FAS vs. SPXS
FAS (Direxion Daily Financial Bull 3X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Financial Select Sector Index, 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 22.40%/yr vs -41.22%/yr for SPXS. Their -0.83 correlation means they have often moved in opposite directions in the past. FAS charges 0.88%/yr vs 1.08%/yr for SPXS.
Performance
FAS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a 4.28% return, which is significantly higher than SPXS's -23.70% return. Over the past 10 years, FAS has outperformed SPXS with an annualized return of 22.40%, while SPXS has yielded a comparatively lower -41.22% annualized return.
FAS
- 1D
- -0.26%
- 1M
- 6.21%
- 6M
- 13.95%
- YTD
- 4.28%
- 1Y
- 20.90%
- 3Y*
- 39.15%
- 5Y*
- 13.37%
- 10Y*
- 22.40%
- ALL TIME*
- 14.10%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $68.48M | $83.31M | $86.79M | |
| $303.07M | $277.28M | $339.89M |
FAS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 4.28% | 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 | -23.70% | -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 -0.53, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.53 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.76 |
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 -0.53, meaning they move in opposite directions less often than they have historically.
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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 ETF (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 | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.84 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.88 | +1.23 |
| Martin ratioReturn relative to average drawdown | 0.78 | -1.43 | +2.21 |
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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
| 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% | -43.64% | +2.76% |
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% | -99.56% | +13.57% |
Current DrawdownCurrent decline from peak | -4.32% | -100.00% | +95.68% |
Average DrawdownAverage peak-to-trough decline | -30.97% | -96.31% | +65.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 26.70% | -8.30% |
Volatility
FAS vs. SPXS - Volatility Comparison
Direxion Daily Financial Bull 3X ETF (FAS) has a higher volatility of 11.99% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. 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
| FAS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.99% | 10.76% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 32.90% | 30.49% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.83% | 38.59% | +5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.99% | 50.77% | +4.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.11% | 53.58% | +7.53% |
FAS vs. SPXS - Expense Ratio Comparison
FAS has a 0.88% 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 8.05%, more than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 8.05% | 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 | 4.45% | 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 -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (11.99%) compared to SPXS (10.76%). In terms of maximum drawdown, FAS dropped -91.61% vs SPXS's -100.00%.
On 10-year performance, FAS leads with 22.40% vs -41.22% for SPXS. On fees, FAS is cheaper at 0.88% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 22.40% return vs -41.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 0.88% expense ratio, compared with 1.08% for SPXS.
FAS has the higher dividend yield at 8.05%, compared with 4.45% for SPXS.
FAS is categorized as Leveraged Equities, while SPXS is Inverse Equities. FAS tracks Financial Select Sector Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.88% for FAS and 1.08% for SPXS.
FAS currently has the higher Sharpe Ratio (0.33 vs -0.99), 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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