SPXS vs. SPUU
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SPXS returned -42.02%/yr vs 24.79%/yr for SPUU. At a correlation of -0.97, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.60%/yr for SPUU.
Performance
SPXS vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than SPUU's 13.21% return. Over the past 10 years, SPXS has underperformed SPUU with an annualized return of -42.02%, while SPUU has yielded a comparatively higher 24.79% annualized return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
SPUU
- 1D
- -0.25%
- 1M
- -3.30%
- YTD
- 13.21%
- 6M
- 10.18%
- 1Y
- 39.63%
- 3Y*
- 34.28%
- 5Y*
- 18.24%
- 10Y*
- 24.79%
SPXS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.21% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SPXS and SPUU is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 | -0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.97 |
The correlation between SPXS and SPUU has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
SPXS vs. SPUU — Risk / Return Rank
SPXS
SPUU
SPXS vs. SPUU - 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 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.19 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.54 | 9.27 | -10.81 |
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Drawdowns
SPXS vs. SPUU - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SPXS and SPUU.
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Drawdown Indicators
| SPXS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -46.84% | -18.19% | -28.65% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -35.18% | -48.95% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -46.59% | -43.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -59.35% | -40.28% |
Current DrawdownCurrent decline from peak | -100.00% | -6.72% | -93.28% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -9.48% | -86.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 4.29% | +22.96% |
Volatility
SPXS vs. SPUU - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.27% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.63%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 9.63% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 19.85% | +9.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 25.15% | +12.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 33.67% | +17.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 35.80% | +17.78% |
SPXS vs. SPUU - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SPXS vs. SPUU - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.24%, more than SPUU's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.39% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and SPUU have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.27%) compared to SPUU (9.63%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.79% vs -42.02% for SPXS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.79% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.24%, compared with 1.39% for SPUU.
SPXS is categorized as Inverse Equities, while SPUU is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.08% for SPXS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.59 vs -1.12), 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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