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 -41.22%/yr vs -54.48%/yr for SQQQ. Their correlation of 0.90 means they have usually moved in the same direction. 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 -23.70% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, SPXS has outperformed SQQQ with an annualized return of -41.22%, while SQQQ has yielded a comparatively lower -54.48% annualized return.
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.07M | $277.28M | $339.89M | |
| $2.40B | $2.29B | $2.66B |
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 | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.81 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.41 | -0.02 |
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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 | -96.31% | -92.78% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.70% | 35.08% | -8.38% |
Volatility
SPXS vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.76%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. 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 | 10.76% | 20.82% | -10.06% |
Volatility (6M)Calculated over the trailing 6-month period | 30.49% | 48.09% | -17.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.59% | 57.98% | -19.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.77% | 68.18% | -17.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 66.74% | -13.16% |
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 4.45%, less than SQQQ's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.14% | 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 (20.82%) compared to SPXS (10.76%). In terms of maximum drawdown, SPXS dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SPXS leads with -41.22% vs -54.48% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -41.22% return vs -54.48%. 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 9.14%, compared with 4.45% 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 (-0.86 vs -0.99), 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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