SPXS vs. SPXL
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPXS returned -42.00%/yr vs 30.05%/yr for SPXL. At a correlation of -1.00, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.84%/yr for SPXL.
Performance
SPXS vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.09% return, which is significantly lower than SPXL's 23.87% return. Over the past 10 years, SPXS has underperformed SPXL with an annualized return of -42.00%, while SPXL has yielded a comparatively higher 30.05% annualized return.
SPXS
- 1D
- -2.88%
- 1M
- -2.84%
- YTD
- -24.09%
- 6M
- -24.25%
- 1Y
- -47.78%
- 3Y*
- -40.63%
- 5Y*
- -35.07%
- 10Y*
- -42.00%
SPXL
- 1D
- 2.89%
- 1M
- 1.48%
- YTD
- 23.87%
- 6M
- 24.20%
- 1Y
- 75.46%
- 3Y*
- 46.89%
- 5Y*
- 23.80%
- 10Y*
- 30.05%
SPXS vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.09% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 23.87% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between SPXS and SPXL 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 | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between SPXS and SPXL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SPXS vs. SPXL — Risk / Return Rank
SPXS
SPXL
SPXS vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.33 | ||
| Sortino ratioReturn per unit of downside risk | -4.63 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.33 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.83 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.54 | 11.63 | -13.17 |
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Drawdowns
SPXS vs. SPXL - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPXS and SPXL.
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Drawdown Indicators
| SPXS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -50.30% | -26.77% | -23.53% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -48.95% | -35.18% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -63.80% | -26.31% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -76.86% | -22.77% |
Current DrawdownCurrent decline from peak | -100.00% | -5.35% | -94.65% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -16.10% | -80.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 6.51% | +24.53% |
Volatility
SPXS vs. SPXL - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 13.94% and 14.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.94% | 14.25% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 29.43% | 29.44% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.20% | 37.13% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 50.52% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.67% | 53.55% | +0.12% |
SPXS vs. SPXL - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
SPXS vs. SPXL - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.82%, more than SPXL's 0.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.54% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.82% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
SPXS and SPXL 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.
SPXL has higher volatility (14.25%) compared to SPXS (13.94%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.05% vs -42.00% for SPXS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXS has been the lower-risk option at 13.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.05% return vs -42.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.82%, compared with 0.54% for SPXL.
SPXS is categorized as Inverse Equities, while SPXL is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.08% for SPXS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.04 vs -1.29), 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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