QQQD vs. SPXS

Last updated Jun 4, 2026

QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - QQQD tracks the Indxx Magnificent 7 Index (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past year, QQQD returned -21.80% vs -48.73% for SPXS. Their correlation of 0.81 suggests significant overlap in exposure. QQQD charges 0.57%/yr vs 1.08%/yr for SPXS.

Performance

QQQD vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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, QQQD achieves a -2.89% return, which is significantly higher than SPXS's -25.49% return.

QQQD

• 1D: 1.38%
• 1M: -1.88%
• YTD: -2.89%
• 6M: -2.43%
• 1Y: -21.80%
• 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%

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

QQQD vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	-2.89%	-20.32%	-27.69%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-25.49%	-41.53%	-28.94%

Correlation

The correlation between QQQD and SPXS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.81

The correlation between QQQD and SPXS has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

Return for Risk

QQQD vs. SPXS — Risk / Return Rank

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

QQQD

QQQD Risk / Return Rank: 2
QQQD Sharpe Ratio Rank: 1
QQQD Sortino Ratio Rank: 1
QQQD Omega Ratio Rank: 2
QQQD Calmar Ratio Rank: 2
QQQD Martin Ratio Rank: 3

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
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.

QQQD vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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.

	QQQD	SPXS	Difference
Sharpe ratio Return per unit of total volatility	-1.08	-1.38	+0.29
Sortino ratio Return per unit of downside risk	-1.55	-2.31	+0.76
Omega ratio Gain probability vs. loss probability	0.83	0.75	+0.08
Calmar ratio Return relative to maximum drawdown	-0.82	-0.96	+0.14
Martin ratio Return relative to average drawdown	-1.23	-1.62	+0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQD vs. SPXS - Sharpe Ratio Comparison

The current QQQD Sharpe Ratio is -1.08, which is comparable to the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of QQQD 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.

Sharpe Ratios by Period

	QQQD	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.08	-1.38	+0.29
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	-0.86	-0.83	-0.02

Drawdowns

QQQD vs. SPXS - Drawdown Comparison

The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQQD and SPXS.

Drawdown Indicators

	QQQD	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-49.47%	-100.00%	+50.53%
Max Drawdown (1Y) Largest decline over 1 year	-26.65%	-50.77%	+24.12%
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	-47.50%	-100.00%	+52.50%
Average Drawdown Average peak-to-trough decline	-30.34%	-96.30%	+65.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.72%	30.04%	-12.32%

Volatility

QQQD vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) is 4.76%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. This indicates that QQQD 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

	QQQD	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	8.51%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	26.82%	-12.39%
Volatility (1Y) Calculated over the trailing 1-year period	20.21%	35.54%	-15.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.77%	50.39%	-23.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.77%	53.54%	-26.77%

QQQD vs. SPXS - Expense Ratio Comparison

QQQD has a 0.57% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

QQQD vs. SPXS - Dividend Comparison

QQQD's dividend yield for the trailing twelve months is around 4.07%, less than SPXS's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	4.07%	4.33%	5.17%	0.00%	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

Can I hold both QQQD and SPXS in my portfolio?

QQQD and SPXS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQD or SPXS?

SPXS has higher volatility (8.51%) compared to QQQD (4.76%). In terms of maximum drawdown, QQQD dropped -49.47% vs SPXS's -100.00%.

Which ETF is better, QQQD or SPXS?

On 1-year performance, QQQD leads with -21.80% vs -48.73% for SPXS. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQD or SPXS?

Over the 1-year period, QQQD has performed better with a -21.80% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQD or SPXS?

QQQD is cheaper with a 0.57% expense ratio, compared with 1.08% for SPXS.

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

SPXS has the higher dividend yield at 4.91%, compared with 4.07% for QQQD.

What is the main difference between QQQD and SPXS?

QQQD tracks Indxx Magnificent 7 Index (-100%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.57% for QQQD and 1.08% for SPXS.

Which has better risk-adjusted returns?

QQQD currently has the higher Sharpe Ratio (-1.08 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.