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FAS vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAS vs. SPXS

Last updated Jun 3, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services 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, FAS returned 18.78%/yr vs -42.14%/yr for SPXS. At a correlation of -0.83, they often move in opposite directions. FAS charges 1.00%/yr vs 1.08%/yr for SPXS.

Performance

FAS vs. SPXS - Performance Comparison

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

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Returns By Period

In the year-to-date period, FAS achieves a -21.74% return, which is significantly higher than SPXS's -27.08% return. Over the past 10 years, FAS has outperformed SPXS with an annualized return of 18.78%, while SPXS has yielded a comparatively lower -42.14% annualized return.

FAS

1D
0.24%
1M
-3.63%
YTD
-21.74%
6M
-12.79%
1Y
-8.69%
3Y*
35.72%
5Y*
3.84%
10Y*
18.78%

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

FAS vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FAS
Direxion Daily Financial Bull 3X Shares		-21.74%21.48%84.47%14.92%-43.19%116.59%-34.97%113.04%-33.84%67.37%
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%-44.52%

Correlation

The correlation between FAS and SPXS is -0.62, 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

-0.62

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.74

Correlation (10Y)
Calculated over the trailing 10-year period

-0.77

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

-0.83

Over the past year, the inverse relationship between FAS and SPXS has weakened: their correlation has moved from -0.83 to -0.62, meaning they move in opposite directions less often than they have historically.

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Direxion Daily Financial Bull 3X Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with FAS:
FAS vs. FAZFAS vs. XLFFAS vs. SOXLFAS vs. DPSTFAS vs. TQQQFAS vs. BNKUFAS vs. TECL
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

FAS vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAS
FAS Risk / Return Rank: 77
Overall Rank
FAS Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FAS Sortino Ratio Rank: 88
Sortino Ratio Rank
FAS Omega Ratio Rank: 88
Omega Ratio Rank
FAS Calmar Ratio Rank: 77
Calmar Ratio Rank
FAS Martin Ratio Rank: 66
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 00
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 00
Calmar Ratio Rank
SPXS Martin Ratio Rank: 00
Martin Ratio Rank
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.

FAS vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.

FASSPXSDifference

Sharpe ratio

Return per unit of total volatility

-0.20

-1.43

+1.23

Sortino ratio

Return per unit of downside risk

0.00

-2.45

+2.45

Omega ratio

Gain probability vs. loss probability

1.00

0.74

+0.26

Calmar ratio

Return relative to maximum drawdown

-0.20

-1.01

+0.81

Martin ratio

Return relative to average drawdown

-0.47

-1.72

+1.25

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAS vs. SPXS - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is -0.20, which is higher than the SPXS Sharpe Ratio of -1.43. The chart below compares the historical Sharpe Ratios of FAS and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FASSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.20

-1.43

+1.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

-0.71

+0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

-0.79

+1.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

-0.84

+1.03

Drawdowns

FAS vs. SPXS - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FAS and SPXS.

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Drawdown Indicators

FASSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-91.61%

-100.00%

+8.39%

Max Drawdown (1Y)

Largest decline over 1 year

-40.88%

-50.77%

+9.89%

Max Drawdown (3Y)

Largest decline over 3 years

-43.10%

-84.13%

+41.03%

Max Drawdown (5Y)

Largest decline over 5 years

-66.88%

-90.11%

+23.23%

Max Drawdown (10Y)

Largest decline over 10 years

-85.99%

-99.63%

+13.64%

Current Drawdown

Current decline from peak

-28.19%

-100.00%

+71.81%

Average Drawdown

Average peak-to-trough decline

-31.11%

-96.30%

+65.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.40%

29.88%

-12.48%

Volatility

FAS vs. SPXS - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 9.05% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. This indicates that FAS'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

FASSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.05%

8.20%

+0.85%

Volatility (6M)

Calculated over the trailing 6-month period

32.42%

26.76%

+5.66%

Volatility (1Y)

Calculated over the trailing 1-year period

42.62%

35.48%

+7.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.46%

50.38%

+5.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

61.30%

53.55%

+7.75%

FAS vs. SPXS - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

FAS vs. SPXS - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 10.66%, more than SPXS's 5.02% yield.

PositionTTM202520242023202220212020201920182017
FAS
Direxion Daily Financial Bull 3X Shares		10.66%8.21%0.76%1.77%0.91%0.60%0.47%0.62%1.43%0.11%
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

FAS and SPXS have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAS has higher volatility (9.05%) compared to SPXS (8.20%). In terms of maximum drawdown, FAS dropped -91.61% vs SPXS's -100.00%.

On 10-year performance, FAS leads with 18.78% vs -42.14% for SPXS. On fees, FAS is cheaper at 1.00% 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 10-year period, FAS has performed better with a 18.78% return vs -42.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FAS is cheaper with a 1.00% expense ratio, compared with 1.08% for SPXS.

FAS has the higher dividend yield at 10.66%, compared with 5.02% for SPXS.

FAS is categorized as Leveraged Equities, while SPXS is Inverse Equities. FAS tracks Russell 1000 Financial Services Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.00% for FAS and 1.08% for SPXS.

FAS currently has the higher Sharpe Ratio (-0.20 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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