SPXS vs. SPXU
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPXS returned -42.00%/yr vs -41.94%/yr for SPXU. With a 1.00 correlation, they move nearly in lockstep. SPXS charges 1.08%/yr vs 0.90%/yr for SPXU.
Performance
SPXS vs. SPXU - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPXS having a -24.09% return and SPXU slightly lower at -24.14%. Both investments have delivered pretty close results over the past 10 years, with SPXS having a -42.00% annualized return and SPXU not far ahead at -41.94%.
SPXS
- 1D
- -2.88%
- 1M
- -2.31%
- YTD
- -24.09%
- 6M
- -24.25%
- 1Y
- -48.27%
- 3Y*
- -40.63%
- 5Y*
- -35.07%
- 10Y*
- -42.00%
SPXU
- 1D
- -2.83%
- 1M
- -2.22%
- YTD
- -24.14%
- 6M
- -24.36%
- 1Y
- -48.32%
- 3Y*
- -40.98%
- 5Y*
- -35.18%
- 10Y*
- -41.94%
SPXS vs. SPXU - 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% |
SPXU ProShares UltraPro Short S&P500 | -24.14% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between SPXS and SPXU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 Jun 25, 2009 | 1.00 |
The correlation between SPXS and SPXU 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. SPXU — Risk / Return Rank
SPXS
SPXU
SPXS vs. SPXU - 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 UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.77 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.95 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.54 | 0.00 |
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Drawdowns
SPXS vs. SPXU - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SPXS and SPXU.
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Drawdown Indicators
| SPXS | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.30% | -50.35% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -84.36% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -90.23% | +0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -99.63% | 0.00% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -93.33% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 31.06% | -0.02% |
Volatility
SPXS vs. SPXU - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares UltraPro Short S&P500 (SPXU) have volatilities of 13.94% and 13.98%, 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 | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.94% | 13.98% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 29.43% | 29.47% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.20% | 37.08% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 50.60% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.67% | 53.51% | +0.16% |
SPXS vs. SPXU - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
SPXS vs. SPXU - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.82%, less than SPXU's 7.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXU ProShares UltraPro Short S&P500 | 7.74% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
With a correlation of 1.00, SPXS and SPXU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPXU has higher volatility (13.98%) compared to SPXS (13.94%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -41.94% vs -42.00% for SPXS. On fees, SPXU is cheaper at 0.90% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.94% return vs -42.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.08% for SPXS.
SPXU has the higher dividend yield at 7.74%, compared with 4.82% for SPXS.
SPXS is categorized as Inverse Equities, while SPXU is S&P 500. Both ETFs track S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.90% for SPXU.
SPXS currently has the higher Sharpe Ratio (-1.29 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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