SPRX vs. MOON

Last updated Jun 23, 2026

SPRX (Spear Alpha ETF) and MOON (Direxion Moonshot Innovators ETF) are both Technology Equities funds. SPRX is actively managed, while MOON is passively managed. At a 0.17 correlation, their price movements are largely independent. SPRX charges 0.75%/yr vs 0.65%/yr for MOON.

Performance

SPRX vs. MOON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and Direxion Moonshot Innovators ETF (MOON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPRX

• 1D: 1.05%
• 1M: 10.66%
• YTD: 52.05%
• 6M: 45.08%
• 1Y: 111.49%
• 3Y*: 48.13%
• 5Y*: —
• 10Y*: —

MOON

• 1D: -5.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPRX vs. MOON - Yearly Performance Comparison

	2026 (YTD)
SPRX Spear Alpha ETF	13.80%
MOON Direxion Moonshot Innovators ETF	-15.19%

Correlation

The correlation between SPRX and MOON is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.17

SPRX vs. MOON - Sectors Allocation Comparison

Sectors	SPRX	MOON
Technology	68.0%	42.4%
Industrials	16.2%	7.5%
Basic Materials	9.2%	1.2%
Financial Services	8.0%	4.2%
Communication Services	3.9%	9.3%
Healthcare	2.0%	23.5%
Utilities	1.4%	-
Consumer Cyclical	-	11.9%
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

SPRX vs. MOON — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 73
SPRX Sharpe Ratio Rank: 79
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 62
SPRX Calmar Ratio Rank: 86
SPRX Martin Ratio Rank: 77

MOON

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPRX vs. MOON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and Direxion Moonshot Innovators ETF (MOON). 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.

	SPRX	MOON	Difference
Sharpe ratio: Return per unit of total volatility	2.42	—	—
Sortino ratio: Return per unit of downside risk	2.75	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	4.63	—	—
Martin ratio: Return relative to average drawdown	14.32	—	—

Drawdowns

SPRX vs. MOON - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, which is greater than MOON's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for SPRX and MOON.

Drawdown Indicators

	SPRX	MOON	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-15.19%	-36.02%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	—	—
Current Drawdown Current decline from peak	-0.39%	-15.19%	+14.80%
Average Drawdown Average peak-to-trough decline	-17.52%	-10.52%	-7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	—	—

Volatility

Volatility by Period

	SPRX	MOON	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	46.45%	13.68%	+32.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.22%	13.68%	+28.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.22%	13.68%	+28.54%

SPRX vs. MOON - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is higher than MOON's 0.65% expense ratio.

Dividends

SPRX vs. MOON - Dividend Comparison

Neither SPRX nor MOON has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%

Frequently Asked Questions

Can I hold both SPRX and MOON in my portfolio?

SPRX and MOON have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPRX or MOON?

On fees, MOON is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPRX or MOON?

MOON is cheaper with a 0.65% expense ratio, compared with 0.75% for SPRX.

Which ETF pays a higher dividend yield, SPRX or MOON?

SPRX and MOON have nearly identical dividend yields, around 0.00%.

What is the main difference between SPRX and MOON?

They also come from different issuers: Spear and Direxion. Their fees differ too: 0.75% for SPRX and 0.65% for MOON.