SPXS vs. QQQD
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while QQQD tracks the Indxx Magnificent 7 Index (-100%). Both are passively managed. Over the past year, SPXS returned -48.73% vs -21.80% for QQQD. Their correlation of 0.81 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.57%/yr for QQQD.
Performance
SPXS vs. QQQD - 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 QQQD's -2.89% 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%
QQQD
- 1D
- 1.38%
- 1M
- -1.88%
- YTD
- -2.89%
- 6M
- -2.43%
- 1Y
- -21.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS vs. QQQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -28.94% |
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | -2.89% | -20.32% | -27.69% |
Correlation
The correlation between SPXS and QQQD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024 | 0.81 |
The correlation between SPXS and QQQD has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.
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Return for Risk
SPXS vs. QQQD — Risk / Return Rank
SPXS
QQQD
SPXS vs. QQQD - 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 Magnificent 7 Bear 1X Shares (QQQD). 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 | QQQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.83 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.82 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.23 | -0.39 |
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 | QQQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -1.08 | -0.29 |
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 | -0.86 | +0.02 |
Drawdowns
SPXS vs. QQQD - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than QQQD's maximum drawdown of -49.47%. Use the drawdown chart below to compare losses from any high point for SPXS and QQQD.
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Drawdown Indicators
| SPXS | QQQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -49.47% | -50.53% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -26.65% | -24.12% |
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% | -47.50% | -52.50% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -30.34% | -65.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 17.72% | +12.32% |
Volatility
SPXS vs. QQQD - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) at 4.76%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than QQQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | QQQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 4.76% | +3.75% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 14.43% | +12.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 20.21% | +15.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 26.77% | +23.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 26.77% | +26.77% |
SPXS vs. QQQD - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than QQQD's 0.57% expense ratio.
Dividends
SPXS vs. QQQD - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than QQQD's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 4.07% | 4.33% | 5.17% | 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 QQQD have a correlation of 0.81, 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 QQQD (4.76%). In terms of maximum drawdown, SPXS dropped -100.00% vs QQQD's -49.47%.
On 1-year performance, QQQD leads with -21.80% vs -48.73% for SPXS. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QQQD has performed better with a -21.80% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQD is cheaper with a 0.57% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 4.07% for QQQD.
SPXS tracks S&P 500 Index (-300%), while QQQD tracks Indxx Magnificent 7 Index (-100%). Their fees differ too: 1.08% for SPXS and 0.57% for QQQD.
QQQD currently has the higher Sharpe Ratio (-1.08 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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