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 -5.65%/yr vs -42.01%/yr for SPXS. At a correlation of -0.67, they often move in opposite directions. 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 -13.97% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, RETL has outperformed SPXS with an annualized return of -5.65%, while SPXS has yielded a comparatively lower -42.01% annualized return.
RETL
- 1D
- -1.25%
- 1M
- -2.83%
- YTD
- -13.97%
- 6M
- -14.71%
- 1Y
- 2.31%
- 3Y*
- 12.49%
- 5Y*
- -28.39%
- 10Y*
- -5.65%
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%
RETL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | -13.97% | -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 | -25.49% | -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 -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2010 | -0.67 |
The correlation between RETL and SPXS shifts across timeframes, from -0.71 (5 years) to -0.58 (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.
| RETL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.75 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | -0.96 | +1.02 |
| Martin ratioReturn relative to average drawdown | 0.13 | -1.62 | +1.75 |
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
| RETL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.04 | -1.38 | +1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.69 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | -0.79 | +0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | -0.83 | +1.03 |
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% | -50.77% | +12.69% |
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% | -99.63% | +7.63% |
Current DrawdownCurrent decline from peak | -85.23% | -100.00% | +14.77% |
Average DrawdownAverage peak-to-trough decline | -37.55% | -96.30% | +58.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.20% | 30.04% | -11.84% |
Volatility
RETL vs. SPXS - Volatility Comparison
Direxion Daily Retail Bull 3X Shares (RETL) has a higher volatility of 18.99% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 18.99% | 8.51% | +10.48% |
Volatility (6M)Calculated over the trailing 6-month period | 40.17% | 26.82% | +13.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.15% | 35.54% | +24.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.48% | 50.39% | +29.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.75% | 53.54% | +26.21% |
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 0.59%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 0.59% | 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 | 4.91% | 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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RETL has higher volatility (18.99%) compared to SPXS (8.51%). In terms of maximum drawdown, RETL dropped -92.00% vs SPXS's -100.00%.
On 10-year performance, RETL leads with -5.65% vs -42.01% for SPXS. On fees, RETL is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -5.65% return vs -42.01%. 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 4.91%, compared with 0.59% 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 (0.04 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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