NAIL vs. SPXS
NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - NAIL is a Leveraged Equities fund tracking the Dow Jones U.S. Select Home Construction 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, NAIL returned 3.96%/yr vs -42.01%/yr for SPXS. At a correlation of -0.58, they often move in opposite directions. NAIL charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
NAIL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, NAIL achieves a -23.44% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, NAIL has outperformed SPXS with an annualized return of 3.96%, while SPXS has yielded a comparatively lower -42.01% annualized return.
NAIL
- 1D
- -2.39%
- 1M
- 1.50%
- YTD
- -23.44%
- 6M
- -42.68%
- 1Y
- -20.27%
- 3Y*
- -11.78%
- 5Y*
- -14.07%
- 10Y*
- 3.96%
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%
NAIL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares | -23.44% | -40.43% | -22.83% | 259.61% | -75.23% | 168.20% | -32.08% | 184.63% | -73.96% | 268.71% |
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% | -44.52% |
Correlation
The correlation between NAIL and SPXS is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015 | -0.58 |
The correlation between NAIL and SPXS shifts across timeframes, from -0.62 (5 years) to -0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NAIL vs. SPXS — Risk / Return Rank
NAIL
SPXS
NAIL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) 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.
| NAIL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.75 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.96 | +0.66 |
| Martin ratioReturn relative to average drawdown | -0.53 | -1.62 | +1.09 |
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
| NAIL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | -1.38 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.16 | -0.69 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.04 | -0.79 | +0.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.83 | +0.83 |
Drawdowns
NAIL vs. SPXS - Drawdown Comparison
The maximum NAIL drawdown since its inception was -93.75%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NAIL and SPXS.
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Drawdown Indicators
| NAIL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.75% | -100.00% | +6.25% |
Max Drawdown (1Y)Largest decline over 1 year | -67.85% | -50.77% | -17.08% |
Max Drawdown (3Y)Largest decline over 3 years | -82.09% | -84.13% | +2.04% |
Max Drawdown (5Y)Largest decline over 5 years | -84.40% | -90.11% | +5.71% |
Max Drawdown (10Y)Largest decline over 10 years | -93.75% | -99.63% | +5.88% |
Current DrawdownCurrent decline from peak | -78.12% | -100.00% | +21.88% |
Average DrawdownAverage peak-to-trough decline | -43.80% | -96.30% | +52.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.18% | 30.04% | +8.14% |
Volatility
NAIL vs. SPXS - Volatility Comparison
Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) has a higher volatility of 24.23% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that NAIL'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
| NAIL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.23% | 8.51% | +15.72% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 26.82% | +34.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.63% | 35.54% | +52.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 86.99% | 50.39% | +36.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.20% | 53.54% | +35.66% |
NAIL vs. SPXS - Expense Ratio Comparison
NAIL has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
NAIL vs. SPXS - Dividend Comparison
NAIL's dividend yield for the trailing twelve months is around 1.04%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares | 1.04% | 1.55% | 0.63% | 0.22% | 0.00% | 0.00% | 0.01% | 0.17% | 0.35% | 1.25% |
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
NAIL and SPXS have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAIL has higher volatility (24.23%) compared to SPXS (8.51%). In terms of maximum drawdown, NAIL dropped -93.75% vs SPXS's -100.00%.
On 10-year performance, NAIL leads with 3.96% vs -42.01% for SPXS. On fees, NAIL is cheaper at 0.99% 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 10-year period, NAIL has performed better with a 3.96% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NAIL is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 1.04% for NAIL.
NAIL is categorized as Leveraged Equities, while SPXS is Inverse Equities. NAIL tracks Dow Jones U.S. Select Home Construction Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for NAIL and 1.08% for SPXS.
NAIL currently has the higher Sharpe Ratio (-0.23 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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