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 -44.53% vs -16.07% for QQQD. Their correlation of 0.81 means they have usually moved in the same direction. SPXS charges 1.08%/yr vs 0.57%/yr for QQQD.
Performance
SPXS vs. QQQD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than QQQD's -3.32% return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
QQQD
- 1D
- 0.57%
- 1M
- -3.39%
- 6M
- -6.18%
- YTD
- -3.32%
- 1Y
- -16.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -21.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.30M | $1.19M | $1.67M | |
| $344.98M | $288.31M | $338.49M |
SPXS vs. QQQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -30.94% |
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | -3.32% | -20.32% | -27.75% |
Correlation
The correlation between SPXS and QQQD is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024 | 0.81 |
The correlation between SPXS and QQQD has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | QQQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.90 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.74 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.32 | -0.48 |
Loading charts...
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.
Loading charts...
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 | -45.14% | -21.94% | -23.20% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -47.73% | -52.27% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -31.35% | -64.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 12.70% | +12.62% |
Volatility
SPXS vs. QQQD - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 12.42% compared to Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) at 8.70%. 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.
Loading charts...
Volatility by Period
| SPXS | QQQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 8.70% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 17.91% | +13.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 22.41% | +16.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 26.98% | +23.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 26.98% | +26.64% |
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 4.88%, more than QQQD's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 3.18% | 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 | 4.88% | 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 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.42%) compared to QQQD (8.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs QQQD's -49.47%.
On 1-year performance, QQQD leads with -16.07% vs -44.53% for SPXS. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 8.70%. 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 -16.07% return vs -44.53%. 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 4.88%, compared with 3.18% 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 (-0.72 vs -1.16), 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.
Find the right allocation for SPXS and QQQD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer