PLTZ vs. SPXS

Last updated Aug 2, 2026

PLTZ (Defiance Daily Target 2X Short PLTR ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds. PLTZ is actively managed, while SPXS is passively managed. Over the past year, PLTZ returned -31.77% vs -41.03% for SPXS. Their 0.42 correlation means their historical movements had little consistent relationship. PLTZ charges 1.29%/yr vs 1.08%/yr for SPXS.

Performance

PLTZ vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short PLTR ETF (PLTZ) 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, PLTZ achieves a 21.54% return, which is significantly higher than SPXS's -23.70% return.

PLTZ

• 1D: -1.50%
• 1M: 4.58%
• 6M: -13.72%
• YTD: 21.54%
• 1Y: -31.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -54.90%

SPXS

• 1D: -2.06%
• 1M: -0.49%
• 6M: -20.89%
• YTD: -23.70%
• 1Y: -41.03%
• 3Y*: -38.58%
• 5Y*: -32.70%
• 10Y*: -41.22%
• ALL TIME*: -44.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PLTZ Defiance Daily Target 2X Short PLTR ETF	$11.99M	$15.04M	$15.41M
SPXS Direxion Daily S&P 500 Bear 3X Shares	$303.07M	$277.28M	$339.89M

PLTZ vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
PLTZ Defiance Daily Target 2X Short PLTR ETF	21.54%	-67.07%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-23.70%	-32.48%

Correlation

The correlation between PLTZ and SPXS is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	0.42

Return for Risk

PLTZ vs. SPXS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PLTZ

PLTZ Risk / Return Rank: 9
PLTZ Sharpe Ratio Rank: 7
PLTZ Sortino Ratio Rank: 13
PLTZ Omega Ratio Rank: 13
PLTZ Calmar Ratio Rank: 5
PLTZ Martin Ratio Rank: 5

SPXS

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PLTZ vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short PLTR ETF (PLTZ) 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.

	PLTZ	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	-0.99	+0.72
Sortino ratio: Return per unit of downside risk	0.30	-1.48	+1.78
Omega ratio: Gain probability vs. loss probability	1.03	0.84	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.53	-0.88	+0.35
Martin ratio: Return relative to average drawdown	-0.84	-1.43	+0.60

PLTZ vs. SPXS - Sharpe Ratio Comparison

The current PLTZ Sharpe Ratio is -0.27, which is higher than the SPXS Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of PLTZ 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

PLTZ vs. SPXS - Drawdown Comparison

The maximum PLTZ drawdown since its inception was -72.51%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PLTZ and SPXS.

Drawdown Indicators

	PLTZ	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-72.51%	-100.00%	+27.49%
Max Drawdown (1Y) Largest decline over 1 year	-53.15%	-43.64%	-9.51%
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	—	-99.56%	—
Current Drawdown Current decline from peak	-59.97%	-100.00%	+40.03%
Average Drawdown Average peak-to-trough decline	-56.02%	-96.31%	+40.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.87%	26.70%	+7.17%

Volatility

PLTZ vs. SPXS - Volatility Comparison

Defiance Daily Target 2X Short PLTR ETF (PLTZ) has a higher volatility of 27.39% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that PLTZ'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.

Volatility by Period

	PLTZ	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.39%	10.76%	+16.63%
Volatility (6M) Calculated over the trailing 6-month period	80.71%	30.49%	+50.22%
Volatility (1Y) Calculated over the trailing 1-year period	104.74%	38.59%	+66.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.47%	50.77%	+51.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.47%	53.58%	+48.89%

PLTZ vs. SPXS - Expense Ratio Comparison

PLTZ has a 1.29% expense ratio, which is higher than SPXS's 1.08% expense ratio.

Dividends

PLTZ vs. SPXS - Dividend Comparison

PLTZ has not paid dividends to shareholders, while SPXS's dividend yield for the trailing twelve months is around 4.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PLTZ Defiance Daily Target 2X Short PLTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.45%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both PLTZ and SPXS in my portfolio?

PLTZ and SPXS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PLTZ or SPXS?

PLTZ has higher volatility (27.39%) compared to SPXS (10.76%). In terms of maximum drawdown, PLTZ dropped -72.51% vs SPXS's -100.00%.

Which ETF is better, PLTZ or SPXS?

On 1-year performance, PLTZ leads with -31.77% vs -41.03% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLTZ or SPXS?

Over the 1-year period, PLTZ has performed better with a -31.77% return vs -41.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLTZ or SPXS?

SPXS is cheaper with a 1.08% expense ratio, compared with 1.29% for PLTZ.

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

SPXS has the higher dividend yield at 4.45%, compared with 0.00% for PLTZ.

What is the main difference between PLTZ and SPXS?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for PLTZ and 1.08% for SPXS.

Which has better risk-adjusted returns?

PLTZ currently has the higher Sharpe Ratio (-0.27 vs -0.99), 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.