BTCU vs. SPXS

Last updated Jun 30, 2026

BTCU (Direxion Daily Bitcoin Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - BTCU is a Leveraged Cryptocurrency fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). BTCU is actively managed, while SPXS is passively managed. At a correlation of -0.43, they often move in opposite directions.

Performance

BTCU vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Bitcoin Bull 2X ETF (BTCU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTCU

• 1D: 2.26%
• 1M: -34.52%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -5.08%
• 1M: 5.33%
• YTD: -22.26%
• 6M: -20.12%
• 1Y: -41.18%
• 3Y*: -39.73%
• 5Y*: -33.52%
• 10Y*: -41.61%

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

BTCU vs. SPXS - Yearly Performance Comparison

	2026 (YTD)
BTCU Direxion Daily Bitcoin Bull 2X ETF	-37.06%
SPXS Direxion Daily S&P 500 Bear 3X Shares	3.10%

Correlation

The correlation between BTCU and SPXS is -0.43, 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.43

Return for Risk

BTCU vs. SPXS — Risk / Return Rank

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

BTCU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXS

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

BTCU vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Bitcoin Bull 2X ETF (BTCU) 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.

	BTCU	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.10	—
Sortino ratio: Return per unit of downside risk	—	-1.71	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-0.93	—
Martin ratio: Return relative to average drawdown	—	-1.69	—

Drawdowns

BTCU vs. SPXS - Drawdown Comparison

The maximum BTCU drawdown since its inception was -39.60%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BTCU and SPXS.

Drawdown Indicators

	BTCU	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-39.60%	-100.00%	+60.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.24%	—
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	—	-99.58%	—
Current Drawdown Current decline from peak	-37.19%	-100.00%	+62.81%
Average Drawdown Average peak-to-trough decline	-26.22%	-96.30%	+70.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.09%	—

Volatility

Volatility by Period

	BTCU	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	89.92%	37.63%	+52.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.92%	50.74%	+39.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.92%	53.53%	+36.39%

Dividends

BTCU vs. SPXS - Dividend Comparison

BTCU's dividend yield for the trailing twelve months is around 0.28%, less than SPXS's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTCU Direxion Daily Bitcoin Bull 2X ETF	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.37%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both BTCU and SPXS in my portfolio?

BTCU and SPXS have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SPXS has the higher dividend yield at 4.37%, compared with 0.28% for BTCU.

What is the main difference between BTCU and SPXS?

BTCU is categorized as Leveraged Cryptocurrency, while SPXS is Inverse Equities.