BRZU vs. SPXS
BRZU (Direxion Daily Brazil Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, BRZU returned -20.06%/yr vs -41.08%/yr for SPXS. At a correlation of -0.45, they often move in opposite directions. BRZU charges 1.29%/yr vs 1.08%/yr for SPXS.
Performance
BRZU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, BRZU achieves a 16.56% return, which is significantly higher than SPXS's -22.52% return. Over the past 10 years, BRZU has outperformed SPXS with an annualized return of -20.06%, while SPXS has yielded a comparatively lower -41.08% annualized return.
BRZU
- 1D
- -0.46%
- 1M
- 5.75%
- 6M
- 7.69%
- YTD
- 16.56%
- 1Y
- 57.13%
- 3Y*
- 5.87%
- 5Y*
- -1.38%
- 10Y*
- -20.06%
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%
BRZU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 16.56% | 97.99% | -57.07% | 55.48% | 8.30% | -39.23% | -91.34% | 57.02% | -37.21% | 30.80% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -22.52% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between BRZU and SPXS is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.45 |
The correlation between BRZU and SPXS shifts across timeframes, from -0.50 (1 year) to -0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BRZU vs. SPXS — Risk / Return Rank
BRZU
SPXS
BRZU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) 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.
| BRZU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | -0.87 | +2.47 |
| Martin ratioReturn relative to average drawdown | 3.93 | -1.49 | +5.42 |
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Drawdowns
BRZU vs. SPXS - Drawdown Comparison
The maximum BRZU drawdown since its inception was -99.71%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BRZU and SPXS.
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Drawdown Indicators
| BRZU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.71% | -100.00% | +0.29% |
Max Drawdown (1Y)Largest decline over 1 year | -35.97% | -43.64% | +7.67% |
Max Drawdown (3Y)Largest decline over 3 years | -58.25% | -84.13% | +25.88% |
Max Drawdown (5Y)Largest decline over 5 years | -62.89% | -90.11% | +27.22% |
Max Drawdown (10Y)Largest decline over 10 years | -98.11% | -99.56% | +1.45% |
Current DrawdownCurrent decline from peak | -99.17% | -100.00% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -89.61% | -96.31% | +6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.62% | 25.51% | -10.89% |
Volatility
BRZU vs. SPXS - Volatility Comparison
Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 11.60% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.01%. This indicates that BRZU'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
| BRZU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.60% | 11.01% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 39.80% | 30.20% | +9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.90% | 37.79% | +12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.26% | 50.74% | +4.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.27% | 53.51% | +28.76% |
BRZU vs. SPXS - Expense Ratio Comparison
BRZU has a 1.29% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
BRZU vs. SPXS - Dividend Comparison
BRZU's dividend yield for the trailing twelve months is around 1.93%, less than SPXS's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 1.93% | 2.39% | 8.73% | 3.24% | 4.70% | 6.29% | 0.78% | 0.95% | 1.04% | 0.74% |
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% | 0.00% |
Frequently Asked Questions
BRZU and SPXS have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRZU has higher volatility (11.60%) compared to SPXS (11.01%). In terms of maximum drawdown, BRZU dropped -99.71% vs SPXS's -100.00%.
On 10-year performance, BRZU leads with -20.06% vs -41.08% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 11.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BRZU has performed better with a -20.06% return vs -41.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.29% for BRZU.
SPXS has the higher dividend yield at 4.38%, compared with 1.93% for BRZU.
BRZU is categorized as Leveraged Equities, while SPXS is Inverse Equities. BRZU tracks MSCI Brazil 25/50 Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.29% for BRZU and 1.08% for SPXS.
BRZU currently has the higher Sharpe Ratio (1.15 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.
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