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QQQE vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQE vs. SPXS

Last updated Jun 4, 2026

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 15.49%/yr vs -42.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQQE achieves a 19.12% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, QQQE has outperformed SPXS with an annualized return of 15.49%, while SPXS has yielded a comparatively lower -42.01% annualized return.

QQQE

1D
-0.10%
1M
10.46%
YTD
19.12%
6M
17.48%
1Y
28.68%
3Y*
18.69%
5Y*
10.30%
10Y*
15.49%

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)

QQQE vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		19.12%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		-25.49%-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 22, 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.

Compare stocks, funds, or ETFs

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Direxion NASDAQ-100 Equal Weighted Index Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with QQQE:
QQQE vs. QQQQQQE vs. QQQMQQQE vs. QQEWQQQE vs. SPYGQQQE vs. TQQQQQQE vs. VOOQQQE vs. SPY
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

QQQE vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQE
QQQE Risk / Return Rank: 5858
Overall Rank
QQQE Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QQQE Sortino Ratio Rank: 5757
Sortino Ratio Rank
QQQE Omega Ratio Rank: 5555
Omega Ratio Rank
QQQE Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQE Martin Ratio Rank: 5959
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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.

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.

QQQESPXSDifference
Sharpe ratioReturn per unit of total volatility
2.04
-1.38

+3.42

Sortino ratioReturn per unit of downside risk
2.79
-2.31

+5.10

Omega ratioGain probability vs. loss probability

1.35

0.75

+0.59

Calmar ratioReturn relative to maximum drawdown

3.06

-0.96

+4.02

Martin ratioReturn relative to average drawdown

10.57

-1.62

+12.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQE vs. SPXS - Sharpe Ratio Comparison

The current QQQE Sharpe Ratio is 2.04, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of QQQE 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.

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Sharpe Ratios by Period

QQQESPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

-1.38

+3.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

-0.69

+1.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

-0.79

+1.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

-0.83

+1.60

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

QQQESPXSDifference

Max Drawdown

Largest peak-to-trough decline

-32.14%

-100.00%

+67.86%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-50.77%

+41.36%

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 Drawdown

Current decline from peak

-0.10%

-100.00%

+99.90%

Average Drawdown

Average peak-to-trough decline

-5.17%

-96.30%

+91.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.72%

30.04%

-27.32%

Volatility

QQQE vs. SPXS - Volatility Comparison

The current volatility for Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) is 3.79%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. 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

QQQESPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.79%

8.51%

-4.72%

Volatility (6M)

Calculated over the trailing 6-month period

10.64%

26.82%

-16.18%

Volatility (1Y)

Calculated over the trailing 1-year period

14.15%

35.54%

-21.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.30%

50.39%

-30.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.72%

53.54%

-32.82%

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 0.52%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		0.52%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		4.91%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 (8.51%) compared to QQQE (3.79%). In terms of maximum drawdown, QQQE dropped -32.14% vs SPXS's -100.00%.

On 10-year performance, QQQE leads with 15.49% vs -42.01% for SPXS. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. 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 15.49% return vs -42.01%. 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 4.91%, compared with 0.52% 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 (2.04 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.

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