LABD vs. SPXS
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry 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, LABD returned -56.11%/yr vs -42.01%/yr for SPXS. A 0.57 correlation means they provide meaningful diversification when combined. LABD charges 1.06%/yr vs 1.08%/yr for SPXS.
Performance
LABD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -29.83% return, which is significantly lower than SPXS's -25.49% return. Over the past 10 years, LABD has underperformed SPXS with an annualized return of -56.11%, while SPXS has yielded a comparatively higher -42.01% annualized return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
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%
LABD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -29.83% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
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 LABD and SPXS is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.57 |
The correlation between LABD and SPXS has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.
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Return for Risk
LABD vs. SPXS — Risk / Return Rank
LABD
SPXS
LABD vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) 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.
| LABD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.75 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.96 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.31 | -1.62 | +0.32 |
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
| LABD | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | -1.38 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | -0.69 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.79 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.83 | +0.29 |
Drawdowns
LABD vs. SPXS - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for LABD and SPXS.
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Drawdown Indicators
| LABD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -50.77% | -32.44% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | -84.13% | -11.18% |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | -90.11% | -8.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -99.63% | -0.35% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -96.30% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 30.04% | +31.32% |
Volatility
LABD vs. SPXS - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that LABD'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
| LABD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.46% | 8.51% | +18.95% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 26.82% | +34.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 35.54% | +40.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 50.39% | +45.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 53.54% | +42.39% |
LABD vs. SPXS - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
LABD vs. SPXS - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 6.45%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
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
LABD and SPXS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to SPXS (8.51%). In terms of maximum drawdown, LABD dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.01% vs -56.11% for LABD. On fees, LABD is cheaper at 1.06% 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, SPXS has performed better with a -42.01% return vs -56.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABD is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
LABD has the higher dividend yield at 6.45%, compared with 4.91% for SPXS.
LABD is categorized as Leveraged Equities, while SPXS is Inverse Equities. LABD tracks S&P Biotechnology Select Industry Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.06% for LABD and 1.08% for SPXS.
LABD currently has the higher Sharpe Ratio (-1.06 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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