SPXS vs. FIAT
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 -48.73% vs -0.18% 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
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than FIAT's 13.84% return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
FIAT
- 1D
- 4.32%
- 1M
- 16.99%
- YTD
- 13.84%
- 6M
- 33.71%
- 1Y
- -0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -10.73% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.84% | -24.17% | -28.61% |
Correlation
The correlation between SPXS and FIAT is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.58 |
The correlation between SPXS and FIAT has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.
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Return for Risk
SPXS vs. FIAT — Risk / Return Rank
SPXS
FIAT
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.
| SPXS | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.05 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.00 | -0.96 |
| Martin ratioReturn relative to average drawdown | -1.62 | -0.01 | -1.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS | FIAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -0.00 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.37 | -0.46 |
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.
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Drawdown Indicators
| SPXS | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -70.50% | -29.50% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -42.26% | -8.51% |
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 DrawdownCurrent decline from peak | -100.00% | -50.94% | -49.06% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -45.35% | -50.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 27.32% | +2.72% |
Volatility
SPXS vs. FIAT - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.34%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 15.34% | -6.83% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 42.03% | -15.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 55.49% | -19.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 60.56% | -10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 60.56% | -7.02% |
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 4.91%, less than FIAT's 93.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 93.28% | 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 | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and FIAT have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (15.34%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with -0.18% vs -48.73% for SPXS. On fees, FIAT is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a -0.18% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIAT is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
FIAT has the higher dividend yield at 93.28%, compared with 4.91% for SPXS.
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.
FIAT currently has the higher Sharpe Ratio (-0.00 vs -1.38), 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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