SPXS vs. SPDN
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXS returned -41.24%/yr vs -12.21%/yr for SPDN. With a 0.99 correlation, they move nearly in lockstep. SPXS charges 1.08%/yr vs 0.50%/yr for SPDN.
Performance
SPXS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly lower than SPDN's -7.06% return. Over the past 10 years, SPXS has underperformed SPDN with an annualized return of -41.24%, while SPDN has yielded a comparatively higher -12.21% annualized return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
SPXS vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SPXS and SPDN is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SPXS and SPDN has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPXS vs. SPDN — Risk / Return Rank
SPXS
SPDN
SPXS vs. SPDN - 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 Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.81 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.53 | -0.09 |
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Drawdowns
SPXS vs. SPDN - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SPXS and SPDN.
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Drawdown Indicators
| SPXS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.31% | -24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -15.93% | -27.71% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -38.24% | -45.89% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -43.85% | -46.26% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -73.97% | -25.59% |
Current DrawdownCurrent decline from peak | -100.00% | -74.97% | -25.03% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -48.82% | -47.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 8.44% | +16.96% |
Volatility
SPXS vs. SPDN - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 10.70% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.50%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 3.50% | +7.20% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 10.09% | +19.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 12.71% | +24.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 16.97% | +33.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 18.00% | +35.50% |
SPXS vs. SPDN - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SPXS vs. SPDN - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, more than SPDN's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.34% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 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 0.99, SPXS and SPDN 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 (10.70%) compared to SPDN (3.50%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.21% vs -41.24% for SPXS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.21% return vs -41.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 3.34% for SPDN.
SPXS tracks S&P 500 Index (-300%), while SPDN tracks S&P 500 Index. Their fees differ too: 1.08% for SPXS and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.02 vs -1.09), 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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