ELIS vs. SPXS

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily LLY Bear 1X Shares (ELIS) and Direxion Daily S&P 500 Bear 3X Shares (SPXS).

ELIS and SPXS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ELIS is an actively managed fund by Direxion. It was launched on Mar 25, 2025. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008.

Performance

ELIS vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bear 1X Shares (ELIS) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

ELIS vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
ELIS Direxion Daily LLY Bear 1X Shares	13.99%	-29.46%
SPXS Direxion Daily S&P 500 Bear 3X Shares	15.24%	-46.44%

Returns By Period

In the year-to-date period, ELIS achieves a 13.99% return, which is significantly lower than SPXS's 15.24% return.

ELIS

• 1D: -3.68%
• 1M: 14.07%
• YTD: 13.99%
• 6M: -19.57%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -8.58%
• 1M: 16.13%
• YTD: 15.24%
• 6M: 8.20%
• 1Y: -41.31%
• 3Y*: -36.25%
• 5Y*: -31.30%
• 10Y*: -39.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ELIS vs. SPXS - Expense Ratio Comparison

ELIS has a 0.97% expense ratio, which is lower than SPXS's 1.08% expense ratio.

SPXS

Direxion Daily S&P 500 Bear 3X Shares

ELIS

Direxion Daily LLY Bear 1X Shares

Return for Risk

ELIS vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ELIS

ELIS Risk / Return Rank: 5
ELIS Sharpe Ratio Rank: 4
ELIS Sortino Ratio Rank: 5
ELIS Omega Ratio Rank: 5
ELIS Calmar Ratio Rank: 5
ELIS Martin Ratio Rank: 6

SPXS

SPXS Risk / Return Rank: 3
SPXS Sharpe Ratio Rank: 2
SPXS Sortino Ratio Rank: 2
SPXS Omega Ratio Rank: 2
SPXS Calmar Ratio Rank: 2
SPXS Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ELIS vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LLY Bear 1X Shares (ELIS) 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.

	ELIS	SPXS	Difference
Sharpe ratio Return per unit of total volatility	-0.47	-0.76	+0.29
Sortino ratio Return per unit of downside risk	-0.44	-0.93	+0.50
Omega ratio Gain probability vs. loss probability	0.94	0.87	+0.08
Calmar ratio Return relative to maximum drawdown	-0.45	-0.65	+0.20
Martin ratio Return relative to average drawdown	-0.73	-0.76	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELIS vs. SPXS - Sharpe Ratio Comparison

The current ELIS Sharpe Ratio is -0.47, which is higher than the SPXS Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of ELIS and SPXS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ELIS	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.76	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	-0.81	+0.35

Correlation

The correlation between ELIS and SPXS is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ELIS vs. SPXS - Dividend Comparison

ELIS's dividend yield for the trailing twelve months is around 5.14%, more than SPXS's 3.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ELIS Direxion Daily LLY Bear 1X Shares	5.14%	5.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	3.17%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Drawdowns

ELIS vs. SPXS - Drawdown Comparison

The maximum ELIS drawdown since its inception was -44.95%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ELIS and SPXS.

Drawdown Indicators

	ELIS	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-44.95%	-100.00%	+55.05%
Max Drawdown (1Y) Largest decline over 1 year	-44.95%	-65.10%	+20.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-87.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.52%	—
Current Drawdown Current decline from peak	-34.44%	-100.00%	+65.56%
Average Drawdown Average peak-to-trough decline	-23.72%	-96.27%	+72.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.88%	55.70%	-27.82%

Volatility

ELIS vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily LLY Bear 1X Shares (ELIS) is 8.70%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 16.04%. This indicates that ELIS experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELIS	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	16.04%	-7.34%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	28.28%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	42.55%	54.62%	-12.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.39%	50.42%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.39%	53.50%	-11.11%