SPXS vs. SKRE
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while SKRE tracks the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, SPXS returned -44.53% vs -49.36% for SKRE. Their 0.49 correlation means their historical movements had little consistent relationship. SPXS charges 1.08%/yr vs 0.75%/yr for SKRE.
Performance
SPXS vs. SKRE - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly higher than SKRE's -35.81% return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
SKRE
- 1D
- 0.86%
- 1M
- -5.26%
- 6M
- -18.81%
- YTD
- -35.81%
- 1Y
- -49.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -41.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $138.56K | $141.99K | $236.23K | |
| $344.98M | $288.31M | $338.49M |
SPXS vs. SKRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -45.17% |
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF | -35.81% | -31.29% | -44.47% |
Correlation
The correlation between SPXS and SKRE is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024 | 0.49 |
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Return for Risk
SPXS vs. SKRE — Risk / Return Rank
SPXS
SKRE
SPXS vs. SKRE - 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 Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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 | SKRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.96 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.59 | -0.21 |
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Drawdowns
SPXS vs. SKRE - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SKRE's maximum drawdown of -79.35%. Use the drawdown chart below to compare losses from any high point for SPXS and SKRE.
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Drawdown Indicators
| SPXS | SKRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.35% | -20.65% |
Max Drawdown (1Y)Largest decline over 1 year | -45.14% | -51.50% | +6.36% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -79.18% | -20.82% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -49.18% | -47.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 31.09% | -5.77% |
Volatility
SPXS vs. SKRE - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 12.42% compared to Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) at 10.82%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SKRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 10.82% | +1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 30.11% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 45.74% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 54.68% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 54.68% | -1.06% |
SPXS vs. SKRE - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SKRE's 0.75% expense ratio.
Dividends
SPXS vs. SKRE - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.88%, more than SKRE's 0.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF | 0.40% | 0.26% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and SKRE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.42%) compared to SKRE (10.82%). In terms of maximum drawdown, SPXS dropped -100.00% vs SKRE's -79.35%.
On 1-year performance, SPXS leads with -44.53% vs -49.36% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, SKRE has been the lower-risk option at 10.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXS has performed better with a -44.53% return vs -49.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKRE is cheaper with a 0.75% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.88%, compared with 0.40% for SKRE.
SPXS tracks S&P 500 Index (-300%), while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: Direxion and Tuttle. Their fees differ too: 1.08% for SPXS and 0.75% for SKRE.
SKRE currently has the higher Sharpe Ratio (-1.08 vs -1.16), 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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