SPXS vs. SDS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SDS (ProShares UltraShort S&P500) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%). Both are passively managed. Over the past 10 years, SPXS returned -42.08%/yr vs -27.73%/yr for SDS. With a 1.00 correlation, they move nearly in lockstep. SPXS charges 1.08%/yr vs 0.91%/yr for SDS.
Performance
SPXS vs. SDS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -20.76% return, which is significantly lower than SDS's -12.83% return. Over the past 10 years, SPXS has underperformed SDS with an annualized return of -42.08%, while SDS has yielded a comparatively higher -27.73% annualized return.
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
SDS
- 1D
- 2.84%
- 1M
- 2.91%
- YTD
- -12.83%
- 6M
- -11.09%
- 1Y
- -30.33%
- 3Y*
- -27.00%
- 5Y*
- -20.88%
- 10Y*
- -27.73%
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 | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SDS ProShares UltraShort S&P500 | -12.83% | -26.79% | -29.45% | -31.53% | 30.69% | -43.02% | -49.91% | -41.17% | 6.04% | -32.02% |
Correlation
The correlation between SPXS and SDS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 1.00 |
The correlation between SPXS and SDS has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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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.
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 | SDS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.80 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.92 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.63 | -1.65 | +0.02 |
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Drawdowns
SPXS vs. SDS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SDS drawdown of -99.85%. 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% | -99.85% | -0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -46.94% | -33.08% | -13.86% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -68.14% | -15.99% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -75.54% | -14.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -96.48% | -3.15% |
Current DrawdownCurrent decline from peak | -100.00% | -99.84% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -82.76% | -13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 20.05% | +9.20% |
Volatility
SPXS vs. SDS - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.08% compared to ProShares UltraShort S&P500 (SDS) at 9.60%. 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 | 14.08% | 9.60% | +4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 19.65% | +9.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 24.92% | +12.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 33.84% | +16.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 35.85% | +17.74% |
SPXS vs. SDS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SDS's 0.91% expense ratio.
Dividends
SPXS vs. SDS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.62%, less than SDS's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | 5.51% | 5.88% | 7.89% | 5.77% | 0.35% | 0.00% | 0.92% | 1.84% | 1.28% | 0.09% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, SPXS and SDS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPXS has higher volatility (14.08%) compared to SDS (9.60%). In terms of maximum drawdown, SPXS dropped -100.00% vs SDS's -99.85%.
On 10-year performance, SDS leads with -27.73% vs -42.08% for SPXS. On fees, SDS is cheaper at 0.91% per year. On volatility, SDS has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDS has performed better with a -27.73% return vs -42.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDS is cheaper with a 0.91% expense ratio, compared with 1.08% for SPXS.
SDS has the higher dividend yield at 5.51%, compared with 4.62% for SPXS.
SPXS is categorized as Inverse Equities, while SDS is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SDS tracks S&P 500 Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.91% for SDS.
SPXS currently has the higher Sharpe Ratio (-1.19 vs -1.22), 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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