SPXS vs. BBUS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and BBUS (JPMorgan BetaBuilders U.S. Equity ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while BBUS is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 5 years, SPXS returned -33.53%/yr vs 12.52%/yr for BBUS. At a correlation of -0.99, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.02%/yr for BBUS.
Performance
SPXS vs. BBUS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -20.76% return, which is significantly lower than BBUS's 7.57% return.
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
BBUS
- 1D
- -1.68%
- 1M
- -1.53%
- YTD
- 7.57%
- 6M
- 6.62%
- 1Y
- 22.78%
- 3Y*
- 20.70%
- 5Y*
- 12.52%
- 10Y*
- —
SPXS vs. BBUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -38.78% |
BBUS JPMorgan BetaBuilders U.S. Equity ETF | 7.57% | 17.77% | 24.89% | 27.20% | -19.46% | 27.13% | 20.69% | 16.26% |
Correlation
The correlation between SPXS and BBUS 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 (All Time) Calculated using the full available price history since Mar 13, 2019 | -0.99 |
The correlation between SPXS and BBUS has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
SPXS vs. BBUS — Risk / Return Rank
SPXS
BBUS
SPXS vs. BBUS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS). 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.
| SPXS | BBUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -4.40 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.33 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.49 | -3.43 |
| Martin ratioReturn relative to average drawdown | -1.63 | 10.97 | -12.60 |
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Drawdowns
SPXS vs. BBUS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than BBUS's maximum drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for SPXS and BBUS.
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Drawdown Indicators
| SPXS | BBUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -35.35% | -64.65% |
Max Drawdown (1Y)Largest decline over 1 year | -46.94% | -9.21% | -37.73% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -19.01% | -65.12% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -25.46% | -64.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -3.47% | -96.53% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -5.43% | -90.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 2.08% | +27.17% |
Volatility
SPXS vs. BBUS - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.08% compared to JPMorgan BetaBuilders U.S. Equity ETF (BBUS) at 5.00%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than BBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | BBUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.08% | 5.00% | +9.08% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 9.95% | +19.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 12.59% | +24.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 17.14% | +33.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 19.59% | +34.00% |
SPXS vs. BBUS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than BBUS's 0.02% expense ratio.
Dividends
SPXS vs. BBUS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.62%, more than BBUS's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBUS JPMorgan BetaBuilders U.S. Equity ETF | 1.01% | 1.07% | 1.21% | 1.38% | 1.57% | 1.11% | 1.43% | 1.37% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and BBUS 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.
SPXS has higher volatility (14.08%) compared to BBUS (5.00%). In terms of maximum drawdown, SPXS dropped -100.00% vs BBUS's -35.35%.
On 5-year performance, BBUS leads with 12.52% vs -33.53% for SPXS. On fees, BBUS is cheaper at 0.02% per year. On volatility, BBUS has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBUS has performed better with a 12.52% return vs -33.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBUS is cheaper with a 0.02% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.62%, compared with 1.01% for BBUS.
SPXS is categorized as Inverse Equities, while BBUS is Large Cap Blend Equities. SPXS tracks S&P 500 Index (-300%), while BBUS tracks Morningstar US Target Market Exposure Index. They also come from different issuers: Direxion and JPMorgan. Their fees differ too: 1.08% for SPXS and 0.02% for BBUS.
BBUS currently has the higher Sharpe Ratio (1.82 vs -1.19), 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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