NVDU vs. SPXS
NVDU (Direxion Daily NVDA Bull 2X Shares ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - NVDU is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). NVDU is actively managed, while SPXS is passively managed. Over the past year, NVDU returned 18.92% vs -44.53% for SPXS. Their -0.64 correlation means they have often moved in opposite directions in the past. NVDU charges 1.04%/yr vs 1.08%/yr for SPXS.
Performance
NVDU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, NVDU achieves a 19.57% return, which is significantly higher than SPXS's -30.39% return.
NVDU
- 1D
- 7.07%
- 1M
- 22.63%
- 6M
- 39.31%
- YTD
- 19.57%
- 1Y
- 18.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 95.63%
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.67M | $48.21M | $63.53M | |
| $344.98M | $288.31M | $338.49M |
NVDU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDU Direxion Daily NVDA Bull 2X Shares ETF | 19.57% | 33.65% | 289.29% | 12.08% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -42.84% | -16.44% |
Correlation
The correlation between NVDU and SPXS is -0.62, 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. | -0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | -0.64 |
The correlation between NVDU and SPXS has been stable across timeframes, ranging from -0.64 to -0.62 - a consistent structural relationship.
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Return for Risk
NVDU vs. SPXS — Risk / Return Rank
NVDU
SPXS
NVDU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bull 2X Shares ETF (NVDU) 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.
| NVDU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.80 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.99 | +1.44 |
| Martin ratioReturn relative to average drawdown | 0.87 | -1.80 | +2.67 |
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Drawdowns
NVDU vs. SPXS - Drawdown Comparison
The maximum NVDU drawdown since its inception was -67.27%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NVDU and SPXS.
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Drawdown Indicators
| NVDU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.27% | -100.00% | +32.73% |
Max Drawdown (1Y)Largest decline over 1 year | -42.27% | -45.14% | +2.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.58% | — |
Current DrawdownCurrent decline from peak | -18.56% | -100.00% | +81.44% |
Average DrawdownAverage peak-to-trough decline | -19.34% | -96.32% | +76.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 25.32% | -3.48% |
Volatility
NVDU vs. SPXS - Volatility Comparison
Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a higher volatility of 25.72% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.42%. This indicates that NVDU'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
| NVDU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.72% | 12.42% | +13.30% |
Volatility (6M)Calculated over the trailing 6-month period | 56.38% | 31.05% | +25.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.52% | 38.62% | +33.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.51% | 50.86% | +39.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.51% | 53.62% | +36.89% |
NVDU vs. SPXS - Expense Ratio Comparison
NVDU has a 1.04% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
NVDU vs. SPXS - Dividend Comparison
NVDU's dividend yield for the trailing twelve months is around 4.94%, more than SPXS's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NVDU Direxion Daily NVDA Bull 2X Shares ETF | 4.94% | 5.68% | 16.85% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
NVDU and SPXS have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDU has higher volatility (25.72%) compared to SPXS (12.42%). In terms of maximum drawdown, NVDU dropped -67.27% vs SPXS's -100.00%.
On 1-year performance, NVDU leads with 18.92% vs -44.53% for SPXS. On fees, NVDU is cheaper at 1.04% per year. On volatility, SPXS has been the lower-risk option at 12.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NVDU has performed better with a 18.92% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NVDU is cheaper with a 1.04% expense ratio, compared with 1.08% for SPXS.
NVDU has the higher dividend yield at 4.94%, compared with 4.88% for SPXS.
NVDU is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.04% for NVDU and 1.08% for SPXS.
NVDU currently has the higher Sharpe Ratio (0.26 vs -1.16), 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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