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. (150%), 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 25.11%/yr vs -42.68%/yr for SPXS. At a correlation of -0.66, they often move in opposite directions. AMZU charges 1.06%/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 8.04% return, which is significantly higher than SPXS's -25.49% return.
AMZU
- 1D
- -5.04%
- 1M
- -16.62%
- YTD
- 8.04%
- 6M
- 5.52%
- 1Y
- 21.37%
- 3Y*
- 25.11%
- 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%
AMZU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZU Direxion Daily AMZN Bull 2X Shares | 8.04% | -11.59% | 60.99% | 118.70% | -50.17% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 0.90% |
Correlation
The correlation between AMZU and SPXS is -0.58, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | -0.66 |
The correlation between AMZU and SPXS has been stable across timeframes, ranging from -0.66 to -0.58 - 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.
| AMZU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.75 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.96 | +1.46 |
| Martin ratioReturn relative to average drawdown | 1.13 | -1.62 | +2.76 |
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
| AMZU | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | -1.38 | +1.74 |
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 | 0.25 | -0.83 | +1.09 |
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% | -50.77% | +7.79% |
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 | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -20.42% | -100.00% | +79.58% |
Average DrawdownAverage peak-to-trough decline | -21.91% | -96.30% | +74.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.91% | 30.04% | -11.13% |
Volatility
AMZU vs. SPXS - Volatility Comparison
Direxion Daily AMZN Bull 2X Shares (AMZU) has a higher volatility of 14.41% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 14.41% | 8.51% | +5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 26.82% | +13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.79% | 35.54% | +24.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.16% | 50.39% | +8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.16% | 53.54% | +5.62% |
AMZU vs. SPXS - Expense Ratio Comparison
AMZU has a 1.06% 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 5.62%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMZU Direxion Daily AMZN Bull 2X Shares | 5.62% | 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 | 4.91% | 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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZU has higher volatility (14.41%) compared to SPXS (8.51%). In terms of maximum drawdown, AMZU dropped -55.59% vs SPXS's -100.00%.
On 3-year performance, AMZU leads with 25.11% vs -42.68% for SPXS. On fees, AMZU is cheaper at 1.06% 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 3-year period, AMZU has performed better with a 25.11% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMZU is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
AMZU has the higher dividend yield at 5.62%, compared with 4.91% for SPXS.
AMZU is categorized as Leveraged Equities, while SPXS is Inverse Equities. AMZU tracks Amazon.com, Inc. (150%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.06% for AMZU and 1.08% for SPXS.
AMZU currently has the higher Sharpe Ratio (0.36 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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