AMZU vs. SPXS
AMZU (Direxion Daily AMZN Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - AMZU is a Leveraged Equities fund tracking the Amazon.com, Inc. (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, AMZU returned 26.76%/yr vs -38.58%/yr for SPXS. Their -0.66 correlation means they have often moved in opposite directions in the past. AMZU charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
AMZU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, AMZU achieves a 20.75% return, which is significantly higher than SPXS's -23.70% return.
AMZU
- 1D
- 29.73%
- 1M
- 21.60%
- 6M
- 14.03%
- YTD
- 20.75%
- 1Y
- 28.33%
- 3Y*
- 26.76%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.69%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $124.23M | $117.55M | $117.81M | |
| $303.07M | $277.28M | $339.89M |
AMZU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZU Direxion Daily AMZN Bull 2X Shares | 20.75% | -11.59% | 60.99% | 118.70% | -49.82% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | -4.50% |
Correlation
The correlation between AMZU and SPXS is -0.62, 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. | -0.62 |
Correlation (3Y) Balances recent behavior with more history. | -0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.66 |
The correlation between AMZU and SPXS has been stable across timeframes, ranging from -0.66 to -0.62 - a consistent structural relationship.
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Return for Risk
AMZU vs. SPXS — Risk / Return Rank
AMZU
SPXS
AMZU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bull 2X Shares (AMZU) 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.
| AMZU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.84 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | -0.88 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.33 | -1.43 | +1.77 |
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Drawdowns
AMZU vs. SPXS - Drawdown Comparison
The maximum AMZU drawdown since its inception was -55.59%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AMZU and SPXS.
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Drawdown Indicators
| AMZU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.59% | -100.00% | +44.41% |
Max Drawdown (1Y)Largest decline over 1 year | -42.98% | -43.64% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -55.47% | -84.13% | +28.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -11.06% | -100.00% | +88.94% |
Average DrawdownAverage peak-to-trough decline | -22.09% | -96.31% | +74.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.42% | 26.70% | -5.28% |
Volatility
AMZU vs. SPXS - Volatility Comparison
Direxion Daily AMZN Bull 2X Shares (AMZU) has a higher volatility of 31.08% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that AMZU'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
| AMZU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.08% | 10.76% | +20.32% |
Volatility (6M)Calculated over the trailing 6-month period | 52.00% | 30.49% | +21.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.05% | 38.59% | +31.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.30% | 50.77% | +10.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.30% | 53.58% | +7.72% |
AMZU vs. SPXS - Expense Ratio Comparison
AMZU has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
AMZU vs. SPXS - Dividend Comparison
AMZU's dividend yield for the trailing twelve months is around 4.83%, more than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMZU Direxion Daily AMZN Bull 2X Shares | 4.83% | 6.12% | 3.79% | 3.37% | 0.50% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
AMZU and SPXS have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZU has higher volatility (31.08%) compared to SPXS (10.76%). In terms of maximum drawdown, AMZU dropped -55.59% vs SPXS's -100.00%.
On 3-year performance, AMZU leads with 26.76% vs -38.58% for SPXS. On fees, AMZU is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AMZU has performed better with a 26.76% return vs -38.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMZU is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
AMZU has the higher dividend yield at 4.83%, compared with 4.45% for SPXS.
AMZU is categorized as Leveraged Equities, while SPXS is Inverse Equities. AMZU tracks Amazon.com, Inc. (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for AMZU and 1.08% for SPXS.
AMZU currently has the higher Sharpe Ratio (0.10 vs -0.99), 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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