SPXS vs. SPY
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXS returned -42.08%/yr vs 15.53%/yr for SPY. At a correlation of -1.00, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.09%/yr for SPY.
Performance
SPXS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -20.76% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, SPXS has underperformed SPY with an annualized return of -42.08%, while SPY has yielded a comparatively higher 15.53% annualized return.
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
SPXS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SPXS and SPY 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 SPY 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. SPY — Risk / Return Rank
SPXS
SPY
SPXS vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.50 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.34 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.67 | -3.61 |
| Martin ratioReturn relative to average drawdown | -1.63 | 11.92 | -13.55 |
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Drawdowns
SPXS vs. SPY - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPXS and SPY.
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Drawdown Indicators
| SPXS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -55.19% | -44.81% |
Max Drawdown (1Y)Largest decline over 1 year | -46.94% | -8.88% | -38.06% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -18.76% | -65.37% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -24.50% | -65.61% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -33.72% | -65.91% |
Current DrawdownCurrent decline from peak | -100.00% | -3.17% | -96.83% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -9.04% | -87.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 1.98% | +27.27% |
Volatility
SPXS vs. SPY - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.08% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.08% | 4.87% | +9.21% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 9.85% | +19.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 12.50% | +24.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 17.15% | +33.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 17.95% | +35.64% |
SPXS vs. SPY - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
SPXS vs. SPY - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.62%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPXS and SPY 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.
SPXS has higher volatility (14.08%) compared to SPY (4.87%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -42.08% for SPXS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs -42.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.62%, compared with 1.03% for SPY.
SPXS is categorized as Inverse Equities, while SPY is S&P 500. SPXS tracks S&P 500 Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for SPXS and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 vs -1.19), 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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