QQQU vs. SPXS
QQQU (Direxion Daily Magnificent 7 Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - QQQU is a Leveraged Equities fund tracking the The Indxx Magnificent 7 Index (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past year, QQQU returned 62.95% vs -49.42% for SPXS. At a correlation of -0.81, they often move in opposite directions. QQQU charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
QQQU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, QQQU achieves a 6.21% return, which is significantly higher than SPXS's -26.34% return.
QQQU
- 1D
- 2.17%
- 1M
- 5.86%
- YTD
- 6.21%
- 6M
- 4.73%
- 1Y
- 62.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- -1.15%
- 1M
- -12.09%
- YTD
- -26.34%
- 6M
- -25.57%
- 1Y
- -49.42%
- 3Y*
- -43.02%
- 5Y*
- -34.91%
- 10Y*
- -41.99%
QQQU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QQQU Direxion Daily Magnificent 7 Bull 2X Shares | 6.21% | 32.87% | 81.85% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.34% | -41.53% | -28.94% |
Correlation
The correlation between QQQU and SPXS is -0.81, 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 | -0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024 | -0.81 |
The correlation between QQQU and SPXS has been stable across timeframes, ranging from -0.81 to -0.81 - a consistent structural relationship.
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Return for Risk
QQQU vs. SPXS — Risk / Return Rank
QQQU
SPXS
QQQU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) 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.
| QQQU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.98 | ||
| Sortino ratioReturn per unit of downside risk | +4.45 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.75 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.98 | +2.72 |
| Martin ratioReturn relative to average drawdown | 5.44 | -1.64 | +7.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQU | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | -1.40 | +2.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | -0.84 | +1.83 |
Drawdowns
QQQU vs. SPXS - Drawdown Comparison
The maximum QQQU drawdown since its inception was -53.70%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQQU and SPXS.
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Drawdown Indicators
| QQQU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.70% | -100.00% | +46.30% |
Max Drawdown (1Y)Largest decline over 1 year | -36.29% | -50.77% | +14.48% |
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 DrawdownCurrent decline from peak | -5.13% | -100.00% | +94.87% |
Average DrawdownAverage peak-to-trough decline | -13.33% | -96.30% | +82.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 30.20% | -18.58% |
Volatility
QQQU vs. SPXS - Volatility Comparison
Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) has a higher volatility of 9.51% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.36%. This indicates that QQQU'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.
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Volatility by Period
| QQQU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.51% | 8.36% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 28.27% | 26.83% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.92% | 35.52% | +4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.96% | 50.38% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.96% | 53.53% | -0.57% |
QQQU vs. SPXS - Expense Ratio Comparison
QQQU has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
QQQU vs. SPXS - Dividend Comparison
QQQU's dividend yield for the trailing twelve months is around 9.03%, more than SPXS's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QQQU Direxion Daily Magnificent 7 Bull 2X Shares | 9.03% | 9.62% | 2.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.97% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
QQQU 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.
QQQU has higher volatility (9.51%) compared to SPXS (8.36%). In terms of maximum drawdown, QQQU dropped -53.70% vs SPXS's -100.00%.
On 1-year performance, QQQU leads with 62.95% vs -49.42% for SPXS. On fees, QQQU is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QQQU has performed better with a 62.95% return vs -49.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQU is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
QQQU has the higher dividend yield at 9.03%, compared with 4.97% for SPXS.
QQQU is categorized as Leveraged Equities, while SPXS is Inverse Equities. QQQU tracks The Indxx Magnificent 7 Index (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for QQQU and 1.08% for SPXS.
QQQU currently has the higher Sharpe Ratio (1.59 vs -1.40), 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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