NVDD vs. SPXS

Last updated Jun 24, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion. NVDD is actively managed, while SPXS is passively managed. Over the past year, NVDD returned -31.84% vs -41.66% for SPXS. A 0.64 correlation means they provide meaningful diversification when combined. NVDD charges 1.01%/yr vs 1.08%/yr for SPXS.

Performance

NVDD vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -10.62% return, which is significantly higher than SPXS's -19.82% return.

NVDD

• 1D: 3.37%
• 1M: 5.55%
• YTD: -10.62%
• 6M: -9.15%
• 1Y: -31.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: 0.29%
• 1M: 4.33%
• YTD: -19.82%
• 6M: -16.62%
• 1Y: -41.66%
• 3Y*: -40.44%
• 5Y*: -33.23%
• 10Y*: -42.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NVDD vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-10.62%	-38.72%	-69.77%	-8.97%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-19.82%	-41.53%	-42.84%	-16.44%

Correlation

The correlation between NVDD and SPXS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.64

The correlation between NVDD and SPXS has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

Return for Risk

NVDD vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NVDD

NVDD Risk / Return Rank: 2
NVDD Sharpe Ratio Rank: 2
NVDD Sortino Ratio Rank: 2
NVDD Omega Ratio Rank: 2
NVDD Calmar Ratio Rank: 2
NVDD Martin Ratio Rank: 1

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NVDD vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) 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.

	NVDD	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.12	+0.22
Sortino ratio: Return per unit of downside risk	-1.24	-1.76	+0.53
Omega ratio: Gain probability vs. loss probability	0.86	0.81	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.89	+0.08
Martin ratio: Return relative to average drawdown	-1.44	-1.54	+0.10

NVDD vs. SPXS - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.90, which is comparable to the SPXS Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of NVDD and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVDD vs. SPXS - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NVDD and SPXS.

Drawdown Indicators

	NVDD	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-100.00%	+11.66%
Max Drawdown (1Y) Largest decline over 1 year	-39.32%	-46.84%	+7.52%
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	—	-99.63%	—
Current Drawdown Current decline from peak	-86.54%	-100.00%	+13.46%
Average Drawdown Average peak-to-trough decline	-67.31%	-96.29%	+28.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.19%	27.25%	-3.06%

Volatility

NVDD vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 13.05%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.27%. This indicates that NVDD 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.

Volatility by Period

	NVDD	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.05%	14.27%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	29.40%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	35.31%	37.36%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.36%	50.69%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.36%	53.58%	-6.22%

NVDD vs. SPXS - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

NVDD vs. SPXS - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 4.01%, less than SPXS's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDD Direxion Daily NVDA Bear 1X Shares	2.81%	4.19%	4.83%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.24%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both NVDD and SPXS in my portfolio?

NVDD and SPXS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or SPXS?

SPXS has higher volatility (14.27%) compared to NVDD (13.05%). In terms of maximum drawdown, NVDD dropped -88.34% vs SPXS's -100.00%.

Which ETF is better, NVDD or SPXS?

On 1-year performance, NVDD leads with -31.84% vs -41.66% for SPXS. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or SPXS?

Over the 1-year period, NVDD has performed better with a -31.84% return vs -41.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or SPXS?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, NVDD or SPXS?

SPXS has the higher dividend yield at 4.24%, compared with 4.01% for NVDD.

What is the main difference between NVDD and SPXS?

Their fees differ too: 1.01% for NVDD and 1.08% for SPXS.

Which has better risk-adjusted returns?

NVDD currently has the higher Sharpe Ratio (-0.90 vs -1.12), 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.