SPXS vs. SDS
Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares UltraShort S&P500 (SDS).
SPXS and SDS 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. SDS is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-200%). It was launched on Jul 11, 2006. Both SPXS and SDS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPXS vs. SDS - Performance Comparison
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SPXS vs. SDS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 12.54% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SDS ProShares UltraShort S&P500 | 8.81% | -26.79% | -29.45% | -31.53% | 30.69% | -43.02% | -49.91% | -41.17% | 6.04% | -32.02% |
Returns By Period
In the year-to-date period, SPXS achieves a 12.54% return, which is significantly higher than SDS's 8.81% return. Over the past 10 years, SPXS has underperformed SDS with an annualized return of -39.93%, while SDS has yielded a comparatively higher -26.00% annualized 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%
SDS
- 1D
- -1.51%
- 1M
- 9.11%
- YTD
- 8.81%
- 6M
- 5.68%
- 1Y
- -27.38%
- 3Y*
- -23.96%
- 5Y*
- -19.51%
- 10Y*
- -26.00%
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SPXS vs. SDS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SDS's 0.91% expense ratio.
Return for Risk
SPXS vs. SDS — Risk / Return Rank
SPXS
SDS
SPXS vs. SDS - 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 UltraShort S&P500 (SDS). 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 | SDS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | -0.75 | -0.02 |
Sortino ratioReturn per unit of downside risk | -0.97 | -0.94 | -0.03 |
Omega ratioGain probability vs. loss probability | 0.86 | 0.87 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.57 | -0.08 |
Martin ratioReturn relative to average drawdown | -0.76 | -0.68 | -0.08 |
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 | SDS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.75 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | -0.58 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.75 | -0.73 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.81 | -0.64 | -0.18 |
Correlation
The correlation between SPXS and SDS is 1.00, 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. SDS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 3.25%, less than SDS's 4.42% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SDS ProShares UltraShort S&P500 | 4.42% | 5.88% | 7.89% | 5.77% | 0.35% | 0.00% | 0.92% | 1.84% | 1.28% | 0.09% |
Drawdowns
SPXS vs. SDS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SDS drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for SPXS and SDS.
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Drawdown Indicators
| SPXS | SDS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.82% | -0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -48.71% | -16.39% |
Max Drawdown (5Y)Largest decline over 5 years | -87.42% | -71.16% | -16.26% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -95.85% | -3.67% |
Current DrawdownCurrent decline from peak | -100.00% | -99.80% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -96.27% | -82.58% | -13.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.82% | 40.81% | +15.01% |
Volatility
SPXS vs. SDS - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 16.19% compared to ProShares UltraShort S&P500 (SDS) at 10.78%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SDS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.19% | 10.78% | +5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 28.36% | 18.91% | +9.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.64% | 36.43% | +18.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.41% | 33.66% | +16.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 35.78% | +17.71% |