SPDN vs. SPXS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - SPDN tracks the S&P 500 Index while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPDN returned -12.22%/yr vs -41.27%/yr for SPXS. With a 0.99 correlation, they move nearly in lockstep. SPDN charges 0.50%/yr vs 1.08%/yr for SPXS.
Performance
SPDN vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.85% return, which is significantly higher than SPXS's -24.50% return. Over the past 10 years, SPDN has outperformed SPXS with an annualized return of -12.22%, while SPXS has yielded a comparatively lower -41.27% annualized return.
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
SPDN vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.85% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SPDN and SPXS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SPDN and SPXS has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPDN vs. SPXS — Risk / Return Rank
SPDN
SPXS
SPDN vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.94 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.64 | +0.10 |
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Drawdowns
SPDN vs. SPXS - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPDN and SPXS.
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Drawdown Indicators
| SPDN | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -100.00% | +24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -43.64% | +27.71% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -84.13% | +45.89% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -90.11% | +46.26% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -99.56% | +25.59% |
Current DrawdownCurrent decline from peak | -74.91% | -100.00% | +25.09% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -96.30% | +47.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 24.98% | -16.70% |
Volatility
SPDN vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 12.80%. This indicates that SPDN 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.
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Volatility by Period
| SPDN | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 12.80% | -8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 30.04% | -19.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 37.71% | -24.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 50.75% | -33.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 53.52% | -35.51% |
SPDN vs. SPXS - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SPDN vs. SPXS - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.33%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.33% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, SPDN and SPXS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPXS has higher volatility (12.80%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPXS's -100.00%.
On 10-year performance, SPDN leads with -12.22% vs -41.27% for SPXS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.22% return vs -41.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 3.33% for SPDN.
SPDN tracks S&P 500 Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.50% for SPDN and 1.08% for SPXS.
SPDN currently has the higher Sharpe Ratio (-1.00 vs -1.09), 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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