SPXS vs. SARK
Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Tradr Short Innovation Daily ETF (SARK).
SPXS and SARK are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. SARK is an actively managed fund by AXS. It was launched on Nov 5, 2021.
Performance
SPXS vs. SARK - Performance Comparison
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SPXS vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 12.54% | -41.53% | -42.84% | -45.97% | 36.14% | -7.93% |
SARK Tradr Short Innovation Daily ETF | 8.23% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Returns By Period
In the year-to-date period, SPXS achieves a 12.54% return, which is significantly higher than SARK's 8.23% return.
SPXS
- 1D
- -2.35%
- 1M
- 13.44%
- YTD
- 12.54%
- 6M
- 6.78%
- 1Y
- -42.12%
- 3Y*
- -36.76%
- 5Y*
- -31.62%
- 10Y*
- -39.93%
SARK
- 1D
- -1.21%
- 1M
- 6.96%
- YTD
- 8.23%
- 6M
- 18.23%
- 1Y
- -34.20%
- 3Y*
- -28.25%
- 5Y*
- —
- 10Y*
- —
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SPXS vs. SARK - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SARK's 0.75% expense ratio.
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 | -0.77 | -0.74 | -0.03 |
Sortino ratioReturn per unit of downside risk | -0.97 | -0.95 | -0.02 |
Omega ratioGain probability vs. loss probability | 0.86 | 0.89 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.59 | -0.07 |
Martin ratioReturn relative to average drawdown | -0.76 | -0.73 | -0.04 |
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 | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.74 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.75 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.81 | -0.19 | -0.62 |
Correlation
The correlation between SPXS and SARK is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXS vs. SARK - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 3.25%, more than SARK's 2.60% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 3.25% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
SARK Tradr Short Innovation Daily ETF | 2.60% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | -65.10% | -59.44% | -5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -87.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -76.11% | -23.89% |
Average DrawdownAverage peak-to-trough decline | -96.27% | -45.20% | -51.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.82% | 47.97% | +7.85% |
Volatility
SPXS vs. SARK - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 16.19% compared to Tradr Short Innovation Daily ETF (SARK) at 12.41%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier 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 | 16.19% | 12.41% | +3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 28.36% | 27.16% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.64% | 46.26% | +8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.41% | 56.94% | -6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 56.94% | -3.45% |