BRKU vs. SPXS

Last updated Jul 18, 2026

BRKU (Direxion Daily BRKB Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - BRKU is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). BRKU is actively managed, while SPXS is passively managed. Over the past year, BRKU returned -4.55% vs -37.99% for SPXS. At a correlation of -0.25, they often move in opposite directions. BRKU charges 0.97%/yr vs 1.08%/yr for SPXS.

Performance

BRKU vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BRKB Bull 2X Shares (BRKU) 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, BRKU achieves a -10.43% return, which is significantly higher than SPXS's -22.52% return.

BRKU

• 1D: -0.45%
• 1M: -0.75%
• 6M: -6.45%
• YTD: -10.43%
• 1Y: -4.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: 3.13%
• 1M: -0.87%
• 6M: -19.69%
• YTD: -22.52%
• 1Y: -37.99%
• 3Y*: -38.44%
• 5Y*: -33.21%
• 10Y*: -41.08%

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

BRKU vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRKU Direxion Daily BRKB Bull 2X Shares	-10.43%	6.44%	-3.78%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-22.52%	-41.53%	8.04%

Correlation

The correlation between BRKU and SPXS is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.25

The correlation between BRKU and SPXS shifts across timeframes, from -0.25 (all time) to -0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BRKU vs. SPXS — Risk / Return Rank

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

BRKU

BRKU Risk / Return Rank: 8
BRKU Sharpe Ratio Rank: 8
BRKU Sortino Ratio Rank: 8
BRKU Omega Ratio Rank: 8
BRKU Calmar Ratio Rank: 8
BRKU Martin Ratio Rank: 8

SPXS

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

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.

BRKU vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily BRKB Bull 2X Shares (BRKU) 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.

	BRKU	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	-1.01	+0.85
Sortino ratio: Return per unit of downside risk	-0.04	-1.51	+1.47
Omega ratio: Gain probability vs. loss probability	1.00	0.83	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.21	-0.87	+0.67
Martin ratio: Return relative to average drawdown	-0.40	-1.49	+1.09

BRKU vs. SPXS - Sharpe Ratio Comparison

The current BRKU Sharpe Ratio is -0.16, which is higher than the SPXS Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of BRKU 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.

Drawdowns

BRKU vs. SPXS - Drawdown Comparison

The maximum BRKU drawdown since its inception was -35.37%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BRKU and SPXS.

Drawdown Indicators

	BRKU	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-35.37%	-100.00%	+64.63%
Max Drawdown (1Y) Largest decline over 1 year	-22.06%	-43.64%	+21.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.56%	—
Current Drawdown Current decline from peak	-29.71%	-100.00%	+70.29%
Average Drawdown Average peak-to-trough decline	-19.57%	-96.31%	+76.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.47%	25.51%	-14.04%

Volatility

BRKU vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily BRKB Bull 2X Shares (BRKU) is 8.31%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 11.01%. This indicates that BRKU 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

	BRKU	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.31%	11.01%	-2.70%
Volatility (6M) Calculated over the trailing 6-month period	21.42%	30.20%	-8.78%
Volatility (1Y) Calculated over the trailing 1-year period	28.00%	37.79%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.95%	50.74%	-16.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.95%	53.51%	-19.56%

BRKU vs. SPXS - Expense Ratio Comparison

BRKU has a 0.97% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

BRKU vs. SPXS - Dividend Comparison

BRKU's dividend yield for the trailing twelve months is around 2.67%, less than SPXS's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRKU Direxion Daily BRKB Bull 2X Shares	2.67%	2.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.38%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both BRKU and SPXS in my portfolio?

BRKU and SPXS have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRKU or SPXS?

SPXS has higher volatility (11.01%) compared to BRKU (8.31%). In terms of maximum drawdown, BRKU dropped -35.37% vs SPXS's -100.00%.

Which ETF is better, BRKU or SPXS?

On 1-year performance, BRKU leads with -4.55% vs -37.99% for SPXS. On fees, BRKU is cheaper at 0.97% per year. On volatility, BRKU has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRKU or SPXS?

Over the 1-year period, BRKU has performed better with a -4.55% return vs -37.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRKU or SPXS?

BRKU is cheaper with a 0.97% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, BRKU or SPXS?

SPXS has the higher dividend yield at 4.38%, compared with 2.67% for BRKU.

What is the main difference between BRKU and SPXS?

BRKU is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 0.97% for BRKU and 1.08% for SPXS.

Which has better risk-adjusted returns?

BRKU currently has the higher Sharpe Ratio (-0.16 vs -1.01), 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.