COM vs. SPXS
COM (Direxion Auspice Broad Commodity Strategy ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - COM is a Commodities fund tracking the Auspice Broad Commodity ER Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, COM returned 8.37%/yr vs -33.12%/yr for SPXS. At a correlation of -0.15, they often move in opposite directions. COM charges 0.70%/yr vs 1.08%/yr for SPXS.
Performance
COM vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, COM achieves a 14.89% return, which is significantly higher than SPXS's -24.50% return.
COM
- 1D
- 0.46%
- 1M
- 2.18%
- 6M
- 11.52%
- YTD
- 14.89%
- 1Y
- 21.16%
- 3Y*
- 7.48%
- 5Y*
- 8.37%
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
COM vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 14.89% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -1.97% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -33.86% |
Correlation
The correlation between COM and SPXS is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2017 | -0.15 |
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Return for Risk
COM vs. SPXS — Risk / Return Rank
COM
SPXS
COM vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Auspice Broad Commodity Strategy ETF (COM) 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.
| COM | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.14 | ||
| Sortino ratioReturn per unit of downside risk | +4.47 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.82 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | -0.94 | +3.72 |
| Martin ratioReturn relative to average drawdown | 8.31 | -1.64 | +9.95 |
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Drawdowns
COM vs. SPXS - Drawdown Comparison
The maximum COM drawdown since its inception was -15.95%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for COM and SPXS.
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Drawdown Indicators
| COM | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.95% | -100.00% | +84.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.63% | -43.64% | +36.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.50% | -84.13% | +75.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.02% | -90.11% | +76.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -4.60% | -100.00% | +95.40% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -96.30% | +90.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 24.98% | -22.42% |
Volatility
COM vs. SPXS - Volatility Comparison
The current volatility for Direxion Auspice Broad Commodity Strategy ETF (COM) is 2.01%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 12.80%. This indicates that COM 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.
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Volatility by Period
| COM | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 12.80% | -10.79% |
Volatility (6M)Calculated over the trailing 6-month period | 8.20% | 30.04% | -21.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 37.71% | -27.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.50% | 50.75% | -41.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.75% | 53.52% | -43.77% |
COM vs. SPXS - Expense Ratio Comparison
COM has a 0.70% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
COM vs. SPXS - Dividend Comparison
COM's dividend yield for the trailing twelve months is around 2.53%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.53% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
COM and SPXS have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.80%) compared to COM (2.01%). In terms of maximum drawdown, COM dropped -15.95% vs SPXS's -100.00%.
On 5-year performance, COM leads with 8.37% vs -33.12% for SPXS. On fees, COM is cheaper at 0.70% per year. On volatility, COM has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COM has performed better with a 8.37% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COM is cheaper with a 0.70% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 2.53% for COM.
COM is categorized as Commodities, while SPXS is Inverse Equities. COM tracks Auspice Broad Commodity ER Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.70% for COM and 1.08% for SPXS.
COM currently has the higher Sharpe Ratio (2.05 vs -1.09), 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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