EDZ vs. SPXS
EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - EDZ 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, EDZ returned -36.90%/yr vs -42.02%/yr for SPXS. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 1.08% expense ratio.
Performance
EDZ vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, EDZ achieves a -55.99% return, which is significantly lower than SPXS's -19.82% return. Over the past 10 years, EDZ has outperformed SPXS with an annualized return of -36.90%, while SPXS has yielded a comparatively lower -42.02% annualized return.
EDZ
- 1D
- -0.26%
- 1M
- -13.80%
- YTD
- -55.99%
- 6M
- -56.70%
- 1Y
- -70.82%
- 3Y*
- -48.07%
- 5Y*
- -24.79%
- 10Y*
- -36.90%
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
EDZ vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | -55.99% | -59.30% | -12.71% | -20.28% | 49.27% | -8.69% | -68.79% | -43.01% | 32.87% | -64.12% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between EDZ and SPXS is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
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 30, 2008 | 0.73 |
The correlation between EDZ and SPXS has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
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Return for Risk
EDZ vs. SPXS — Risk / Return Rank
EDZ
SPXS
EDZ vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) 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.
| EDZ | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.81 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.89 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.54 | -0.14 |
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Drawdowns
EDZ vs. SPXS - Drawdown Comparison
The maximum EDZ drawdown since its inception was -99.99%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EDZ and SPXS.
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Drawdown Indicators
| EDZ | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -74.99% | -46.84% | -28.15% |
Max Drawdown (3Y)Largest decline over 3 years | -90.46% | -84.13% | -6.33% |
Max Drawdown (5Y)Largest decline over 5 years | -92.91% | -90.11% | -2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -99.17% | -99.63% | +0.46% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -97.73% | -96.29% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.30% | 27.25% | +15.05% |
Volatility
EDZ vs. SPXS - Volatility Comparison
Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 37.01% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.27%. This indicates that EDZ'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
| EDZ | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.01% | 14.27% | +22.74% |
Volatility (6M)Calculated over the trailing 6-month period | 61.17% | 29.40% | +31.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.97% | 37.36% | +30.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 50.69% | +8.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.50% | 53.58% | +7.92% |
EDZ vs. SPXS - Expense Ratio Comparison
Both EDZ and SPXS have an expense ratio of 1.08%.
Dividends
EDZ vs. SPXS - Dividend Comparison
EDZ's dividend yield for the trailing twelve months is around 7.60%, more than SPXS's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 7.60% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
EDZ and SPXS have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (37.01%) compared to SPXS (14.27%). In terms of maximum drawdown, EDZ dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, EDZ leads with -36.90% vs -42.02% for SPXS. Both ETFs have the same 1.08% expense ratio. On volatility, SPXS has been the lower-risk option at 14.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDZ has performed better with a -36.90% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDZ and SPXS have the same expense ratio: 1.08% per year.
EDZ has the higher dividend yield at 7.60%, compared with 4.24% for SPXS.
EDZ is categorized as Leveraged Equities, while SPXS is Inverse Equities. EDZ tracks MSCI Emerging Markets Index (-300%), while SPXS tracks S&P 500 Index (-300%).
EDZ currently has the higher Sharpe Ratio (-1.05 vs -1.12), 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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