SPXS vs. SARK
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SARK (Tradr Short Innovation Daily ETF) are both Inverse Equities funds. SPXS is passively managed, while SARK is actively managed. Over the past 3 years, SPXS returned -42.68%/yr vs -30.74%/yr for SARK. A 0.74 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 0.75%/yr for SARK.
Performance
SPXS vs. SARK - 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 SARK's -6.78% 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%
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
SPXS vs. SARK - 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% | -7.93% |
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Correlation
The correlation between SPXS and SARK is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.74 |
The correlation between SPXS and SARK has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.
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Return for Risk
SPXS vs. SARK — Risk / Return Rank
SPXS
SARK
SPXS vs. SARK - 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 Tradr Short Innovation Daily ETF (SARK). 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 | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.86 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.83 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.11 | -0.51 |
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 | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -0.95 | -0.43 |
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 | -0.24 | -0.59 |
Drawdowns
SPXS vs. SARK - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SARK's maximum drawdown of -81.07%. Use the drawdown chart below to compare losses from any high point for SPXS and SARK.
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Drawdown Indicators
| SPXS | SARK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.07% | -18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -40.75% | -10.02% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -74.42% | -9.71% |
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% | -79.42% | -20.58% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -46.46% | -49.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 30.47% | -0.43% |
Volatility
SPXS vs. SARK - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Tradr Short Innovation Daily ETF (SARK) has a volatility of 9.13%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than SARK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SARK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 9.13% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 25.05% | +1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 35.91% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 56.24% | -5.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 56.24% | -2.70% |
SPXS vs. SARK - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SARK's 0.75% expense ratio.
Dividends
SPXS vs. SARK - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than SARK's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.02% | 2.82% | 15.49% | 12.57% | 25.22% | 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 SARK have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (9.13%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs SARK's -81.07%.
On 3-year performance, SARK leads with -30.74% vs -42.68% for SPXS. On fees, SARK is cheaper at 0.75% 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, SARK has performed better with a -30.74% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 3.02% for SARK.
They also come from different issuers: Direxion and AXS. Their fees differ too: 1.08% for SPXS and 0.75% for SARK.
SARK currently has the higher Sharpe Ratio (-0.94 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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