INDL vs. SPXS
INDL (Direxion Daily India Bull 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India 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, INDL returned 1.06%/yr vs -42.08%/yr for SPXS. At a correlation of -0.56, they often move in opposite directions. INDL charges 1.33%/yr vs 1.08%/yr for SPXS.
Performance
INDL vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with INDL having a -21.27% return and SPXS slightly higher at -20.76%. Over the past 10 years, INDL has outperformed SPXS with an annualized return of 1.06%, while SPXS has yielded a comparatively lower -42.08% annualized return.
INDL
- 1D
- -3.73%
- 1M
- 1.96%
- YTD
- -21.27%
- 6M
- -22.49%
- 1Y
- -24.89%
- 3Y*
- 0.97%
- 5Y*
- -1.23%
- 10Y*
- 1.06%
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%
INDL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -21.27% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
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 INDL and SPXS is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.56 |
The correlation between INDL and SPXS shifts across timeframes, from -0.56 (all time) to -0.45 (3 years), reflecting how their relationship changes across market environments.
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
INDL vs. SPXS — Risk / Return Rank
INDL
SPXS
INDL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.79 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.94 | +0.28 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.63 | +0.31 |
Loading charts...
Drawdowns
INDL vs. SPXS - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for INDL and SPXS.
Loading charts...
Drawdown Indicators
| INDL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -100.00% | +4.33% |
Max Drawdown (1Y)Largest decline over 1 year | -37.82% | -46.94% | +9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -84.13% | +36.49% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -90.11% | +42.47% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -99.63% | +7.67% |
Current DrawdownCurrent decline from peak | -77.84% | -100.00% | +22.16% |
Average DrawdownAverage peak-to-trough decline | -66.38% | -96.29% | +29.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.84% | 29.25% | -10.41% |
Volatility
INDL vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 9.26%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.08%. This indicates that INDL 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
| INDL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.26% | 14.08% | -4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 26.26% | 29.38% | -3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.04% | 37.37% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.72% | 50.68% | -19.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.52% | 53.59% | -1.07% |
INDL vs. SPXS - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
INDL vs. SPXS - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.60%, less than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | 1.60% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
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
INDL and SPXS have a correlation of -0.47, 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 INDL (9.26%). In terms of maximum drawdown, INDL dropped -95.67% vs SPXS's -100.00%.
On 10-year performance, INDL leads with 1.06% vs -42.08% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, INDL has been the lower-risk option at 9.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDL has performed better with a 1.06% return vs -42.08%. 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 1.33% for INDL.
SPXS has the higher dividend yield at 4.62%, compared with 1.60% for INDL.
INDL is categorized as Leveraged Equities, while SPXS is Inverse Equities. INDL tracks Indus India Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.33% for INDL and 1.08% for SPXS.
INDL currently has the higher Sharpe Ratio (-0.83 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 INDL 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