RETL vs. SPXS
RETL (Direxion Daily Retail Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - RETL is a Leveraged Equities fund tracking the Russell 1000 Retail Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, RETL returned -4.91%/yr vs -41.22%/yr for SPXS. Their -0.66 correlation means they have often moved in opposite directions in the past. RETL charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
RETL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, RETL achieves a 4.29% return, which is significantly higher than SPXS's -23.70% return. Over the past 10 years, RETL has outperformed SPXS with an annualized return of -4.91%, while SPXS has yielded a comparatively lower -41.22% annualized return.
RETL
- 1D
- -2.65%
- 1M
- 4.48%
- 6M
- 1.86%
- YTD
- 4.29%
- 1Y
- 25.37%
- 3Y*
- 6.42%
- 5Y*
- -25.86%
- 10Y*
- -4.91%
- ALL TIME*
- 14.86%
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) |
|---|---|---|---|
| $3.76M | $4.05M | $5.48M | |
| $303.07M | $277.28M | $339.89M |
RETL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 4.29% | -5.98% | 9.59% | 33.62% | -80.80% | 101.03% | 63.63% | 23.41% | -35.21% | -1.31% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between RETL and SPXS is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.52 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2010 | -0.66 |
The correlation between RETL and SPXS shifts across timeframes, from -0.69 (5 years) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
RETL vs. SPXS — Risk / Return Rank
RETL
SPXS
RETL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Retail Bull 3X Shares (RETL) 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.
| RETL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.84 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.88 | +1.47 |
| Martin ratioReturn relative to average drawdown | 1.15 | -1.43 | +2.59 |
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Drawdowns
RETL vs. SPXS - Drawdown Comparison
The maximum RETL drawdown since its inception was -92.00%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RETL and SPXS.
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Drawdown Indicators
| RETL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.00% | -100.00% | +8.00% |
Max Drawdown (1Y)Largest decline over 1 year | -38.08% | -43.64% | +5.56% |
Max Drawdown (3Y)Largest decline over 3 years | -62.72% | -84.13% | +21.41% |
Max Drawdown (5Y)Largest decline over 5 years | -92.00% | -90.11% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -92.00% | -99.56% | +7.56% |
Current DrawdownCurrent decline from peak | -82.09% | -100.00% | +17.91% |
Average DrawdownAverage peak-to-trough decline | -37.99% | -96.31% | +58.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.45% | 26.70% | -7.25% |
Volatility
RETL vs. SPXS - Volatility Comparison
Direxion Daily Retail Bull 3X Shares (RETL) has a higher volatility of 17.87% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that RETL'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
| RETL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 10.76% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 44.19% | 30.49% | +13.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.62% | 38.59% | +23.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.45% | 50.77% | +28.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.05% | 53.58% | +26.47% |
RETL vs. SPXS - Expense Ratio Comparison
RETL has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
RETL vs. SPXS - Dividend Comparison
RETL's dividend yield for the trailing twelve months is around 0.48%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 0.48% | 0.58% | 1.13% | 1.35% | 0.71% | 0.22% | 0.19% | 0.92% | 1.19% | 0.01% | 2.60% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
RETL and SPXS have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RETL has higher volatility (17.87%) compared to SPXS (10.76%). In terms of maximum drawdown, RETL dropped -92.00% vs SPXS's -100.00%.
On 10-year performance, RETL leads with -4.91% vs -41.22% for SPXS. On fees, RETL is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RETL has performed better with a -4.91% return vs -41.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RETL is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 0.48% for RETL.
RETL is categorized as Leveraged Equities, while SPXS is Inverse Equities. RETL tracks Russell 1000 Retail Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for RETL and 1.08% for SPXS.
RETL currently has the higher Sharpe Ratio (0.36 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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