DUSL vs. SPXS
DUSL (Direxion Daily Industrials Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DUSL is a Leveraged Equities fund tracking the Industrials Select Sector Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, DUSL returned 21.28%/yr vs -33.53%/yr for SPXS. At a correlation of -0.78, they often move in opposite directions. DUSL charges 1.01%/yr vs 1.08%/yr for SPXS.
Performance
DUSL vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DUSL achieves a 38.51% return, which is significantly higher than SPXS's -20.76% return.
DUSL
- 1D
- -6.26%
- 1M
- 9.86%
- YTD
- 38.51%
- 6M
- 33.48%
- 1Y
- 65.16%
- 3Y*
- 47.94%
- 5Y*
- 21.28%
- 10Y*
- —
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
DUSL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 38.51% | 37.50% | 34.75% | 37.23% | -31.17% | 60.72% | -19.77% | 90.70% | -46.28% | 47.58% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.22% |
Correlation
The correlation between DUSL and SPXS is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.78 |
The correlation between DUSL and SPXS shifts across timeframes, from -0.80 (5 years) to -0.68 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DUSL vs. SPXS — Risk / Return Rank
DUSL
SPXS
DUSL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.
| DUSL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.81 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.79 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.94 | +2.89 |
| Martin ratioReturn relative to average drawdown | 6.38 | -1.63 | +8.02 |
Loading charts...
Drawdowns
DUSL vs. SPXS - Drawdown Comparison
The maximum DUSL drawdown since its inception was -85.74%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUSL and SPXS.
Loading charts...
Drawdown Indicators
| DUSL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.74% | -100.00% | +14.26% |
Max Drawdown (1Y)Largest decline over 1 year | -33.68% | -46.94% | +13.26% |
Max Drawdown (3Y)Largest decline over 3 years | -50.86% | -84.13% | +33.27% |
Max Drawdown (5Y)Largest decline over 5 years | -58.43% | -90.11% | +31.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -7.14% | -100.00% | +92.86% |
Average DrawdownAverage peak-to-trough decline | -21.92% | -96.29% | +74.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.24% | 29.25% | -19.01% |
Volatility
DUSL vs. SPXS - Volatility Comparison
Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 19.06% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. This indicates that DUSL'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.
Loading charts...
Volatility by Period
| DUSL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.06% | 14.08% | +4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 41.50% | 29.38% | +12.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 37.37% | +12.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.90% | 50.68% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.63% | 53.59% | +8.04% |
DUSL vs. SPXS - Expense Ratio Comparison
DUSL has a 1.01% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DUSL vs. SPXS - Dividend Comparison
DUSL's dividend yield for the trailing twelve months is around 8.27%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 8.27% | 11.39% | 6.61% | 1.28% | 0.66% | 0.07% | 0.48% | 1.01% | 1.46% | 0.57% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
DUSL and SPXS have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUSL has higher volatility (19.06%) compared to SPXS (14.08%). In terms of maximum drawdown, DUSL dropped -85.74% vs SPXS's -100.00%.
On 5-year performance, DUSL leads with 21.28% vs -33.53% for SPXS. On fees, DUSL is cheaper at 1.01% per year. On volatility, SPXS has been the lower-risk option at 14.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DUSL has performed better with a 21.28% return vs -33.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUSL is cheaper with a 1.01% expense ratio, compared with 1.08% for SPXS.
DUSL has the higher dividend yield at 8.27%, compared with 4.62% for SPXS.
DUSL is categorized as Leveraged Equities, while SPXS is Inverse Equities. DUSL tracks Industrials Select Sector Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.01% for DUSL and 1.08% for SPXS.
DUSL currently has the higher Sharpe Ratio (1.32 vs -1.19), 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.
Find the right allocation for DUSL and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer