AVS vs. SPXL
AVS (Direxion Daily AVGO Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while SPXL is a Leveraged Equities fund tracking the S&P 500. AVS is actively managed, while SPXL is passively managed. Over the past year, AVS returned -46.04% vs 83.85% for SPXL. At a correlation of -0.60, they often move in opposite directions. AVS charges 0.98%/yr vs 0.84%/yr for SPXL.
Performance
AVS vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, AVS achieves a -22.61% return, which is significantly lower than SPXL's 29.52% return.
AVS
- 1D
- 12.36%
- 1M
- -0.75%
- YTD
- -22.61%
- 6M
- -16.23%
- 1Y
- -46.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- 1.07%
- 1M
- 13.37%
- YTD
- 29.52%
- 6M
- 27.91%
- 1Y
- 83.85%
- 3Y*
- 53.71%
- 5Y*
- 23.77%
- 10Y*
- 30.15%
AVS vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | -22.61% | -45.96% | -27.15% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 29.52% | 31.94% | 2.40% |
Correlation
The correlation between AVS and SPXL is -0.56, 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 | -0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | -0.60 |
The correlation between AVS and SPXL has been stable across timeframes, ranging from -0.60 to -0.56 - a consistent structural relationship.
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Return for Risk
AVS vs. SPXL — Risk / Return Rank
AVS
SPXL
AVS vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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.
| AVS | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -4.36 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.37 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 3.15 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.41 | 13.30 | -14.72 |
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
| AVS | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.03 | 2.38 | -3.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.48 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.96 | 0.53 | -1.49 |
Drawdowns
AVS vs. SPXL - Drawdown Comparison
The maximum AVS drawdown since its inception was -76.77%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for AVS and SPXL.
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Drawdown Indicators
| AVS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.77% | -76.86% | +0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -55.22% | -26.77% | -28.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -73.73% | -1.03% | -72.70% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -15.72% | -33.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.58% | 6.32% | +26.26% |
Volatility
AVS vs. SPXL - Volatility Comparison
Direxion Daily AVGO Bear 1X Shares (AVS) has a higher volatility of 17.18% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.33%. This indicates that AVS's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.18% | 8.33% | +8.85% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 26.68% | +6.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.81% | 35.37% | +9.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.72% | 50.23% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.72% | 53.41% | +0.31% |
AVS vs. SPXL - Expense Ratio Comparison
AVS has a 0.98% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
AVS vs. SPXL - Dividend Comparison
AVS's dividend yield for the trailing twelve months is around 3.94%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | 3.94% | 4.22% | 1.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
AVS and SPXL have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVS has higher volatility (17.18%) compared to SPXL (8.33%). In terms of maximum drawdown, AVS dropped -76.77% vs SPXL's -76.86%.
On 1-year performance, SPXL leads with 83.85% vs -46.04% for AVS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXL has performed better with a 83.85% return vs -46.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.98% for AVS.
AVS has the higher dividend yield at 3.94%, compared with 0.52% for SPXL.
AVS is categorized as Inverse Equities, while SPXL is Leveraged Equities. Their fees differ too: 0.98% for AVS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.38 vs -1.03), 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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