SPXS vs. SPXB

Last updated Jun 4, 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. At a correlation of -0.17, they often move in opposite directions. 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: 2.19%
• 1M: -13.11%
• YTD: -25.49%
• 6M: -24.86%
• 1Y: -48.73%
• 3Y*: -42.68%
• 5Y*: -34.76%
• 10Y*: -42.01%

SPXB

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

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

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	-25.49%	-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%

Correlation

The correlation between SPXS and SPXB is -0.17, 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 (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (5Y) Calculated over the trailing 5-year period	-0.21
Correlation (All Time) Calculated using the full available price history since May 4, 2018	-0.17

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: 1
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

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	-1.38	—	—
Sortino ratio: Return per unit of downside risk	-2.31	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.96	—	—
Martin ratio: Return relative to average drawdown	-1.62	—	—
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	-1.38	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	—	—

Drawdowns

Drawdown Indicators

	SPXS	SPXB	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-50.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-100.00%	—	—
Average Drawdown Average peak-to-trough decline	-96.30%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	30.04%	—	—

Volatility

Volatility by Period

	SPXS	SPXB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.39%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.54%	—	—

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 4.91%, 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	4.91%	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 4.91%, 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.