QQQD vs. SPXS
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 -14.09% vs -41.03% for SPXS. Their correlation of 0.81 means they have usually moved in the same direction. QQQD charges 0.57%/yr vs 1.08%/yr for SPXS.
Performance
QQQD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, QQQD achieves a 0.46% return, which is significantly higher than SPXS's -23.70% return.
QQQD
- 1D
- -3.23%
- 1M
- -1.45%
- 6M
- 0.57%
- YTD
- 0.46%
- 1Y
- -14.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -20.41%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.12M | $1.26M | $1.70M | |
| $303.07M | $277.28M | $339.89M |
QQQD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 0.46% | -20.32% | -27.75% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -30.94% |
Correlation
The correlation between QQQD and SPXS is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024 | 0.81 |
The correlation between QQQD and SPXS has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
QQQD vs. SPXS — Risk / Return Rank
QQQD
SPXS
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.
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.
| QQQD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.84 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.88 | +0.37 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.43 | +0.58 |
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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.
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Drawdown Indicators
| QQQD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.47% | -100.00% | +50.53% |
Max Drawdown (1Y)Largest decline over 1 year | -21.94% | -43.64% | +21.70% |
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 DrawdownCurrent decline from peak | -45.68% | -100.00% | +54.32% |
Average DrawdownAverage peak-to-trough decline | -31.27% | -96.31% | +65.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 26.70% | -13.51% |
Volatility
QQQD vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) is 8.15%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 10.76%. 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.
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Volatility by Period
| QQQD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 10.76% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 17.57% | 30.49% | -12.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.50% | 38.59% | -16.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.94% | 50.77% | -23.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 53.58% | -26.64% |
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 3.06%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 3.06% | 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 | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
QQQD and SPXS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (10.76%) compared to QQQD (8.15%). In terms of maximum drawdown, QQQD dropped -49.47% vs SPXS's -100.00%.
On 1-year performance, QQQD leads with -14.09% vs -41.03% for SPXS. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QQQD has performed better with a -14.09% return vs -41.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQD is cheaper with a 0.57% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 3.06% for QQQD.
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.
QQQD currently has the higher Sharpe Ratio (-0.50 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.
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