LABU vs. LABD
LABU (Direxion Daily S&P Biotech Bull 3x Shares) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both Leveraged Equities funds from Direxion - LABU tracks the S&P Biotechnology Select Industry Index (300%) while LABD tracks the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 10 years, LABU returned -7.38%/yr vs -58.96%/yr for LABD. At a correlation of -1.00, they often move in opposite directions. LABU charges 1.12%/yr vs 1.06%/yr for LABD.
Performance
LABU vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, LABU achieves a 44.31% return, which is significantly higher than LABD's -52.30% return. Over the past 10 years, LABU has outperformed LABD with an annualized return of -7.38%, while LABD has yielded a comparatively lower -58.96% annualized return.
LABU
- 1D
- 11.19%
- 1M
- 31.29%
- YTD
- 44.31%
- 6M
- 30.68%
- 1Y
- 313.64%
- 3Y*
- 22.45%
- 5Y*
- -30.40%
- 10Y*
- -7.38%
LABD
- 1D
- -11.43%
- 1M
- -30.12%
- YTD
- -52.30%
- 6M
- -47.57%
- 1Y
- -86.60%
- 3Y*
- -56.54%
- 5Y*
- -43.68%
- 10Y*
- -58.96%
LABU vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 44.31% | 79.17% | -26.02% | -13.41% | -80.36% | -64.15% | 74.66% | 75.50% | -57.61% | 149.12% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -52.30% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
Correlation
The correlation between LABU and LABD is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -1.00 |
The correlation between LABU and LABD has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
LABU vs. LABD — Risk / Return Rank
LABU
LABD
LABU vs. LABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bull 3x Shares (LABU) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). 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.
| LABU | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.11 | ||
| Sortino ratioReturn per unit of downside risk | +6.29 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.70 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 10.29 | -1.00 | +11.29 |
| Martin ratioReturn relative to average drawdown | 28.91 | -1.36 | +30.26 |
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Drawdowns
LABU vs. LABD - Drawdown Comparison
The maximum LABU drawdown since its inception was -99.18%, roughly equal to the maximum LABD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for LABU and LABD.
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Drawdown Indicators
| LABU | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.18% | -99.99% | +0.81% |
Max Drawdown (1Y)Largest decline over 1 year | -30.70% | -86.62% | +55.92% |
Max Drawdown (3Y)Largest decline over 3 years | -78.30% | -96.29% | +17.99% |
Max Drawdown (5Y)Largest decline over 5 years | -97.59% | -98.61% | +1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -99.99% | +1.03% |
Current DrawdownCurrent decline from peak | -94.92% | -99.99% | +5.07% |
Average DrawdownAverage peak-to-trough decline | -81.71% | -90.99% | +9.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.91% | 63.77% | -52.86% |
Volatility
LABU vs. LABD - Volatility Comparison
Direxion Daily S&P Biotech Bull 3x Shares (LABU) and Direxion Daily S&P Biotech Bear 3x Shares (LABD) have volatilities of 29.77% and 29.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABU | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.77% | 29.95% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 63.11% | 65.24% | -2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.92% | 78.91% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 95.94% | 96.66% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.55% | 96.07% | -0.52% |
LABU vs. LABD - Expense Ratio Comparison
LABU has a 1.12% expense ratio, which is higher than LABD's 1.06% expense ratio.
Dividends
LABU vs. LABD - Dividend Comparison
LABU's dividend yield for the trailing twelve months is around 0.54%, less than LABD's 9.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 9.48% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.54% | 0.84% | 0.35% | 0.35% | 0.00% | 0.00% | 0.00% | 0.28% | 0.64% | 0.17% |
Frequently Asked Questions
LABU and LABD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (29.95%) compared to LABU (29.77%). In terms of maximum drawdown, LABU dropped -99.18% vs LABD's -99.99%.
On 10-year performance, LABU leads with -7.38% vs -58.96% for LABD. On fees, LABD is cheaper at 1.06% per year. On volatility, LABU has been the lower-risk option at 29.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LABU has performed better with a -7.38% return vs -58.96%. 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 1.12% for LABU.
LABD has the higher dividend yield at 9.48%, compared with 0.54% for LABU.
LABU tracks S&P Biotechnology Select Industry Index (300%), while LABD tracks S&P Biotechnology Select Industry Index (-300%). Their fees differ too: 1.12% for LABU and 1.06% for LABD.
LABU currently has the higher Sharpe Ratio (4.01 vs -1.10), 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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