FAS vs. SPXS
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 22.50%/yr vs -42.08%/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
Loading charts...
Returns By Period
In the year-to-date period, FAS achieves a -10.50% return, which is significantly higher than SPXS's -20.76% return. Over the past 10 years, FAS has outperformed SPXS with an annualized return of 22.50%, while SPXS has yielded a comparatively lower -42.08% annualized return.
FAS
- 1D
- 0.67%
- 1M
- 11.10%
- YTD
- -10.50%
- 6M
- -13.84%
- 1Y
- 5.47%
- 3Y*
- 41.93%
- 5Y*
- 9.82%
- 10Y*
- 22.50%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
FAS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -10.50% | 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 | -20.76% | -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 -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
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 19, 2008 | -0.83 |
Over the past year, the inverse relationship between FAS and SPXS has weakened: their correlation has moved from -0.83 to -0.57, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FAS vs. SPXS — Risk / Return Rank
FAS
SPXS
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.
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.
| FAS | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.79 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | -0.94 | +1.08 |
| Martin ratioReturn relative to average drawdown | 0.30 | -1.63 | +1.93 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| FAS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -100.00% | +8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -46.94% | +6.06% |
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 DrawdownCurrent decline from peak | -17.88% | -100.00% | +82.12% |
Average DrawdownAverage peak-to-trough decline | -31.10% | -96.29% | +65.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 29.25% | -11.08% |
Volatility
FAS vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 12.26%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.08%. This indicates that FAS 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.
Loading charts...
Volatility by Period
| FAS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 14.08% | -1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 33.44% | 29.38% | +4.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.36% | 37.37% | +5.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.35% | 50.68% | +4.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.18% | 53.59% | +7.59% |
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 9.32%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 9.32% | 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 | 4.62% | 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 -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.08%) compared to FAS (12.26%). In terms of maximum drawdown, FAS dropped -91.61% vs SPXS's -100.00%.
On 10-year performance, FAS leads with 22.50% vs -42.08% for SPXS. On fees, FAS is cheaper at 1.00% per year. On volatility, FAS has been the lower-risk option at 12.26%. 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 22.50% return vs -42.08%. 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 9.32%, compared with 4.62% 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 (0.13 vs -1.19), 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.
Find the right allocation for FAS and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer