HODU vs. SPXS

Last updated Jun 4, 2026

HODU (Direxion Daily HOOD Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - HODU is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). HODU is actively managed, while SPXS is passively managed. At a correlation of -0.67, they often move in opposite directions. HODU charges 0.97%/yr vs 1.08%/yr for SPXS.

Performance

HODU vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily HOOD Bull 2X ETF (HODU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HODU achieves a -60.56% return, which is significantly lower than SPXS's -26.34% return.

HODU

• 1D: -12.12%
• 1M: 10.35%
• YTD: -60.56%
• 6M: -72.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -1.15%
• 1M: -12.09%
• YTD: -26.34%
• 6M: -25.57%
• 1Y: -49.42%
• 3Y*: -43.02%
• 5Y*: -34.91%
• 10Y*: -41.99%

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

HODU vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
HODU Direxion Daily HOOD Bull 2X ETF	-60.56%	-14.91%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-26.34%	-8.15%

Correlation

The correlation between HODU and SPXS is -0.67, 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 (All Time) Calculated using the full available price history since Nov 20, 2025	-0.67

Return for Risk

HODU vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXS

SPXS Risk / Return Rank: 0
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 1

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.

HODU vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily HOOD Bull 2X ETF (HODU) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HODU	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.60	-0.84	+0.24

Drawdowns

HODU vs. SPXS - Drawdown Comparison

The maximum HODU drawdown since its inception was -81.62%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HODU and SPXS.

Drawdown Indicators

	HODU	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-81.62%	-100.00%	+18.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.77%	—
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 Drawdown Current decline from peak	-74.01%	-100.00%	+25.99%
Average Drawdown Average peak-to-trough decline	-56.30%	-96.30%	+40.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.20%	—

Volatility

Volatility by Period

	HODU	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	146.22%	35.52%	+110.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.22%	50.38%	+95.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.22%	53.53%	+92.69%

HODU vs. SPXS - Expense Ratio Comparison

HODU has a 0.97% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

HODU vs. SPXS - Dividend Comparison

HODU's dividend yield for the trailing twelve months is around 1.58%, less than SPXS's 4.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HODU Direxion Daily HOOD Bull 2X ETF	1.58%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.97%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both HODU and SPXS in my portfolio?

HODU and SPXS have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HODU or SPXS?

On fees, HODU is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HODU or SPXS?

HODU is cheaper with a 0.97% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, HODU or SPXS?

SPXS has the higher dividend yield at 4.97%, compared with 1.58% for HODU.

What is the main difference between HODU and SPXS?

HODU is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 0.97% for HODU and 1.08% for SPXS.