SPXS vs. SPYM
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SPYM 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 15.61%/yr for SPYM. At a correlation of -0.91, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.02%/yr for SPYM.
Performance
SPXS vs. SPYM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -20.76% return, which is significantly lower than SPYM's 8.21% return. Over the past 10 years, SPXS has underperformed SPYM with an annualized return of -42.08%, while SPYM has yielded a comparatively higher 15.61% 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%
SPYM
- 1D
- -1.44%
- 1M
- -1.32%
- YTD
- 8.21%
- 6M
- 7.24%
- 1Y
- 23.73%
- 3Y*
- 20.77%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
SPXS vs. SPYM - 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% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 8.21% | 17.79% | 25.00% | 26.24% | -18.09% | 28.78% | 18.49% | 31.99% | -4.78% | 21.30% |
Correlation
The correlation between SPXS and SPYM 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 | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.91 |
The correlation between SPXS and SPYM has been stable across timeframes, ranging from -1.00 to -0.91 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPXS vs. SPYM — Risk / Return Rank
SPXS
SPYM
SPXS vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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 | SPYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.35 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.68 | -3.62 |
| Martin ratioReturn relative to average drawdown | -1.63 | 11.98 | -13.61 |
Loading charts...
Drawdowns
SPXS vs. SPYM - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPXS and SPYM.
Loading charts...
Drawdown Indicators
| SPXS | SPYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -54.46% | -45.54% |
Max Drawdown (1Y)Largest decline over 1 year | -46.94% | -8.90% | -38.04% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -18.72% | -65.41% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -24.48% | -65.63% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -33.87% | -65.76% |
Current DrawdownCurrent decline from peak | -100.00% | -3.14% | -96.86% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -7.14% | -89.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 1.99% | +27.26% |
Volatility
SPXS vs. SPYM - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.08% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 4.83%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPXS | SPYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.08% | 4.83% | +9.25% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 9.83% | +19.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 12.46% | +24.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 16.90% | +33.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 18.03% | +35.56% |
SPXS vs. SPYM - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SPYM's 0.02% expense ratio.
Dividends
SPXS vs. SPYM - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.62%, more than SPYM's 1.30% 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% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 1.30% | 1.13% | 1.28% | 1.44% | 1.69% | 1.25% | 1.54% | 1.79% | 2.23% | 1.75% | 1.97% | 1.98% |
Frequently Asked Questions
SPXS and SPYM 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 SPYM (4.83%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPYM's -54.46%.
On 10-year performance, SPYM leads with 15.61% vs -42.08% for SPXS. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYM has performed better with a 15.61% return vs -42.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYM is cheaper with a 0.02% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.62%, compared with 1.30% for SPYM.
SPXS is categorized as Inverse Equities, while SPYM is S&P 500. SPXS tracks S&P 500 Index (-300%), while SPYM tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for SPXS and 0.02% for SPYM.
SPYM currently has the higher Sharpe Ratio (1.92 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.
Find the right allocation for SPXS and SPYM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer