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 18.07%/yr vs -35.40%/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
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Returns By Period
In the year-to-date period, DUSL achieves a 30.95% return, which is significantly higher than SPXS's -27.08% return.
DUSL
- 1D
- 3.03%
- 1M
- 0.47%
- YTD
- 30.95%
- 6M
- 37.32%
- 1Y
- 60.48%
- 3Y*
- 48.80%
- 5Y*
- 18.07%
- 10Y*
- —
SPXS
- 1D
- -0.39%
- 1M
- -14.03%
- YTD
- -27.08%
- 6M
- -27.23%
- 1Y
- -50.67%
- 3Y*
- -43.09%
- 5Y*
- -35.40%
- 10Y*
- -42.14%
DUSL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 30.95% | 37.50% | 34.75% | 37.23% | -31.17% | 60.72% | -19.77% | 90.70% | -46.28% | 48.29% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -27.08% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.46% |
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 4, 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.
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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.
| DUSL | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | -1.43 | +2.73 |
Sortino ratioReturn per unit of downside risk | 1.90 | -2.45 | +4.34 |
Omega ratioGain probability vs. loss probability | 1.22 | 0.74 | +0.48 |
Calmar ratioReturn relative to maximum drawdown | 1.77 | -1.01 | +2.79 |
Martin ratioReturn relative to average drawdown | 5.98 | -1.72 | +7.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUSL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | -1.43 | +2.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | -0.71 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | -0.84 | +1.13 |
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.
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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% | -50.77% | +17.09% |
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 | -12.22% | -100.00% | +87.78% |
Average DrawdownAverage peak-to-trough decline | -22.01% | -96.30% | +74.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.98% | 29.88% | -19.90% |
Volatility
DUSL vs. SPXS - Volatility Comparison
Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 15.02% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. 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.
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Volatility by Period
| DUSL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.02% | 8.20% | +6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 39.19% | 26.76% | +12.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.90% | 35.48% | +11.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.51% | 50.38% | +2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.56% | 53.55% | +8.01% |
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 8.75%, more than SPXS's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 8.75% | 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 | 5.02% | 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 (15.02%) compared to SPXS (8.20%). In terms of maximum drawdown, DUSL dropped -85.74% vs SPXS's -100.00%.
On 5-year performance, DUSL leads with 18.07% vs -35.40% for SPXS. On fees, DUSL is cheaper at 1.01% per year. On volatility, SPXS has been the lower-risk option at 8.20%. 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 18.07% return vs -35.40%. 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 8.75%, compared with 5.02% 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 (1.30 vs -1.43), 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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