences smaller price fluctuations and is considered to be less risky 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
| AMZD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 8.51% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 26.82% | -6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.15% | 35.54% | -5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.41% | 50.39% | -16.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.41% | 53.54% | -20.13% |
AMZD vs. SPXS - Expense Ratio Comparison
AMZD has a 1.09% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
AMZD vs. SPXS - Dividend Comparison
AMZD's dividend yield for the trailing twelve months is around 3.44%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | 3.44% | 3.61% | 5.15% | 6.83% | 2.45% | 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
AMZD and SPXS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (8.51%) compared to AMZD (7.23%). In terms of maximum drawdown, AMZD dropped -73.05% vs SPXS's -100.00%.
On 3-year performance, AMZD leads with -22.66% vs -42.68% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, AMZD has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AMZD has performed better with a -22.66% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.09% for AMZD.
SPXS has the higher dividend yield at 4.91%, compared with 3.44% for AMZD.
AMZD tracks Amazon.com, Inc. (-100%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.09% for AMZD and 1.08% for SPXS.
AMZD currently has the higher Sharpe Ratio (-0.66 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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