SPXS vs. FIAT

Last updated Jun 25, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while FIAT is a Derivative Income fund actively managed by YieldMax. SPXS is passively managed, while FIAT is actively managed. Over the past year, SPXS returned -41.66% vs 43.88% for FIAT. A 0.58 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 0.99%/yr for FIAT.

Performance

SPXS vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than FIAT's 20.30% return.

SPXS

• 1D: 0.29%
• 1M: 4.33%
• YTD: -19.82%
• 6M: -16.62%
• 1Y: -41.66%
• 3Y*: -40.44%
• 5Y*: -33.23%
• 10Y*: -42.02%

FIAT

• 1D: 3.57%
• 1M: 15.71%
• YTD: 20.30%
• 6M: 25.10%
• 1Y: 43.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXS Direxion Daily S&P 500 Bear 3X Shares	-19.82%	-41.53%	-13.26%
FIAT YieldMax Short COIN Option Income Strategy ETF	20.30%	-24.17%	-28.04%

Correlation

The correlation between SPXS and FIAT is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.58

The correlation between SPXS and FIAT has been stable across timeframes, ranging from 0.58 to 0.58 - a consistent structural relationship.

Return for Risk

SPXS vs. FIAT — Risk / Return Rank

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

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

FIAT

FIAT Risk / Return Rank: 26
FIAT Sharpe Ratio Rank: 25
FIAT Sortino Ratio Rank: 26
FIAT Omega Ratio Rank: 28
FIAT Calmar Ratio Rank: 28
FIAT Martin Ratio Rank: 23

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.

SPXS vs. FIAT - 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 COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	0.84	-1.96
Sortino ratio: Return per unit of downside risk	-1.76	1.33	-3.09
Omega ratio: Gain probability vs. loss probability	0.81	1.18	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.89	1.29	-2.18
Martin ratio: Return relative to average drawdown	-1.54	2.80	-4.34

SPXS vs. FIAT - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.12, which is lower than the FIAT Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of SPXS and FIAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXS vs. FIAT - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SPXS and FIAT.

Drawdown Indicators

	SPXS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-70.50%	-29.50%
Max Drawdown (1Y) Largest decline over 1 year	-46.84%	-34.22%	-12.62%
Max Drawdown (3Y) Largest decline over 3 years	-84.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-100.00%	-48.15%	-51.85%
Average Drawdown Average peak-to-trough decline	-96.29%	-45.40%	-50.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.25%	15.79%	+11.46%

Volatility

SPXS vs. FIAT - Volatility Comparison

Direxion Daily S&P 500 Bear 3X Shares (SPXS) and YieldMax Short COIN Option Income Strategy ETF (FIAT) have volatilities of 14.27% and 14.22%, 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.

Volatility by Period

	SPXS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.27%	14.22%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	29.40%	42.96%	-13.56%
Volatility (1Y) Calculated over the trailing 1-year period	37.36%	53.65%	-16.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.69%	60.23%	-9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.58%	60.23%	-6.65%

SPXS vs. FIAT - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

SPXS vs. FIAT - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.24%, less than FIAT's 96.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIAT YieldMax Short COIN Option Income Strategy ETF	96.84%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.24%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SPXS and FIAT in my portfolio?

SPXS and FIAT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXS or FIAT?

SPXS has higher volatility (14.27%) compared to FIAT (14.22%). In terms of maximum drawdown, SPXS dropped -100.00% vs FIAT's -70.50%.

Which ETF is better, SPXS or FIAT?

On 1-year performance, FIAT leads with 43.88% vs -41.66% for SPXS. On fees, FIAT is cheaper at 0.99% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or FIAT?

Over the 1-year period, FIAT has performed better with a 43.88% return vs -41.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, SPXS or FIAT?

FIAT has the higher dividend yield at 96.84%, compared with 4.24% for SPXS.

What is the main difference between SPXS and FIAT?

SPXS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.08% for SPXS and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.84 vs -1.12), 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.