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 -41.54%/yr vs 24.23%/yr for SPUU. Their -0.97 correlation means they have often moved in opposite directions in the past. SPXS charges 1.08%/yr vs 0.60%/yr for SPUU.
Performance
SPXS vs. SPUU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than SPUU's 23.91% return. Over the past 10 years, SPXS has underperformed SPUU with an annualized return of -41.54%, while SPUU has yielded a comparatively higher 24.23% annualized 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%
SPUU
- 1D
- -0.36%
- 1M
- 4.55%
- 6M
- 22.96%
- YTD
- 23.91%
- 1Y
- 43.76%
- 3Y*
- 36.03%
- 5Y*
- 18.72%
- 10Y*
- 24.23%
- ALL TIME*
- 21.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.27M | $4.83M | $4.60M | |
| $344.98M | $288.31M | $338.49M |
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 | -30.39% | -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 | 23.91% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.42 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.80 | 9.75 | -11.55 |
Loading charts...
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.
Loading charts...
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 | -45.14% | -18.19% | -26.95% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -35.18% | -49.77% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | -46.59% | -44.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | -59.35% | -40.23% |
Current DrawdownCurrent decline from peak | -100.00% | -0.36% | -99.64% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -9.43% | -86.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 4.50% | +20.82% |
Volatility
SPXS vs. SPUU - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 12.42% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. 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.
Loading charts...
Volatility by Period
| SPXS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 8.12% | +4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 20.70% | +10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 25.84% | +12.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 33.76% | +17.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 35.81% | +17.81% |
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 4.88%, more than SPUU's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.27% | 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 | 4.88% | 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 (12.42%) compared to SPUU (8.12%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.23% vs -41.54% for SPXS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. 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 24.23% return vs -41.54%. 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 4.88%, compared with 1.27% 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 (1.70 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.
Find the right allocation for SPXS and SPUU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer