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 -41.26%/yr vs 15.21%/yr for SPYM. Their -0.91 correlation means they have often moved in opposite directions in the past. SPXS charges 1.08%/yr vs 0.02%/yr for SPYM.
Performance
SPXS vs. SPYM - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -26.94% return, which is significantly lower than SPYM's 11.77% return. Over the past 10 years, SPXS has underperformed SPYM with an annualized return of -41.26%, while SPYM has yielded a comparatively higher 15.21% annualized return.
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
SPYM
- 1D
- 1.47%
- 1M
- 1.73%
- 6M
- 9.55%
- YTD
- 11.77%
- 1Y
- 23.31%
- 3Y*
- 20.83%
- 5Y*
- 13.13%
- 10Y*
- 15.21%
- ALL TIME*
- 11.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $311.03M | $277.03M | $339.25M | |
| $833.33M | $955.26M | $1.11B |
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 | -26.94% | -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 | 11.77% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
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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 | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.31 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.33 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.63 | -3.67 |
| Martin ratioReturn relative to average drawdown | -1.74 | 11.23 | -12.97 |
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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.
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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 | -42.15% | -8.90% | -33.25% |
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 | -99.56% | -33.87% | -65.69% |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -7.11% | -89.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.84% | 2.08% | +24.76% |
Volatility
SPXS vs. SPYM - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 11.58% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 3.76%. 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.
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Volatility by Period
| SPXS | SPYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 3.76% | +7.82% |
Volatility (6M)Calculated over the trailing 6-month period | 30.75% | 10.18% | +20.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 12.81% | +25.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.81% | 16.94% | +33.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.61% | 18.02% | +35.59% |
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 4.65%, more than SPYM's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.65% | 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 | 1.02% | 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 (11.58%) compared to SPYM (3.76%). In terms of maximum drawdown, SPXS dropped -100.00% vs SPYM's -54.46%.
On 10-year performance, SPYM leads with 15.21% vs -41.26% for SPXS. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.76%. 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 15.21% return vs -41.26%. 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 4.65%, compared with 1.02% 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 (1.83 vs -1.14), 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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