HCMT vs. SPXS
HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - HCMT is a Large Cap Blend Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). HCMT is actively managed, while SPXS is passively managed. Over the past 3 years, HCMT returned 16.36%/yr vs -39.60%/yr for SPXS. At a correlation of -0.92, they often move in opposite directions. HCMT charges 1.17%/yr vs 1.08%/yr for SPXS.
Performance
HCMT vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HCMT achieves a 5.14% return, which is significantly higher than SPXS's -24.50% return.
HCMT
- 1D
- -2.63%
- 1M
- -1.04%
- 6M
- 1.44%
- YTD
- 5.14%
- 1Y
- 23.50%
- 3Y*
- 16.36%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
HCMT vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 5.14% | 7.39% | 39.14% | 6.45% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -20.07% |
Correlation
The correlation between HCMT and SPXS is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.92 |
The correlation between HCMT and SPXS has been stable across timeframes, ranging from -0.92 to -0.90 - a consistent structural relationship.
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
HCMT vs. SPXS — Risk / Return Rank
HCMT
SPXS
HCMT vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.
| HCMT | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.82 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | -0.94 | +2.49 |
| Martin ratioReturn relative to average drawdown | 3.74 | -1.64 | +5.38 |
Loading charts...
Drawdowns
HCMT vs. SPXS - Drawdown Comparison
The maximum HCMT drawdown since its inception was -36.26%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HCMT and SPXS.
Loading charts...
Drawdown Indicators
| HCMT | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -100.00% | +63.74% |
Max Drawdown (1Y)Largest decline over 1 year | -15.27% | -43.64% | +28.37% |
Max Drawdown (3Y)Largest decline over 3 years | -36.26% | -84.13% | +47.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -6.27% | -100.00% | +93.73% |
Average DrawdownAverage peak-to-trough decline | -8.14% | -96.30% | +88.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 24.98% | -18.69% |
Volatility
HCMT vs. SPXS - Volatility Comparison
Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 12.17% and 12.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HCMT | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.17% | 12.80% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 20.85% | 30.04% | -9.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.24% | 37.71% | -10.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.12% | 50.75% | -21.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.12% | 53.52% | -24.40% |
HCMT vs. SPXS - Expense Ratio Comparison
HCMT has a 1.17% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
HCMT vs. SPXS - Dividend Comparison
HCMT's dividend yield for the trailing twelve months is around 0.59%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 0.59% | 0.43% | 2.75% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
HCMT and SPXS have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.80%) compared to HCMT (12.17%). In terms of maximum drawdown, HCMT dropped -36.26% vs SPXS's -100.00%.
On 3-year performance, HCMT leads with 16.36% vs -39.60% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, HCMT has been the lower-risk option at 12.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HCMT has performed better with a 16.36% return vs -39.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.17% for HCMT.
SPXS has the higher dividend yield at 4.50%, compared with 0.59% for HCMT.
HCMT is categorized as Large Cap Blend Equities, while SPXS is Inverse Equities. Their fees differ too: 1.17% for HCMT and 1.08% for SPXS.
HCMT currently has the higher Sharpe Ratio (0.87 vs -1.09), 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 HCMT 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