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 84.73% vs -48.73% for SPXS. At a correlation of -0.63, they often move in opposite directions. 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 19.93% return, which is significantly higher than SPXS's -25.49% return.
NVDU
- 1D
- -7.30%
- 1M
- 14.13%
- YTD
- 19.93%
- 6M
- 27.09%
- 1Y
- 84.73%
- 3Y*
- —
- 5Y*
- —
- 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%
NVDU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDU Direxion Daily NVDA Bull 2X Shares ETF | 19.93% | 33.65% | 289.29% | 9.96% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -16.26% |
Correlation
The correlation between NVDU and SPXS is -0.58, 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 | -0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023 | -0.63 |
The correlation between NVDU and SPXS has been stable across timeframes, ranging from -0.63 to -0.58 - 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.
| NVDU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.63 | ||
| Sortino ratioReturn per unit of downside risk | +4.19 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.75 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | -0.96 | +2.98 |
| Martin ratioReturn relative to average drawdown | 4.60 | -1.62 | +6.23 |
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
| NVDU | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | -1.38 | +2.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | -0.83 | +1.97 |
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% | -50.77% | +8.50% |
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 DrawdownCurrent decline from peak | -18.32% | -100.00% | +81.68% |
Average DrawdownAverage peak-to-trough decline | -18.84% | -96.30% | +77.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.47% | 30.04% | -11.57% |
Volatility
NVDU vs. SPXS - Volatility Comparison
Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a higher volatility of 24.74% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 24.74% | 8.51% | +16.23% |
Volatility (6M)Calculated over the trailing 6-month period | 50.50% | 26.82% | +23.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.02% | 35.54% | +32.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 91.06% | 50.39% | +40.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.06% | 53.54% | +37.52% |
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 4.83%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NVDU Direxion Daily NVDA Bull 2X Shares ETF | 4.83% | 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 | 4.91% | 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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDU has higher volatility (24.74%) compared to SPXS (8.51%). In terms of maximum drawdown, NVDU dropped -67.27% vs SPXS's -100.00%.
On 1-year performance, NVDU leads with 84.73% vs -48.73% for SPXS. On fees, NVDU is cheaper at 1.04% 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 1-year period, NVDU has performed better with a 84.73% return vs -48.73%. 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.
SPXS has the higher dividend yield at 4.91%, compared with 4.83% for NVDU.
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 (1.26 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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