LMBO vs. SPXS

Last updated Jun 5, 2026

LMBO (Direxion Daily Crypto Industry Bull 2X Shares ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - LMBO is a Leveraged Equities fund tracking the Solactive Distributed Ledger & Decentralized Payment Tech Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. At a correlation of -0.69, they often move in opposite directions. LMBO charges 0.98%/yr vs 1.08%/yr for SPXS.

Performance

LMBO vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Crypto Industry Bull 2X Shares ETF (LMBO) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LMBO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -1.15%
• 1M: -12.09%
• YTD: -26.34%
• 6M: -25.57%
• 1Y: -49.42%
• 3Y*: -43.02%
• 5Y*: -34.91%
• 10Y*: -41.99%

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

LMBO vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LMBO Direxion Daily Crypto Industry Bull 2X Shares ETF	-13.58%	-3.47%	-3.79%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-26.34%	-41.53%	-13.03%

Correlation

The correlation between LMBO and SPXS is -0.57, 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	-0.57
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.69

The correlation between LMBO and SPXS shifts across timeframes, from -0.69 (all time) to -0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LMBO vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXS

SPXS Risk / Return Rank: 0
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 1

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.

LMBO vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Crypto Industry Bull 2X Shares ETF (LMBO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	LMBO	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.84	—

Drawdowns

Drawdown Indicators

	LMBO	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	—	-100.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-50.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.63%	—
Current Drawdown Current decline from peak	—	-100.00%	—
Average Drawdown Average peak-to-trough decline	—	-96.30%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.20%	—

Volatility

Volatility by Period

	LMBO	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	35.52%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	50.38%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	53.53%	—

LMBO vs. SPXS - Expense Ratio Comparison

LMBO has a 0.98% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

LMBO vs. SPXS - Dividend Comparison

LMBO's dividend yield for the trailing twelve months is around 5.30%, more than SPXS's 4.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LMBO Direxion Daily Crypto Industry Bull 2X Shares ETF	5.30%	4.71%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.97%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both LMBO and SPXS in my portfolio?

LMBO and SPXS have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LMBO or SPXS?

On fees, LMBO is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LMBO or SPXS?

LMBO is cheaper with a 0.98% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, LMBO or SPXS?

LMBO has the higher dividend yield at 5.30%, compared with 4.97% for SPXS.

What is the main difference between LMBO and SPXS?

LMBO is categorized as Leveraged Equities, while SPXS is Inverse Equities. LMBO tracks Solactive Distributed Ledger & Decentralized Payment Tech Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.98% for LMBO and 1.08% for SPXS.