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 15.32%/yr vs -34.76%/yr for SPXS. At a correlation of -0.51, they often move in opposite directions. 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 25.36% return, which is significantly higher than SPXS's -25.49% return.
MEXX
- 1D
- -3.80%
- 1M
- 7.60%
- YTD
- 25.36%
- 6M
- 36.34%
- 1Y
- 90.76%
- 3Y*
- 7.01%
- 5Y*
- 15.32%
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
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 | 25.36% | 181.49% | -73.13% | 115.60% | -12.96% | 52.75% | -53.63% | 21.41% | -51.95% | -13.81% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.46% |
Correlation
The correlation between MEXX and SPXS is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since May 4, 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.
| MEXX | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.83 | ||
| Sortino ratioReturn per unit of downside risk | +4.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.75 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.96 | +3.32 |
| Martin ratioReturn relative to average drawdown | 7.26 | -1.62 | +8.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MEXX | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | -1.38 | +2.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | -0.69 | +0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | -0.83 | +0.77 |
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% | -50.77% | +12.00% |
Max Drawdown (3Y)Largest decline over 3 years | -74.92% | -84.13% | +9.21% |
Max Drawdown (5Y)Largest decline over 5 years | -74.92% | -90.11% | +15.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -54.40% | -100.00% | +45.60% |
Average DrawdownAverage peak-to-trough decline | -65.53% | -96.30% | +30.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.55% | 30.04% | -17.49% |
Volatility
MEXX vs. SPXS - Volatility Comparison
Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 16.78% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 16.78% | 8.51% | +8.27% |
Volatility (6M)Calculated over the trailing 6-month period | 52.51% | 26.82% | +25.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.78% | 35.54% | +27.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.88% | 50.39% | +16.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.43% | 53.54% | +20.89% |
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 1.27%, 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 | 1.27% | 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 -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEXX has higher volatility (16.78%) compared to SPXS (8.51%). In terms of maximum drawdown, MEXX dropped -95.58% vs SPXS's -100.00%.
On 5-year performance, MEXX leads with 15.32% vs -34.76% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 15.32% return vs -34.76%. 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 1.27% 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 (1.45 vs -1.38), 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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