MEXX vs. SPXS
MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, MEXX returned 13.32%/yr vs -33.69%/yr for SPXS. Their -0.51 correlation means they have often moved in opposite directions in the past. MEXX charges 1.21%/yr vs 1.08%/yr for SPXS.
Performance
MEXX vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, MEXX achieves a 20.88% return, which is significantly higher than SPXS's -30.85% return.
MEXX
- 1D
- 1.77%
- 1M
- 4.39%
- 6M
- -14.98%
- YTD
- 20.88%
- 1Y
- 90.68%
- 3Y*
- 2.34%
- 5Y*
- 13.32%
- 10Y*
- —
- ALL TIME*
- -5.35%
SPXS
- 1D
- -5.35%
- 1M
- -9.81%
- 6M
- -29.09%
- YTD
- -30.85%
- 1Y
- -44.28%
- 3Y*
- -41.84%
- 5Y*
- -33.69%
- 10Y*
- -41.58%
- ALL TIME*
- -44.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $356.64K | $322.08K | $550.62K | |
| $328.40M | $280.09M | $339.12M |
MEXX vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 20.88% | 181.49% | -73.13% | 115.60% | -12.96% | 52.75% | -53.63% | 21.41% | -51.95% | -15.26% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.85% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.22% |
Correlation
The correlation between MEXX and SPXS is -0.49, 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. | -0.49 |
Correlation (3Y) Balances recent behavior with more history. | -0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.49 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.51 |
The correlation between MEXX and SPXS has been stable across timeframes, ranging from -0.51 to -0.45 - a consistent structural relationship.
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Return for Risk
MEXX vs. SPXS — Risk / Return Rank
MEXX
SPXS
MEXX vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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.
| MEXX | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.79 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.80 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.98 | +3.34 |
| Martin ratioReturn relative to average drawdown | 5.72 | -1.76 | +7.49 |
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Drawdowns
MEXX vs. SPXS - Drawdown Comparison
The maximum MEXX drawdown since its inception was -95.58%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MEXX and SPXS.
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Drawdown Indicators
| MEXX | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.58% | -100.00% | +4.42% |
Max Drawdown (1Y)Largest decline over 1 year | -38.77% | -45.14% | +6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -74.92% | -84.95% | +10.03% |
Max Drawdown (5Y)Largest decline over 5 years | -74.92% | -90.62% | +15.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.58% | — |
Current DrawdownCurrent decline from peak | -56.03% | -100.00% | +43.97% |
Average DrawdownAverage peak-to-trough decline | -65.37% | -96.32% | +30.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.90% | 25.17% | -9.27% |
Volatility
MEXX vs. SPXS - Volatility Comparison
Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 14.88% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.53%. This indicates that MEXX'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
| MEXX | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.88% | 12.53% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 53.04% | 31.17% | +21.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.99% | 38.81% | +26.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.99% | 50.86% | +16.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.18% | 53.63% | +20.55% |
MEXX vs. SPXS - Expense Ratio Comparison
MEXX has a 1.21% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
MEXX vs. SPXS - Dividend Comparison
MEXX's dividend yield for the trailing twelve months is around 1.39%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 1.39% | 1.60% | 5.81% | 1.66% | 1.33% | 0.63% | 0.12% | 1.60% | 5.61% | 0.27% |
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% | 0.00% |
Frequently Asked Questions
MEXX and SPXS have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEXX has higher volatility (14.88%) compared to SPXS (12.53%). In terms of maximum drawdown, MEXX dropped -95.58% vs SPXS's -100.00%.
On 5-year performance, MEXX leads with 13.32% vs -33.69% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 12.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MEXX has performed better with a 13.32% return vs -33.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.21% for MEXX.
SPXS has the higher dividend yield at 4.91%, compared with 1.39% for MEXX.
MEXX is categorized as Leveraged Equities, while SPXS is Inverse Equities. MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.21% for MEXX and 1.08% for SPXS.
MEXX currently has the higher Sharpe Ratio (1.40 vs -1.15), 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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