LABU vs. SPXS
LABU (Direxion Daily S&P Biotech Bull 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - LABU 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, LABU returned -12.33%/yr vs -41.22%/yr for SPXS. Their -0.57 correlation means they have often moved in opposite directions in the past. LABU charges 0.96%/yr vs 1.08%/yr for SPXS.
Performance
LABU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, LABU achieves a 42.67% return, which is significantly higher than SPXS's -23.70% return. Over the past 10 years, LABU has outperformed SPXS with an annualized return of -12.33%, while SPXS has yielded a comparatively lower -41.22% annualized return.
LABU
- 1D
- -8.60%
- 1M
- -25.06%
- 6M
- 37.10%
- YTD
- 42.67%
- 1Y
- 272.05%
- 3Y*
- 25.64%
- 5Y*
- -26.71%
- 10Y*
- -12.33%
- ALL TIME*
- -20.62%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $76.19M | $116.75M | $118.31M | |
| $303.07M | $277.28M | $339.89M |
LABU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 42.67% | 79.17% | -26.02% | -13.41% | -80.36% | -64.15% | 74.66% | 75.50% | -57.61% | 149.12% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between LABU and SPXS is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.56 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.57 |
The correlation between LABU and SPXS shifts across timeframes, from -0.57 (all time) to -0.45 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LABU vs. SPXS — Risk / Return Rank
LABU
SPXS
LABU vs. SPXS - 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 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.
| LABU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.44 | ||
| Sortino ratioReturn per unit of downside risk | +4.78 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.84 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 9.00 | -0.88 | +9.88 |
| Martin ratioReturn relative to average drawdown | 23.05 | -1.43 | +24.49 |
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Drawdowns
LABU vs. SPXS - Drawdown Comparison
The maximum LABU drawdown since its inception was -99.18%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for LABU and SPXS.
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Drawdown Indicators
| LABU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.18% | -100.00% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -30.70% | -43.64% | +12.94% |
Max Drawdown (3Y)Largest decline over 3 years | -78.30% | -84.13% | +5.83% |
Max Drawdown (5Y)Largest decline over 5 years | -97.36% | -90.11% | -7.25% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -99.56% | +0.60% |
Current DrawdownCurrent decline from peak | -94.97% | -100.00% | +5.03% |
Average DrawdownAverage peak-to-trough decline | -81.83% | -96.31% | +14.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.97% | 26.70% | -14.73% |
Volatility
LABU vs. SPXS - Volatility Comparison
Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a higher volatility of 24.69% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that LABU'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
| LABU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.69% | 10.76% | +13.93% |
Volatility (6M)Calculated over the trailing 6-month period | 63.73% | 30.49% | +33.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.28% | 38.59% | +41.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.01% | 50.77% | +45.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.22% | 53.58% | +41.64% |
LABU vs. SPXS - Expense Ratio Comparison
LABU has a 0.96% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
LABU vs. SPXS - Dividend Comparison
LABU's dividend yield for the trailing twelve months is around 0.45%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.45% | 0.84% | 0.35% | 0.35% | 0.00% | 0.00% | 0.00% | 0.28% | 0.64% | 0.17% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
LABU and SPXS have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABU has higher volatility (24.69%) compared to SPXS (10.76%). In terms of maximum drawdown, LABU dropped -99.18% vs SPXS's -100.00%.
On 10-year performance, LABU leads with -12.33% vs -41.22% for SPXS. On fees, LABU is cheaper at 0.96% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -12.33% return vs -41.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABU is cheaper with a 0.96% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 0.45% for LABU.
LABU is categorized as Leveraged Equities, while SPXS is Inverse Equities. LABU tracks S&P Biotechnology Select Industry Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.96% for LABU and 1.08% for SPXS.
LABU currently has the higher Sharpe Ratio (3.45 vs -0.99), 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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