SPXS vs. CRSH
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and CRSH (YieldMax Short TSLA Option Income Strategy ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while CRSH is a Derivative Income fund actively managed by YieldMax. SPXS is passively managed, while CRSH is actively managed. Over the past year, SPXS returned -44.53% vs -6.85% for CRSH. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPXS charges 1.08%/yr vs 0.99%/yr for CRSH.
Performance
SPXS vs. CRSH - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than CRSH's 23.73% return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
CRSH
- 1D
- 1.65%
- 1M
- 20.57%
- 6M
- 13.00%
- YTD
- 23.73%
- 1Y
- -6.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $483.71K | $334.19K | $366.20K | |
| $344.98M | $288.31M | $338.49M |
SPXS vs. CRSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -35.40% |
CRSH YieldMax Short TSLA Option Income Strategy ETF | 23.73% | -13.40% | -52.42% |
Correlation
The correlation between SPXS and CRSH is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 2, 2024 | 0.57 |
The correlation between SPXS and CRSH has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
SPXS vs. CRSH — Risk / Return Rank
SPXS
CRSH
SPXS vs. CRSH - 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 YieldMax Short TSLA Option Income Strategy ETF (CRSH). 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 | CRSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.00 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.24 | -0.75 |
| Martin ratioReturn relative to average drawdown | -1.80 | -0.40 | -1.40 |
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Drawdowns
SPXS vs. CRSH - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than CRSH's maximum drawdown of -63.68%. Use the drawdown chart below to compare losses from any high point for SPXS and CRSH.
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Drawdown Indicators
| SPXS | CRSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -63.68% | -36.32% |
Max Drawdown (1Y)Largest decline over 1 year | -45.14% | -28.30% | -16.84% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -51.32% | -48.68% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -44.02% | -52.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 19.38% | +5.94% |
Volatility
SPXS vs. CRSH - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) and YieldMax Short TSLA Option Income Strategy ETF (CRSH) have volatilities of 12.42% and 12.18%, 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
| SPXS | CRSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 12.18% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 26.62% | +4.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 36.84% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 47.42% | +3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 47.42% | +6.20% |
SPXS vs. CRSH - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than CRSH's 0.99% expense ratio.
Dividends
SPXS vs. CRSH - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.88%, less than CRSH's 76.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CRSH YieldMax Short TSLA Option Income Strategy ETF | 76.80% | 138.78% | 94.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and CRSH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.42%) compared to CRSH (12.18%). In terms of maximum drawdown, SPXS dropped -100.00% vs CRSH's -63.68%.
On 1-year performance, CRSH leads with -6.85% vs -44.53% for SPXS. On fees, CRSH is cheaper at 0.99% per year. On volatility, CRSH has been the lower-risk option at 12.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CRSH has performed better with a -6.85% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CRSH is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
CRSH has the higher dividend yield at 76.80%, compared with 4.88% for SPXS.
SPXS is categorized as Inverse Equities, while CRSH is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.08% for SPXS and 0.99% for CRSH.
CRSH currently has the higher Sharpe Ratio (-0.19 vs -1.16), 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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