SPXS vs. SDOW
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SDOW (ProShares UltraPro Short Dow30) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%). Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs -37.95%/yr for SDOW. Their correlation of 0.92 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.95%/yr for SDOW.
Performance
SPXS vs. SDOW - 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 SDOW's -15.72% return. Over the past 10 years, SPXS has underperformed SDOW with an annualized return of -42.01%, while SDOW has yielded a comparatively higher -37.95% 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%
SDOW
- 1D
- 3.40%
- 1M
- -10.23%
- YTD
- -15.72%
- 6M
- -16.21%
- 1Y
- -39.90%
- 3Y*
- -32.27%
- 5Y*
- -24.52%
- 10Y*
- -37.95%
SPXS vs. SDOW - 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% |
SDOW ProShares UltraPro Short Dow30 | -15.72% | -33.94% | -25.95% | -28.78% | 4.00% | -49.00% | -66.48% | -49.54% | -0.30% | -52.26% |
Correlation
The correlation between SPXS and SDOW is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.92 |
The correlation between SPXS and SDOW has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.
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Return for Risk
SPXS vs. SDOW — Risk / Return Rank
SPXS
SDOW
SPXS vs. SDOW - 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 ProShares UltraPro Short Dow30 (SDOW). 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 | SDOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.82 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.92 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.45 | -0.17 |
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 | SDOW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -1.11 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.56 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.73 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.78 | -0.06 |
Drawdowns
SPXS vs. SDOW - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SDOW drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for SPXS and SDOW.
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Drawdown Indicators
| SPXS | SDOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.96% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -43.45% | -7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -74.39% | -9.74% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -82.35% | -7.76% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -99.26% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -99.96% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -89.43% | -6.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 27.47% | +2.57% |
Volatility
SPXS vs. SDOW - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares UltraPro Short Dow30 (SDOW) have volatilities of 8.51% and 8.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SDOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 8.86% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 28.01% | -1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 36.20% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 44.29% | +6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 52.13% | +1.41% |
SPXS vs. SDOW - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SDOW's 0.95% expense ratio.
Dividends
SPXS vs. SDOW - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, less than SDOW's 5.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.52% | 5.80% | 8.30% | 5.38% | 0.36% | 0.00% | 0.52% | 2.17% | 1.23% | 0.09% |
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% |
Frequently Asked Questions
SPXS and SDOW have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDOW has higher volatility (8.86%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs SDOW's -99.96%.
On 10-year performance, SDOW leads with -37.95% vs -42.01% for SPXS. On fees, SDOW is cheaper at 0.95% 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 10-year period, SDOW has performed better with a -37.95% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDOW is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SDOW has the higher dividend yield at 5.52%, compared with 4.91% for SPXS.
SPXS is categorized as Inverse Equities, while SDOW is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SDOW tracks Dow Jones Industrial Average (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for SDOW.
SDOW currently has the higher Sharpe Ratio (-1.11 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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