EDC vs. SPXS
EDC (Direxion Daily Emerging Markets Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - EDC is a Leveraged Equities fund tracking the MSCI Emerging Markets 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, EDC returned 8.70%/yr vs -42.01%/yr for SPXS. At a correlation of -0.73, they often move in opposite directions. EDC charges 1.33%/yr vs 1.08%/yr for SPXS.
Performance
EDC vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, EDC achieves a 82.36% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, EDC has outperformed SPXS with an annualized return of 8.70%, while SPXS has yielded a comparatively lower -42.01% annualized return.
EDC
- 1D
- -3.74%
- 1M
- 26.16%
- YTD
- 82.36%
- 6M
- 92.21%
- 1Y
- 200.25%
- 3Y*
- 52.64%
- 5Y*
- -0.27%
- 10Y*
- 8.70%
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
EDC vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 82.36% | 94.58% | -2.00% | 7.48% | -60.25% | -20.81% | 6.49% | 43.92% | -49.87% | 138.61% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between EDC and SPXS is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | -0.73 |
The correlation between EDC and SPXS has been stable across timeframes, ranging from -0.73 to -0.64 - a consistent structural relationship.
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Return for Risk
EDC vs. SPXS — Risk / Return Rank
EDC
SPXS
EDC vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bull 3X Shares (EDC) 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.
| EDC | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.75 | ||
| Sortino ratioReturn per unit of downside risk | +5.63 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.75 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 5.31 | -0.96 | +6.27 |
| Martin ratioReturn relative to average drawdown | 18.68 | -1.62 | +20.31 |
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
| EDC | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.38 | -1.38 | +4.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | -0.69 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | -0.79 | +0.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.83 | +0.88 |
Drawdowns
EDC vs. SPXS - Drawdown Comparison
The maximum EDC drawdown since its inception was -92.54%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EDC and SPXS.
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Drawdown Indicators
| EDC | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.54% | -100.00% | +7.46% |
Max Drawdown (1Y)Largest decline over 1 year | -37.98% | -50.77% | +12.79% |
Max Drawdown (3Y)Largest decline over 3 years | -49.48% | -84.13% | +34.65% |
Max Drawdown (5Y)Largest decline over 5 years | -80.99% | -90.11% | +9.12% |
Max Drawdown (10Y)Largest decline over 10 years | -87.01% | -99.63% | +12.62% |
Current DrawdownCurrent decline from peak | -61.29% | -100.00% | +38.71% |
Average DrawdownAverage peak-to-trough decline | -65.36% | -96.30% | +30.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.77% | 30.04% | -19.27% |
Volatility
EDC vs. SPXS - Volatility Comparison
Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a higher volatility of 25.80% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that EDC'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
| EDC | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.80% | 8.51% | +17.29% |
Volatility (6M)Calculated over the trailing 6-month period | 51.94% | 26.82% | +25.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.67% | 35.54% | +24.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.68% | 50.39% | +6.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.69% | 53.54% | +7.15% |
EDC vs. SPXS - Expense Ratio Comparison
EDC has a 1.33% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
EDC vs. SPXS - Dividend Comparison
EDC's dividend yield for the trailing twelve months is around 0.93%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 0.93% | 1.79% | 3.94% | 3.54% | 0.00% | 0.18% | 0.44% | 0.97% | 0.78% | 0.25% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
EDC and SPXS have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDC has higher volatility (25.80%) compared to SPXS (8.51%). In terms of maximum drawdown, EDC dropped -92.54% vs SPXS's -100.00%.
On 10-year performance, EDC leads with 8.70% vs -42.01% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDC has performed better with a 8.70% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.33% for EDC.
SPXS has the higher dividend yield at 4.91%, compared with 0.93% for EDC.
EDC is categorized as Leveraged Equities, while SPXS is Inverse Equities. EDC tracks MSCI Emerging Markets Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.33% for EDC and 1.08% for SPXS.
EDC currently has the higher Sharpe Ratio (3.38 vs -1.38), 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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