QQQE vs. SPXS
QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, QQQE returned 15.78%/yr vs -42.02%/yr for SPXS. At a correlation of -0.88, they often move in opposite directions. QQQE charges 0.35%/yr vs 1.08%/yr for SPXS.
Performance
QQQE vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, QQQE achieves a 16.37% return, which is significantly higher than SPXS's -19.82% return. Over the past 10 years, QQQE has outperformed SPXS with an annualized return of 15.78%, while SPXS has yielded a comparatively lower -42.02% annualized return.
QQQE
- 1D
- -0.05%
- 1M
- 1.92%
- YTD
- 16.37%
- 6M
- 14.73%
- 1Y
- 22.98%
- 3Y*
- 17.59%
- 5Y*
- 9.05%
- 10Y*
- 15.78%
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
QQQE vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 16.37% | 14.58% | 6.98% | 33.76% | -24.47% | 17.93% | 37.85% | 36.43% | -5.40% | 26.53% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between QQQE and SPXS is -0.87, 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 | -0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2012 | -0.88 |
The correlation between QQQE and SPXS has been stable across timeframes, ranging from -0.92 to -0.87 - a consistent structural relationship.
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Return for Risk
QQQE vs. SPXS — Risk / Return Rank
QQQE
SPXS
QQQE vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) 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.
| QQQE | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +3.81 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.81 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | -0.89 | +3.35 |
| Martin ratioReturn relative to average drawdown | 8.22 | -1.54 | +9.76 |
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Drawdowns
QQQE vs. SPXS - Drawdown Comparison
The maximum QQQE drawdown since its inception was -32.14%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQQE and SPXS.
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Drawdown Indicators
| QQQE | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.14% | -100.00% | +67.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -46.84% | +37.43% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -84.13% | +62.75% |
Max Drawdown (5Y)Largest decline over 5 years | -32.14% | -90.11% | +57.97% |
Max Drawdown (10Y)Largest decline over 10 years | -32.14% | -99.63% | +67.49% |
Current DrawdownCurrent decline from peak | -3.14% | -100.00% | +96.86% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -96.29% | +91.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 27.25% | -24.45% |
Volatility
QQQE vs. SPXS - Volatility Comparison
The current volatility for Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) is 8.01%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.27%. This indicates that QQQE 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
| QQQE | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.01% | 14.27% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.69% | 29.40% | -16.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.65% | 37.36% | -21.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.54% | 50.69% | -30.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.79% | 53.58% | -32.79% |
QQQE vs. SPXS - Expense Ratio Comparison
QQQE has a 0.35% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
QQQE vs. SPXS - Dividend Comparison
QQQE's dividend yield for the trailing twelve months is around 0.57%, less than SPXS's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.57% | 0.52% | 0.86% | 0.79% | 0.98% | 3.83% | 0.54% | 0.74% | 0.80% | 0.65% | 1.17% | 0.57% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQE and SPXS have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.27%) compared to QQQE (8.01%). In terms of maximum drawdown, QQQE dropped -32.14% vs SPXS's -100.00%.
On 10-year performance, QQQE leads with 15.78% vs -42.02% for SPXS. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 8.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQE has performed better with a 15.78% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQE is cheaper with a 0.35% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.24%, compared with 0.57% for QQQE.
QQQE is categorized as Nasdaq-100, while SPXS is Inverse Equities. QQQE tracks NASDAQ-100 Equal Weighted Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.35% for QQQE and 1.08% for SPXS.
QQQE currently has the higher Sharpe Ratio (1.48 vs -1.12), 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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