SPXS vs. SQQQ
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SPXS returned -41.48%/yr vs -55.56%/yr for SQQQ. Their correlation of 0.90 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.95%/yr for SQQQ.
Performance
SPXS vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -26.20% return, which is significantly higher than SQQQ's -43.51% return. Over the past 10 years, SPXS has outperformed SQQQ with an annualized return of -41.48%, while SQQQ has yielded a comparatively lower -55.56% annualized return.
SPXS
- 1D
- -1.19%
- 1M
- -6.96%
- 6M
- -22.44%
- YTD
- -26.20%
- 1Y
- -42.21%
- 3Y*
- -40.94%
- 5Y*
- -33.49%
- 10Y*
- -41.48%
SQQQ
- 1D
- -0.84%
- 1M
- -5.99%
- 6M
- -40.16%
- YTD
- -43.51%
- 1Y
- -58.48%
- 3Y*
- -54.03%
- 5Y*
- -46.44%
- 10Y*
- -55.56%
SPXS vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.20% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SQQQ ProShares UltraPro Short QQQ | -43.51% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SPXS and SQQQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.90 |
The correlation between SPXS and SQQQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SPXS vs. SQQQ — Risk / Return Rank
SPXS
SQQQ
SPXS vs. SQQQ - 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 QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.96 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.78 | +0.12 |
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Drawdowns
SPXS vs. SQQQ - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXS and SQQQ.
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Drawdown Indicators
| SPXS | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -61.03% | +17.39% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -92.51% | +8.38% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -97.27% | +7.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -99.97% | +0.41% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -92.75% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.84% | 32.59% | -7.75% |
Volatility
SPXS vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 13.52%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.13%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.52% | 26.13% | -12.61% |
Volatility (6M)Calculated over the trailing 6-month period | 29.94% | 45.54% | -15.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.59% | 55.22% | -17.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.72% | 67.80% | -17.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 66.51% | -13.01% |
SPXS vs. SQQQ - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
SPXS vs. SQQQ - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.60%, less than SQQQ's 10.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.60% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.57% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
With a correlation of 0.93, SPXS and SQQQ 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.
SQQQ has higher volatility (26.13%) compared to SPXS (13.52%). In terms of maximum drawdown, SPXS dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SPXS leads with -41.48% vs -55.56% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -41.48% return vs -55.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SQQQ has the higher dividend yield at 10.57%, compared with 4.60% for SPXS.
SPXS is categorized as Inverse Equities, while SQQQ is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for SQQQ.
SQQQ currently has the higher Sharpe Ratio (-1.06 vs -1.10), 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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