AMZD vs. SPY
AMZD (Direxion Daily AMZN Bear 1X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AMZD is a Inverse Equities fund tracking the Amazon.com, Inc. (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, AMZD returned -24.09%/yr vs 19.32%/yr for SPY. Their -0.66 correlation means they have often moved in opposite directions in the past. AMZD charges 1.09%/yr vs 0.09%/yr for SPY.
Performance
AMZD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, AMZD achieves a -18.67% return, which is significantly lower than SPY's 10.13% return.
AMZD
- 1D
- -15.20%
- 1M
- -13.01%
- 6M
- -15.74%
- YTD
- -18.67%
- 1Y
- -25.04%
- 3Y*
- -24.09%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -21.25%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $135.48M | $132.64M | $131.29M | |
| $37.27B | $35.99B | $39.23B |
AMZD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | -18.67% | -9.84% | -30.80% | -46.50% | 45.25% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -1.28% |
Correlation
The correlation between AMZD and SPY is -0.61, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.61 |
Correlation (3Y) Balances recent behavior with more history. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.66 |
The correlation between AMZD and SPY has been stable across timeframes, ranging from -0.66 to -0.61 - a consistent structural relationship.
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Return for Risk
AMZD vs. SPY — Risk / Return Rank
AMZD
SPY
AMZD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) and State Street SPDR S&P 500 ETF (SPY). 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.
| AMZD | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.20 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.37 | 9.40 | -10.77 |
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Drawdowns
AMZD vs. SPY - Drawdown Comparison
The maximum AMZD drawdown since its inception was -73.54%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AMZD and SPY.
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Drawdown Indicators
| AMZD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.54% | -55.19% | -18.35% |
Max Drawdown (1Y)Largest decline over 1 year | -29.56% | -8.88% | -20.68% |
Max Drawdown (3Y)Largest decline over 3 years | -59.93% | -18.76% | -41.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -73.54% | -1.40% | -72.14% |
Average DrawdownAverage peak-to-trough decline | -49.89% | -9.01% | -40.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.01% | 2.08% | +11.93% |
Volatility
AMZD vs. SPY - Volatility Comparison
Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 18.51% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that AMZD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMZD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.51% | 3.58% | +14.93% |
Volatility (6M)Calculated over the trailing 6-month period | 27.88% | 10.14% | +17.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.31% | 12.89% | +22.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.25% | 17.18% | +17.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.25% | 17.95% | +16.30% |
AMZD vs. SPY - Expense Ratio Comparison
AMZD has a 1.09% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
AMZD vs. SPY - Dividend Comparison
AMZD's dividend yield for the trailing twelve months is around 3.81%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | 3.81% | 3.61% | 5.15% | 6.83% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
AMZD and SPY have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZD has higher volatility (18.51%) compared to SPY (3.58%). In terms of maximum drawdown, AMZD dropped -73.54% vs SPY's -55.19%.
On 3-year performance, SPY leads with 19.32% vs -24.09% for AMZD. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 19.32% return vs -24.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.09% for AMZD.
AMZD has the higher dividend yield at 3.81%, compared with 1.01% for SPY.
AMZD is categorized as Inverse Equities, while SPY is S&P 500. AMZD tracks Amazon.com, Inc. (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.09% for AMZD and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.54), 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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