DRIP vs. SPXS
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry 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, DRIP returned -42.30%/yr vs -41.33%/yr for SPXS. At a 0.44 correlation, their price movements are largely independent. DRIP charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
DRIP vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -48.42% return, which is significantly lower than SPXS's -25.28% return. Both investments have delivered pretty close results over the past 10 years, with DRIP having a -42.30% annualized return and SPXS not far ahead at -41.33%.
DRIP
- 1D
- -0.65%
- 1M
- -2.28%
- 6M
- -45.20%
- YTD
- -48.42%
- 1Y
- -47.19%
- 3Y*
- -27.53%
- 5Y*
- -43.20%
- 10Y*
- -42.30%
SPXS
- 1D
- -1.03%
- 1M
- -4.29%
- 6M
- -21.61%
- YTD
- -25.28%
- 1Y
- -40.98%
- 3Y*
- -39.81%
- 5Y*
- -33.39%
- 10Y*
- -41.33%
DRIP vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -48.42% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.28% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between DRIP and SPXS is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.44 |
The correlation between DRIP and SPXS shifts across timeframes, from -0.12 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DRIP vs. SPXS — Risk / Return Rank
DRIP
SPXS
DRIP vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
| DRIP | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.94 | +0.18 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.63 | +0.31 |
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Drawdowns
DRIP vs. SPXS - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DRIP and SPXS.
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Drawdown Indicators
| DRIP | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -100.00% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -43.64% | -18.54% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -84.13% | +8.11% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -90.11% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.56% | -0.36% |
Current DrawdownCurrent decline from peak | -99.94% | -100.00% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -90.51% | -96.30% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.66% | 25.12% | +10.54% |
Volatility
DRIP vs. SPXS - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 16.32% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.89%. This indicates that DRIP'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
| DRIP | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.32% | 11.89% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 44.01% | 30.01% | +14.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.73% | 37.64% | +19.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.02% | 50.75% | +17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.90% | 53.52% | +42.38% |
DRIP vs. SPXS - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DRIP vs. SPXS - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.44%, less than SPXS's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.44% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.54% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
DRIP and SPXS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.32%) compared to SPXS (11.89%). In terms of maximum drawdown, DRIP dropped -99.95% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -41.33% vs -42.30% for DRIP. On fees, DRIP is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 11.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -41.33% return vs -42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRIP is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.54%, compared with 3.44% for DRIP.
DRIP is categorized as Leveraged Equities, while SPXS is Inverse Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for DRIP and 1.08% for SPXS.
DRIP currently has the higher Sharpe Ratio (-0.83 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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