SPXS vs. QQQ
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs 21.94%/yr for QQQ. At a correlation of -0.90, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.18%/yr for QQQ.
Performance
SPXS vs. QQQ - 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 QQQ's 21.30% return. Over the past 10 years, SPXS has underperformed QQQ with an annualized return of -42.01%, while QQQ has yielded a comparatively higher 21.94% annualized 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%
QQQ
- 1D
- -0.26%
- 1M
- 10.60%
- YTD
- 21.30%
- 6M
- 19.66%
- 1Y
- 41.82%
- 3Y*
- 28.78%
- 5Y*
- 17.97%
- 10Y*
- 21.94%
SPXS vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
QQQ Invesco QQQ ETF | 21.30% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between SPXS and QQQ is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.90 |
The correlation between SPXS and QQQ has been stable across timeframes, ranging from -0.94 to -0.90 - a consistent structural relationship.
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Return for Risk
SPXS vs. QQQ — Risk / Return Rank
SPXS
QQQ
SPXS vs. QQQ - 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 Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.01 | ||
| Sortino ratioReturn per unit of downside risk | -5.75 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.45 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.51 | -4.47 |
| Martin ratioReturn relative to average drawdown | -1.62 | 13.49 | -15.12 |
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 | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 2.64 | -4.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | 0.81 | -1.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | 0.99 | -1.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | 0.41 | -1.24 |
Drawdowns
SPXS vs. QQQ - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPXS and QQQ.
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Drawdown Indicators
| SPXS | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -82.97% | -17.03% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -11.96% | -38.81% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -22.77% | -61.36% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -35.12% | -54.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -35.12% | -64.51% |
Current DrawdownCurrent decline from peak | -100.00% | -0.26% | -99.74% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -32.79% | -63.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 3.11% | +26.93% |
Volatility
SPXS vs. QQQ - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to Invesco QQQ ETF (QQQ) at 4.49%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 4.49% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 12.10% | +14.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 15.94% | +19.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 22.38% | +28.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 22.29% | +31.25% |
SPXS vs. QQQ - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
SPXS vs. QQQ - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than QQQ's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and QQQ have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (8.51%) compared to QQQ (4.49%). In terms of maximum drawdown, SPXS dropped -100.00% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 21.94% vs -42.01% for SPXS. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 21.94% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 0.38% for QQQ.
SPXS is categorized as Inverse Equities, while QQQ is Nasdaq-100. SPXS tracks S&P 500 Index (-300%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.08% for SPXS and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.64 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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