MIDU vs. SPXS
MIDU (Direxion Daily Mid Cap Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 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, MIDU returned 10.97%/yr vs -41.26%/yr for SPXS. Their -0.89 correlation means they have often moved in opposite directions in the past. MIDU charges 1.06%/yr vs 1.08%/yr for SPXS.
Performance
MIDU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, MIDU achieves a 40.40% return, which is significantly higher than SPXS's -26.94% return. Over the past 10 years, MIDU has outperformed SPXS with an annualized return of 10.97%, while SPXS has yielded a comparatively lower -41.26% annualized return.
MIDU
- 1D
- 3.38%
- 1M
- -0.99%
- 6M
- 23.24%
- YTD
- 40.40%
- 1Y
- 60.73%
- 3Y*
- 19.76%
- 5Y*
- 4.39%
- 10Y*
- 10.97%
- ALL TIME*
- 22.01%
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.17M | $1.08M | $1.53M | |
| $311.03M | $277.03M | $339.25M |
MIDU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 40.40% | -2.75% | 20.32% | 27.79% | -49.27% | 72.89% | -18.31% | 77.38% | -39.21% | 46.86% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.94% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between MIDU and SPXS is -0.75, 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. | -0.75 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2009 | -0.89 |
The correlation between MIDU and SPXS shifts across timeframes, from -0.89 (all time) to -0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MIDU vs. SPXS — Risk / Return Rank
MIDU
SPXS
MIDU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.
| MIDU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.44 | ||
| Sortino ratioReturn per unit of downside risk | +3.72 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.81 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | -1.04 | +3.40 |
| Martin ratioReturn relative to average drawdown | 7.78 | -1.74 | +9.52 |
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Drawdowns
MIDU vs. SPXS - Drawdown Comparison
The maximum MIDU drawdown since its inception was -86.26%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MIDU and SPXS.
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Drawdown Indicators
| MIDU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.26% | -100.00% | +13.74% |
Max Drawdown (1Y)Largest decline over 1 year | -25.80% | -42.15% | +16.35% |
Max Drawdown (3Y)Largest decline over 3 years | -60.41% | -84.13% | +23.72% |
Max Drawdown (5Y)Largest decline over 5 years | -64.14% | -90.11% | +25.97% |
Max Drawdown (10Y)Largest decline over 10 years | -86.26% | -99.56% | +13.30% |
Current DrawdownCurrent decline from peak | -5.10% | -100.00% | +94.90% |
Average DrawdownAverage peak-to-trough decline | -22.27% | -96.32% | +74.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.83% | 26.84% | -19.01% |
Volatility
MIDU vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily Mid Cap Bull 3X Shares (MIDU) is 10.70%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 11.58%. This indicates that MIDU experiences smaller price fluctuations and is considered to be less risky 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
| MIDU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 11.58% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 30.75% | +3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.82% | 38.54% | +8.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.25% | 50.81% | +8.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.48% | 53.61% | +9.87% |
MIDU vs. SPXS - Expense Ratio Comparison
MIDU has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
MIDU vs. SPXS - Dividend Comparison
MIDU's dividend yield for the trailing twelve months is around 0.50%, less than SPXS's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.50% | 1.04% | 1.10% | 1.43% | 0.11% | 0.00% | 0.06% | 0.71% | 0.70% | 2.67% | 1.89% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.65% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% |
Frequently Asked Questions
MIDU and SPXS have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (11.58%) compared to MIDU (10.70%). In terms of maximum drawdown, MIDU dropped -86.26% vs SPXS's -100.00%.
On 10-year performance, MIDU leads with 10.97% vs -41.26% for SPXS. On fees, MIDU is cheaper at 1.06% per year. On volatility, MIDU has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MIDU has performed better with a 10.97% return vs -41.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MIDU is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.65%, compared with 0.50% for MIDU.
MIDU is categorized as Leveraged Equities, while SPXS is Inverse Equities. MIDU tracks S&P MidCap 400 Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.06% for MIDU and 1.08% for SPXS.
MIDU currently has the higher Sharpe Ratio (1.31 vs -1.14), 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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