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INDL vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDL vs. SPXS

Last updated Jun 4, 2026

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 -0.90%/yr vs -42.01%/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

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

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Returns By Period

The year-to-date returns for both investments are quite close, with INDL having a -26.16% return and SPXS slightly higher at -25.49%. Over the past 10 years, INDL has outperformed SPXS with an annualized return of -0.90%, while SPXS has yielded a comparatively lower -42.01% annualized return.

INDL

1D
-2.82%
1M
-5.87%
YTD
-26.16%
6M
-24.88%
1Y
-29.05%
3Y*
-0.65%
5Y*
-3.27%
10Y*
-0.90%

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

INDL vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDL
Direxion Daily India Bull 3x Shares		-26.16%-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		-25.49%-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 -0.46, 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

-0.46

Correlation (3Y)
Calculated over the trailing 3-year period

-0.44

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 12, 2010

-0.56

The correlation between INDL and SPXS shifts across timeframes, from -0.56 (all time) to -0.44 (3 years), reflecting how their relationship changes across market environments.

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Direxion Daily India Bull 3x Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with INDL:
INDL vs. INDAINDL vs. GLININDL vs. BRZUINDL vs. INDYINDL vs. TQQQINDL vs. FLININDL vs. IAK
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

INDL vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDL
INDL Risk / Return Rank: 22
Overall Rank
INDL Sharpe Ratio Rank: 11
Sharpe Ratio Rank
INDL Sortino Ratio Rank: 22
Sortino Ratio Rank
INDL Omega Ratio Rank: 22
Omega Ratio Rank
INDL Calmar Ratio Rank: 22
Calmar Ratio Rank
INDL Martin Ratio Rank: 11
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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.

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.

INDLSPXSDifference

Sharpe ratio

Return per unit of total volatility

-0.99

-1.38

+0.39

Sortino ratio

Return per unit of downside risk

-1.42

-2.31

+0.88

Omega ratio

Gain probability vs. loss probability

0.84

0.75

+0.09

Calmar ratio

Return relative to maximum drawdown

-0.77

-0.96

+0.19

Martin ratio

Return relative to average drawdown

-1.66

-1.62

-0.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDL vs. SPXS - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.99, which is comparable to the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of INDL and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

INDLSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.99

-1.38

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.11

-0.69

+0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

-0.79

+0.77

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.12

-0.83

+0.71

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.

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Drawdown Indicators

INDLSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-95.67%

-100.00%

+4.33%

Max Drawdown (1Y)

Largest decline over 1 year

-37.82%

-50.77%

+12.95%

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 Drawdown

Current decline from peak

-79.21%

-100.00%

+20.79%

Average Drawdown

Average peak-to-trough decline

-66.35%

-96.30%

+29.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.53%

30.04%

-12.51%

Volatility

INDL vs. SPXS - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 10.30% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that INDL'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

INDLSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.30%

8.51%

+1.79%

Volatility (6M)

Calculated over the trailing 6-month period

25.42%

26.82%

-1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

29.50%

35.54%

-6.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.56%

50.39%

-19.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.73%

53.54%

-0.81%

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 1.71%, less than SPXS's 4.91% yield.

PositionTTM202520242023202220212020201920182017
INDL
Direxion Daily India Bull 3x Shares		1.71%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		4.91%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 -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDL has higher volatility (10.30%) compared to SPXS (8.51%). In terms of maximum drawdown, INDL dropped -95.67% vs SPXS's -100.00%.

On 10-year performance, INDL leads with -0.90% vs -42.01% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -0.90% return vs -42.01%. 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 4.91%, compared with 1.71% 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 (-0.99 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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