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 year, HCMT returned 43.14% vs -48.73% 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
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Returns By Period
In the year-to-date period, HCMT achieves a 11.17% return, which is significantly higher than SPXS's -25.49% return.
HCMT
- 1D
- -0.89%
- 1M
- 14.82%
- YTD
- 11.17%
- 6M
- 9.27%
- 1Y
- 43.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
HCMT vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 11.17% | 7.39% | 39.14% | 5.67% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -19.36% |
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 (All Time) Calculated using the full available price history since Jun 23, 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.
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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.
| HCMT | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.17 | ||
| Sortino ratioReturn per unit of downside risk | +4.61 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.75 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | -0.96 | +3.80 |
| Martin ratioReturn relative to average drawdown | 7.19 | -1.62 | +8.82 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HCMT | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | -1.38 | +3.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | -0.83 | +1.58 |
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.
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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% | -50.77% | +35.50% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -0.89% | -100.00% | +99.11% |
Average DrawdownAverage peak-to-trough decline | -8.24% | -96.30% | +88.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.01% | 30.04% | -24.03% |
Volatility
HCMT vs. SPXS - Volatility Comparison
The current volatility for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) is 5.80%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. This indicates that HCMT 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.
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Volatility by Period
| HCMT | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 8.51% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 26.82% | -10.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.21% | 35.54% | -11.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.48% | 50.39% | -21.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.48% | 53.54% | -25.06% |
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 0.38%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 0.38% | 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 | 4.91% | 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 (8.51%) compared to HCMT (5.80%). In terms of maximum drawdown, HCMT dropped -36.26% vs SPXS's -100.00%.
On 1-year performance, HCMT leads with 43.14% vs -48.73% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, HCMT has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HCMT has performed better with a 43.14% return vs -48.73%. 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 4.91%, compared with 0.38% 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 (1.79 vs -1.38), 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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