SPXL vs. SPXS
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs -41.92%/yr for SPXS. At a correlation of -1.00, they often move in opposite directions. SPXL charges 0.84%/yr vs 1.08%/yr for SPXS.
Performance
SPXL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 20.98% return, which is significantly higher than SPXS's -21.93% return. Over the past 10 years, SPXL has outperformed SPXS with an annualized return of 29.90%, while SPXS has yielded a comparatively lower -41.92% annualized return.
SPXL
- 1D
- 1.54%
- 1M
- -1.59%
- YTD
- 20.98%
- 6M
- 21.36%
- 1Y
- 65.66%
- 3Y*
- 47.11%
- 5Y*
- 21.80%
- 10Y*
- 29.90%
SPXS
- 1D
- -1.58%
- 1M
- 0.40%
- YTD
- -21.93%
- 6M
- -22.28%
- 1Y
- -44.39%
- 3Y*
- -40.66%
- 5Y*
- -33.98%
- 10Y*
- -41.92%
SPXL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.98% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -21.93% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SPXL and SPXS is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between SPXL and SPXS has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SPXL vs. SPXS — Risk / Return Rank
SPXL
SPXS
SPXL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.
| SPXL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.00 | ||
| Sortino ratioReturn per unit of downside risk | +4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.79 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | -0.89 | +3.35 |
| Martin ratioReturn relative to average drawdown | 10.16 | -1.46 | +11.62 |
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Drawdowns
SPXL vs. SPXS - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXL and SPXS.
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Drawdown Indicators
| SPXL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -100.00% | +23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -50.30% | +23.53% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -84.13% | +35.18% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -90.11% | +26.31% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -99.63% | +22.77% |
Current DrawdownCurrent decline from peak | -7.55% | -100.00% | +92.45% |
Average DrawdownAverage peak-to-trough decline | -16.11% | -96.29% | +80.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 30.44% | -23.95% |
Volatility
SPXL vs. SPXS - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 13.20% and 12.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.20% | 12.77% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 28.75% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.81% | 36.90% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.44% | 50.58% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 53.62% | -0.12% |
SPXL vs. SPXS - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SPXL vs. SPXS - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.56%, less than SPXS's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.69% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
SPXL and SPXS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (13.20%) compared to SPXS (12.77%). In terms of maximum drawdown, SPXL dropped -76.86% vs SPXS's -100.00%.
On 10-year performance, SPXL leads with 29.90% vs -41.92% for SPXS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXS has been the lower-risk option at 12.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 29.90% return vs -41.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.69%, compared with 0.56% for SPXL.
SPXL is categorized as Leveraged Equities, while SPXS is Inverse Equities. SPXL tracks S&P 500, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.84% for SPXL and 1.08% for SPXS.
SPXL currently has the higher Sharpe Ratio (1.79 vs -1.21), 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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