SARK vs. SPXS

Last updated Jun 26, 2026

SARK (Tradr Short Innovation Daily ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds. SARK is actively managed, while SPXS is passively managed. Over the past 3 years, SARK returned -30.40%/yr vs -40.72%/yr for SPXS. A 0.74 correlation means they provide meaningful diversification when combined. SARK charges 0.75%/yr vs 1.08%/yr for SPXS.

Performance

SARK vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr Short Innovation Daily ETF (SARK) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SARK achieves a -5.95% return, which is significantly higher than SPXS's -19.79% return.

SARK

• 1D: 0.19%
• 1M: -0.45%
• YTD: -5.95%
• 6M: -1.42%
• 1Y: -18.93%
• 3Y*: -30.40%
• 5Y*: —
• 10Y*: —

SPXS

• 1D: 0.04%
• 1M: 6.38%
• YTD: -19.79%
• 6M: -16.59%
• 1Y: -41.52%
• 3Y*: -40.72%
• 5Y*: -33.23%
• 10Y*: -42.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SARK vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SARK Tradr Short Innovation Daily ETF	-5.95%	-25.93%	-36.90%	-46.32%	83.35%	24.05%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-19.79%	-41.53%	-42.84%	-45.97%	36.14%	-7.04%

Correlation

The correlation between SARK and SPXS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.74

The correlation between SARK and SPXS has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

SARK vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SARK

SARK Risk / Return Rank: 5
SARK Sharpe Ratio Rank: 5
SARK Sortino Ratio Rank: 5
SARK Omega Ratio Rank: 5
SARK Calmar Ratio Rank: 3
SARK Martin Ratio Rank: 4

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

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.

SARK vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr Short Innovation Daily ETF (SARK) 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.

	SARK	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	-1.12	+0.59
Sortino ratio: Return per unit of downside risk	-0.57	-1.76	+1.18
Omega ratio: Gain probability vs. loss probability	0.94	0.81	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.91	+0.20
Martin ratio: Return relative to average drawdown	-1.19	-1.60	+0.41

SARK vs. SPXS - Sharpe Ratio Comparison

The current SARK Sharpe Ratio is -0.53, which is higher than the SPXS Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of SARK 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.

Drawdowns

SARK vs. SPXS - Drawdown Comparison

The maximum SARK drawdown since its inception was -81.07%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SARK and SPXS.

Drawdown Indicators

	SARK	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-81.07%	-100.00%	+18.93%
Max Drawdown (1Y) Largest decline over 1 year	-26.61%	-45.74%	+19.13%
Max Drawdown (3Y) Largest decline over 3 years	-74.42%	-84.13%	+9.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-90.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.61%	—
Current Drawdown Current decline from peak	-79.24%	-100.00%	+20.76%
Average Drawdown Average peak-to-trough decline	-46.85%	-96.29%	+49.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.90%	27.24%	-11.34%

Volatility

SARK vs. SPXS - Volatility Comparison

The current volatility for Tradr Short Innovation Daily ETF (SARK) is 12.52%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.10%. This indicates that SARK 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.

Volatility by Period

	SARK	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.52%	14.10%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	26.52%	29.36%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	35.74%	37.23%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.10%	50.68%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.10%	53.57%	+2.53%

SARK vs. SPXS - Expense Ratio Comparison

SARK has a 0.75% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

SARK vs. SPXS - Dividend Comparison

SARK's dividend yield for the trailing twelve months is around 3.00%, less than SPXS's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SARK Tradr Short Innovation Daily ETF	3.00%	2.82%	15.49%	12.57%	25.22%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.23%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SARK and SPXS in my portfolio?

SARK and SPXS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SARK or SPXS?

SPXS has higher volatility (14.10%) compared to SARK (12.52%). In terms of maximum drawdown, SARK dropped -81.07% vs SPXS's -100.00%.

Which ETF is better, SARK or SPXS?

On 3-year performance, SARK leads with -30.40% vs -40.72% for SPXS. On fees, SARK is cheaper at 0.75% per year. On volatility, SARK has been the lower-risk option at 12.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SARK or SPXS?

Over the 3-year period, SARK has performed better with a -30.40% return vs -40.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SARK or SPXS?

SARK is cheaper with a 0.75% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, SARK or SPXS?

SPXS has the higher dividend yield at 4.23%, compared with 3.00% for SARK.

What is the main difference between SARK and SPXS?

They also come from different issuers: AXS and Direxion. Their fees differ too: 0.75% for SARK and 1.08% for SPXS.

Which has better risk-adjusted returns?

SARK currently has the higher Sharpe Ratio (-0.53 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.