JDST vs. SPXS
JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - JDST is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners 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, JDST returned -60.31%/yr vs -41.27%/yr for SPXS. At a 0.17 correlation, their price movements are largely independent. JDST charges 1.10%/yr vs 1.08%/yr for SPXS.
Performance
JDST vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, JDST achieves a -15.75% return, which is significantly higher than SPXS's -24.50% return. Over the past 10 years, JDST has underperformed SPXS with an annualized return of -60.31%, while SPXS has yielded a comparatively higher -41.27% annualized return.
JDST
- 1D
- 7.16%
- 1M
- 12.73%
- 6M
- 5.01%
- YTD
- -15.75%
- 1Y
- -75.99%
- 3Y*
- -65.43%
- 5Y*
- -52.35%
- 10Y*
- -60.31%
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%
JDST vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | -15.75% | -91.10% | -40.98% | -28.29% | -26.25% | 10.97% | -95.97% | -80.30% | -1.60% | -63.44% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between JDST and SPXS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | 0.17 |
Over the past year, JDST and SPXS have become more correlated (0.42) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
JDST vs. SPXS — Risk / Return Rank
JDST
SPXS
JDST vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) 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.
| JDST | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.94 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.64 | +0.56 |
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Drawdowns
JDST vs. SPXS - Drawdown Comparison
The maximum JDST drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for JDST and SPXS.
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Drawdown Indicators
| JDST | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -88.98% | -43.64% | -45.34% |
Max Drawdown (3Y)Largest decline over 3 years | -98.58% | -84.13% | -14.45% |
Max Drawdown (5Y)Largest decline over 5 years | -99.28% | -90.11% | -9.17% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.56% | -0.44% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -95.33% | -96.30% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.33% | 24.98% | +45.35% |
Volatility
JDST vs. SPXS - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 34.78% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that JDST'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
| JDST | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.78% | 12.80% | +21.98% |
Volatility (6M)Calculated over the trailing 6-month period | 86.06% | 30.04% | +56.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.38% | 37.71% | +67.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.47% | 50.75% | +31.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 104.51% | 53.52% | +50.99% |
JDST vs. SPXS - Expense Ratio Comparison
JDST has a 1.10% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
JDST vs. SPXS - Dividend Comparison
JDST's dividend yield for the trailing twelve months is around 5.76%, more than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | 5.76% | 15.08% | 6.50% | 4.81% | 0.00% | 0.00% | 11.75% | 3.16% | 0.57% |
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
JDST and SPXS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (34.78%) compared to SPXS (12.80%). In terms of maximum drawdown, JDST dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -41.27% vs -60.31% for JDST. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -41.27% return vs -60.31%. 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 1.10% for JDST.
JDST has the higher dividend yield at 5.76%, compared with 4.50% for SPXS.
JDST is categorized as Leveraged Equities, while SPXS is Inverse Equities. JDST tracks MVIS Global Junior Gold Miners Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.10% for JDST and 1.08% for SPXS.
JDST currently has the higher Sharpe Ratio (-0.72 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.
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