SPXS vs. SPXB

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares S&P 500 Bond ETF (SPXB).

SPXS and SPXB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. SPXB is a passively managed fund by ProShares that tracks the performance of the S&P 500 MarketAxess Investment Grade Corporate Bond Index. It was launched on May 1, 2018. Both SPXS and SPXB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	15.24%	-41.53%	-42.84%	-45.97%	36.14%	-58.11%	-70.47%	-56.40%	4.90%
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.13%

Returns By Period

SPXS

• 1D: -8.58%
• 1M: 16.13%
• YTD: 15.24%
• 6M: 8.20%
• 1Y: -41.31%
• 3Y*: -36.25%
• 5Y*: -31.30%
• 10Y*: -39.79%

SPXB

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

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

SPXS vs. SPXB - Expense Ratio Comparison

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

SPXS

Direxion Daily S&P 500 Bear 3X Shares

SPXB

ProShares S&P 500 Bond ETF

Return for Risk

SPXS vs. SPXB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXS

SPXS Risk / Return Rank: 3
SPXS Sharpe Ratio Rank: 2
SPXS Sortino Ratio Rank: 2
SPXS Omega Ratio Rank: 2
SPXS Calmar Ratio Rank: 2
SPXS Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SPXS	SPXB	Difference
Sharpe ratio Return per unit of total volatility	-0.76	—	—
Sortino ratio Return per unit of downside risk	-0.93	—	—
Omega ratio Gain probability vs. loss probability	0.87	—	—
Calmar ratio Return relative to maximum drawdown	-0.65	—	—
Martin ratio Return relative to average drawdown	-0.76	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPXS	SPXB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.62	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.81	—	—

Correlation

The correlation between SPXS and SPXB is -0.17. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPXS vs. SPXB - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 3.17%, while SPXB has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	3.17%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
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%

Drawdowns

Drawdown Indicators

	SPXS	SPXB	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-87.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.52%	—	—
Current Drawdown Current decline from peak	-100.00%	—	—
Average Drawdown Average peak-to-trough decline	-96.27%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	55.70%	—	—

Volatility

Volatility by Period

	SPXS	SPXB	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.62%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	—	—