SPXS vs. FNGG
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while FNGG is a Leveraged Equities fund tracking the NYSE FANG+ Index (2x Leveraged). Both are passively managed. Over the past 3 years, SPXS returned -42.68%/yr vs 62.01%/yr for FNGG. At a correlation of -0.82, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.98%/yr for FNGG.
Performance
SPXS vs. FNGG - 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 FNGG's 28.89% 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%
FNGG
- 1D
- -2.33%
- 1M
- 23.02%
- YTD
- 28.89%
- 6M
- 17.02%
- 1Y
- 55.32%
- 3Y*
- 62.01%
- 5Y*
- —
- 10Y*
- —
SPXS vs. FNGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -29.34% |
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares | 28.89% | 27.21% | 98.76% | 204.23% | -87.15% | -3.07% |
Correlation
The correlation between SPXS and FNGG is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021 | -0.82 |
The correlation between SPXS and FNGG has been stable across timeframes, ranging from -0.82 to -0.79 - a consistent structural relationship.
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Return for Risk
SPXS vs. FNGG — Risk / Return Rank
SPXS
FNGG
SPXS vs. FNGG - 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 Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG). 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 | FNGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.24 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.29 | -2.26 |
| Martin ratioReturn relative to average drawdown | -1.62 | 3.42 | -5.04 |
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 | FNGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 1.40 | -2.78 |
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 | 0.07 | -0.90 |
Drawdowns
SPXS vs. FNGG - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than FNGG's maximum drawdown of -91.33%. Use the drawdown chart below to compare losses from any high point for SPXS and FNGG.
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Drawdown Indicators
| SPXS | FNGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -91.33% | -8.67% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -43.01% | -7.76% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -47.03% | -37.10% |
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% | -4.67% | -95.33% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -56.04% | -40.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 16.25% | +13.79% |
Volatility
SPXS vs. FNGG - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) has a volatility of 11.39%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than FNGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | FNGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 11.39% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 30.55% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 39.61% | -4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 67.64% | -17.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 67.64% | -14.10% |
SPXS vs. FNGG - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than FNGG's 0.98% expense ratio.
Dividends
SPXS vs. FNGG - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, less than FNGG's 9.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares | 9.20% | 11.89% | 0.79% | 0.88% | 0.00% | 4.99% | 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 FNGG have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGG has higher volatility (11.39%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs FNGG's -91.33%.
On 3-year performance, FNGG leads with 62.01% vs -42.68% for SPXS. On fees, FNGG is cheaper at 0.98% 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 3-year period, FNGG has performed better with a 62.01% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGG is cheaper with a 0.98% expense ratio, compared with 1.08% for SPXS.
FNGG has the higher dividend yield at 9.20%, compared with 4.91% for SPXS.
SPXS is categorized as Inverse Equities, while FNGG is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while FNGG tracks NYSE FANG+ Index (2x Leveraged). Their fees differ too: 1.08% for SPXS and 0.98% for FNGG.
FNGG currently has the higher Sharpe Ratio (1.40 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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