PILL vs. SPXS
PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, PILL returned -1.10%/yr vs -33.62%/yr for SPXS. At a correlation of -0.62, they often move in opposite directions. PILL charges 0.98%/yr vs 1.08%/yr for SPXS.
Performance
PILL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, PILL achieves a 50.23% return, which is significantly higher than SPXS's -24.88% return.
PILL
- 1D
- -2.74%
- 1M
- 36.93%
- 6M
- 52.58%
- YTD
- 50.23%
- 1Y
- 218.71%
- 3Y*
- 32.71%
- 5Y*
- -1.10%
- 10Y*
- —
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
PILL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 50.23% | 75.14% | -7.26% | -12.06% | -43.16% | -37.33% | 0.28% | 19.26% | -21.15% | 16.39% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -11.20% |
Correlation
The correlation between PILL and SPXS is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2017 | -0.62 |
Over the past year, the inverse relationship between PILL and SPXS has weakened: their correlation has moved from -0.62 to -0.41, meaning they move in opposite directions less often than they have historically.
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Return for Risk
PILL vs. SPXS — Risk / Return Rank
PILL
SPXS
PILL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.
| PILL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.52 | ||
| Sortino ratioReturn per unit of downside risk | +5.12 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.82 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 6.63 | -0.94 | +7.57 |
| Martin ratioReturn relative to average drawdown | 21.65 | -1.62 | +23.26 |
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Drawdowns
PILL vs. SPXS - Drawdown Comparison
The maximum PILL drawdown since its inception was -88.76%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PILL and SPXS.
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Drawdown Indicators
| PILL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.76% | -100.00% | +11.24% |
Max Drawdown (1Y)Largest decline over 1 year | -33.21% | -43.64% | +10.43% |
Max Drawdown (3Y)Largest decline over 3 years | -60.43% | -84.13% | +23.70% |
Max Drawdown (5Y)Largest decline over 5 years | -83.26% | -90.11% | +6.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -48.53% | -100.00% | +51.47% |
Average DrawdownAverage peak-to-trough decline | -58.46% | -96.31% | +37.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.15% | 25.40% | -15.25% |
Volatility
PILL vs. SPXS - Volatility Comparison
Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 21.20% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.70%. This indicates that PILL'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
| PILL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.20% | 10.70% | +10.50% |
Volatility (6M)Calculated over the trailing 6-month period | 50.25% | 30.07% | +20.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.34% | 37.65% | +26.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.09% | 50.74% | +10.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.94% | 53.50% | +10.44% |
PILL vs. SPXS - Expense Ratio Comparison
PILL has a 0.98% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
PILL vs. SPXS - Dividend Comparison
PILL's dividend yield for the trailing twelve months is around 0.37%, less than SPXS's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 0.37% | 0.69% | 1.28% | 1.83% | 0.67% | 0.00% | 0.00% | 0.38% | 0.91% | 0.10% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
PILL and SPXS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PILL has higher volatility (21.20%) compared to SPXS (10.70%). In terms of maximum drawdown, PILL dropped -88.76% vs SPXS's -100.00%.
On 5-year performance, PILL leads with -1.10% vs -33.62% for SPXS. On fees, PILL is cheaper at 0.98% per year. On volatility, SPXS 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 5-year period, PILL has performed better with a -1.10% return vs -33.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PILL is cheaper with a 0.98% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 0.37% for PILL.
PILL is categorized as Leveraged Equities, while SPXS is Inverse Equities. PILL tracks Dynamic Pharmaceuticals Intellidex Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.98% for PILL and 1.08% for SPXS.
PILL currently has the higher Sharpe Ratio (3.42 vs -1.09), 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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