DPST vs. SPXS
DPST (Direxion Daily Regional Banks Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DPST is a Leveraged Equities fund tracking the Solactive US Regional Banks Total Return Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, DPST returned -12.02%/yr vs -41.27%/yr for SPXS. At a correlation of -0.56, they often move in opposite directions. DPST charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
DPST vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, DPST achieves a 41.67% return, which is significantly higher than SPXS's -24.50% return. Over the past 10 years, DPST has outperformed SPXS with an annualized return of -12.02%, while SPXS has yielded a comparatively lower -41.27% annualized return.
DPST
- 1D
- 0.44%
- 1M
- 7.36%
- 6M
- 31.25%
- YTD
- 41.67%
- 1Y
- 41.77%
- 3Y*
- 34.06%
- 5Y*
- -16.32%
- 10Y*
- -12.02%
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%
DPST vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DPST Direxion Daily Regional Banks Bull 3X Shares | 41.67% | -5.90% | 15.48% | -55.79% | -54.10% | 108.31% | -76.53% | 70.65% | -56.75% | 7.28% |
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% | -44.52% |
Correlation
The correlation between DPST and SPXS is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015 | -0.56 |
The correlation between DPST and SPXS shifts across timeframes, from -0.60 (5 years) to -0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DPST vs. SPXS — Risk / Return Rank
DPST
SPXS
DPST vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Regional Banks Bull 3X Shares (DPST) 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.
| DPST | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.82 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.94 | +1.98 |
| Martin ratioReturn relative to average drawdown | 2.30 | -1.64 | +3.93 |
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Drawdowns
DPST vs. SPXS - Drawdown Comparison
The maximum DPST drawdown since its inception was -97.73%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DPST and SPXS.
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Drawdown Indicators
| DPST | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.73% | -100.00% | +2.27% |
Max Drawdown (1Y)Largest decline over 1 year | -40.44% | -43.64% | +3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -68.38% | -84.13% | +15.75% |
Max Drawdown (5Y)Largest decline over 5 years | -93.99% | -90.11% | -3.88% |
Max Drawdown (10Y)Largest decline over 10 years | -97.73% | -99.56% | +1.83% |
Current DrawdownCurrent decline from peak | -91.32% | -100.00% | +8.68% |
Average DrawdownAverage peak-to-trough decline | -64.38% | -96.30% | +31.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.25% | 24.98% | -6.73% |
Volatility
DPST vs. SPXS - Volatility Comparison
Direxion Daily Regional Banks Bull 3X Shares (DPST) has a higher volatility of 17.18% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that DPST'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
| DPST | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.18% | 12.80% | +4.38% |
Volatility (6M)Calculated over the trailing 6-month period | 48.68% | 30.04% | +18.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.81% | 37.71% | +31.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.70% | 50.75% | +37.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.18% | 53.52% | +40.66% |
DPST vs. SPXS - Expense Ratio Comparison
DPST has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DPST vs. SPXS - Dividend Comparison
DPST's dividend yield for the trailing twelve months is around 1.54%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DPST Direxion Daily Regional Banks Bull 3X Shares | 1.54% | 2.18% | 1.55% | 1.78% | 1.51% | 0.58% | 0.90% | 1.29% | 2.18% | 0.30% |
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
DPST and SPXS have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DPST has higher volatility (17.18%) compared to SPXS (12.80%). In terms of maximum drawdown, DPST dropped -97.73% vs SPXS's -100.00%.
On 10-year performance, DPST leads with -12.02% vs -41.27% for SPXS. On fees, DPST is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DPST has performed better with a -12.02% return vs -41.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DPST is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 1.54% for DPST.
DPST is categorized as Leveraged Equities, while SPXS is Inverse Equities. DPST tracks Solactive US Regional Banks Total Return Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for DPST and 1.08% for SPXS.
DPST currently has the higher Sharpe Ratio (0.61 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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