BRKD vs. SPXS

Last updated Apr 18, 2026

BRKD (Direxion Daily BRKB Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion — BRKD tracks the Berkshire Hathaway Inc. Class B (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past year, BRKD returned 12.58% vs -58.52% for SPXS. At 0.31, their price movements are largely independent. BRKD charges 1.00%/yr vs 1.08%/yr for SPXS.

Performance

BRKD vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BRKB Bear 1X Shares (BRKD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRKD achieves a 5.90% return, which is significantly higher than SPXS's -11.57% return.

BRKD

• 1D: 0.00%
• 1M: 1.36%
• YTD: 5.90%
• 6M: 4.75%
• 1Y: 12.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -3.48%
• 1M: -20.27%
• YTD: -11.57%
• 6M: -17.76%
• 1Y: -58.52%
• 3Y*: -41.08%
• 5Y*: -33.18%
• 10Y*: -41.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRKD vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-11.57%	-41.53%	10.68%

Correlation

The correlation between BRKD and SPXS is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.31

Return for Risk

BRKD vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRKD

BRKD Risk / Return Rank: 18
BRKD Sharpe Ratio Rank: 16
BRKD Sortino Ratio Rank: 17
BRKD Omega Ratio Rank: 16
BRKD Calmar Ratio Rank: 23
BRKD Martin Ratio Rank: 17

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRKD vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily BRKB Bear 1X Shares (BRKD) 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.

	BRKD	SPXS	Difference
Sharpe ratio Return per unit of total volatility	0.81	-1.50	+2.31
Sortino ratio Return per unit of downside risk	1.36	-2.66	+4.01
Omega ratio Gain probability vs. loss probability	1.16	0.70	+0.46
Calmar ratio Return relative to maximum drawdown	1.61	-0.91	+2.52
Martin ratio Return relative to average drawdown	3.12	-1.13	+4.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRKD vs. SPXS - Sharpe Ratio Comparison

The current BRKD Sharpe Ratio is 0.81, which is higher than the SPXS Sharpe Ratio of -1.50. The chart below compares the historical Sharpe Ratios of BRKD and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRKD	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	-1.50	+2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.83	+0.87

Drawdowns

BRKD vs. SPXS - Drawdown Comparison

The maximum BRKD drawdown since its inception was -17.92%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BRKD and SPXS.

Drawdown Indicators

	BRKD	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-17.92%	-100.00%	+82.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-61.18%	+51.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-88.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.55%	—
Current Drawdown Current decline from peak	-3.69%	-100.00%	+96.31%
Average Drawdown Average peak-to-trough decline	-8.13%	-96.28%	+88.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	49.41%	-44.60%

Volatility

BRKD vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily BRKB Bear 1X Shares (BRKD) is 3.19%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 16.38%. This indicates that BRKD 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.

Volatility by Period

	BRKD	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	16.38%	-13.19%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	28.55%	-17.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	39.28%	-23.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	50.51%	-32.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	53.53%	-35.47%

BRKD vs. SPXS - Expense Ratio Comparison

BRKD has a 1.00% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

BRKD vs. SPXS - Dividend Comparison

BRKD's dividend yield for the trailing twelve months is around 2.82%, less than SPXS's 4.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.14%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%