SARK vs. SPXS
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 -30.74%/yr vs -42.68%/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
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Returns By Period
In the year-to-date period, SARK achieves a -6.78% return, which is significantly higher than SPXS's -25.49% return.
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
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%
SARK vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -7.93% |
Correlation
The correlation between SARK and SPXS is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.74 |
The correlation between SARK and SPXS has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.
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Return for Risk
SARK vs. SPXS — Risk / Return Rank
SARK
SPXS
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.
| SARK | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.75 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.96 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.62 | +0.51 |
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
| SARK | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -1.38 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.24 | -0.83 | +0.59 |
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.
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Drawdown Indicators
| SARK | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.07% | -100.00% | +18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -40.75% | -50.77% | +10.02% |
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 | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -79.42% | -100.00% | +20.58% |
Average DrawdownAverage peak-to-trough decline | -46.46% | -96.30% | +49.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.47% | 30.04% | +0.43% |
Volatility
SARK vs. SPXS - Volatility Comparison
Tradr Short Innovation Daily ETF (SARK) has a higher volatility of 9.13% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that SARK'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
| SARK | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.13% | 8.51% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 25.05% | 26.82% | -1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.91% | 35.54% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.24% | 50.39% | +5.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.24% | 53.54% | +2.70% |
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 3.02%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.02% | 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 | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SARK and SPXS have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (9.13%) compared to SPXS (8.51%). In terms of maximum drawdown, SARK dropped -81.07% vs SPXS's -100.00%.
On 3-year performance, SARK leads with -30.74% vs -42.68% for SPXS. On fees, SARK is cheaper at 0.75% 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 3-year period, SARK has performed better with a -30.74% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 3.02% for SARK.
They also come from different issuers: AXS and Direxion. Their fees differ too: 0.75% for SARK and 1.08% for SPXS.
SARK currently has the higher Sharpe Ratio (-0.94 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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