SPXS vs. SPXB

Last updated Aug 6, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPXB (ProShares S&P 500 Bond ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPXB is a Corporate Bonds fund tracking the S&P 500 MarketAxess Investment Grade Corporate Bond Index. Both are passively managed. Their -0.17 correlation means they have often moved in opposite directions in the past. SPXS charges 1.08%/yr vs 0.15%/yr for SPXB.

Performance

SPXS vs. SPXB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares S&P 500 Bond ETF (SPXB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

SPXB

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPXS Direxion Daily S&P 500 Bear 3X Shares	$344.98M	$288.31M	$338.49M

SPXS vs. SPXB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	5.62%
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.05%

Correlation

The correlation between SPXS and SPXB is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	-0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.22
Correlation (All Time) Calculated using the full available price history since May 3, 2018	-0.17

The correlation between SPXS and SPXB shifts across timeframes, from -0.22 (5 years) to -0.12 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SPXS vs. SPXB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 0

SPXB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXS vs. SPXB - 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 S&P 500 Bond ETF (SPXB). 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	SPXB	Difference
Sharpe ratio: Return per unit of total volatility	-1.16	—	—
Sortino ratio: Return per unit of downside risk	-1.83	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.99	—	—
Martin ratio: Return relative to average drawdown	-1.80	—	—

Drawdowns

Drawdown Indicators

	SPXS	SPXB	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-45.14%	—	—
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 Drawdown Current decline from peak	-100.00%	—	—
Average Drawdown Average peak-to-trough decline	-96.32%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	25.32%	—	—

Volatility

Volatility by Period

	SPXS	SPXB	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.86%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.62%	—	—

SPXS vs. SPXB - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than SPXB's 0.15% expense ratio.

Dividends

SPXS vs. SPXB - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.88%, while SPXB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	1.22%	4.04%	3.14%	2.00%	2.64%	3.48%	2.52%
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

Can I hold both SPXS and SPXB in my portfolio?

SPXS and SPXB have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXS or SPXB?

On fees, SPXB is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXS or SPXB?

SPXB is cheaper with a 0.15% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, SPXS or SPXB?

SPXS has the higher dividend yield at 4.88%, compared with 0.00% for SPXB.

What is the main difference between SPXS and SPXB?

SPXS is categorized as Inverse Equities, while SPXB is Corporate Bonds. SPXS tracks S&P 500 Index (-300%), while SPXB tracks S&P 500 MarketAxess Investment Grade Corporate Bond Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.15% for SPXB.