METU vs. SPXS
METU (Direxion Daily META Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - METU is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). METU is actively managed, while SPXS is passively managed. Over the past year, METU returned -57.12% vs -41.03% for SPXS. Their -0.57 correlation means they have often moved in opposite directions in the past. METU charges 1.02%/yr vs 1.08%/yr for SPXS.
Performance
METU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, METU achieves a -39.77% return, which is significantly lower than SPXS's -23.70% return.
METU
- 1D
- 6.66%
- 1M
- -11.31%
- 6M
- -47.62%
- YTD
- -39.77%
- 1Y
- -57.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.55%
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) |
|---|---|---|---|
| $90.59M | $138.47M | $136.75M | |
| $303.07M | $277.28M | $339.89M |
METU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
METU Direxion Daily META Bull 2X ETF | -39.77% | -1.01% | 28.79% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -24.97% |
Correlation
The correlation between METU and SPXS is -0.55, 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. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024 | -0.57 |
The correlation between METU and SPXS has been stable across timeframes, ranging from -0.57 to -0.55 - a consistent structural relationship.
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Return for Risk
METU vs. SPXS — Risk / Return Rank
METU
SPXS
METU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily META Bull 2X ETF (METU) 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.
| METU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.88 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.43 | -0.08 |
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Drawdowns
METU vs. SPXS - Drawdown Comparison
The maximum METU drawdown since its inception was -63.90%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for METU and SPXS.
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Drawdown Indicators
| METU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.90% | -100.00% | +36.10% |
Max Drawdown (1Y)Largest decline over 1 year | -63.59% | -43.64% | -19.95% |
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 | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -61.50% | -100.00% | +38.50% |
Average DrawdownAverage peak-to-trough decline | -25.76% | -96.31% | +70.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.50% | 26.70% | +12.80% |
Volatility
METU vs. SPXS - Volatility Comparison
Direxion Daily META Bull 2X ETF (METU) has a higher volatility of 31.30% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that METU'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
| METU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.30% | 10.76% | +20.54% |
Volatility (6M)Calculated over the trailing 6-month period | 61.17% | 30.49% | +30.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.58% | 38.59% | +40.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.03% | 50.77% | +24.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.03% | 53.58% | +21.45% |
METU vs. SPXS - Expense Ratio Comparison
METU has a 1.02% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
METU vs. SPXS - Dividend Comparison
METU's dividend yield for the trailing twelve months is around 4.61%, more than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
METU Direxion Daily META Bull 2X ETF | 4.61% | 3.00% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
METU and SPXS have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
METU has higher volatility (31.30%) compared to SPXS (10.76%). In terms of maximum drawdown, METU dropped -63.90% vs SPXS's -100.00%.
On 1-year performance, SPXS leads with -41.03% vs -57.12% for METU. On fees, METU is cheaper at 1.02% 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 1-year period, SPXS has performed better with a -41.03% return vs -57.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
METU is cheaper with a 1.02% expense ratio, compared with 1.08% for SPXS.
METU has the higher dividend yield at 4.61%, compared with 4.45% for SPXS.
METU is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.02% for METU and 1.08% for SPXS.
METU currently has the higher Sharpe Ratio (-0.78 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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