SPXS vs. SVIX
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both Inverse Equities funds. Over the past 3 years, SPXS returned -42.68%/yr vs -0.59%/yr for SVIX. At a correlation of -0.73, they often move in opposite directions. SPXS charges 1.08%/yr vs 1.47%/yr for SVIX.
Performance
SPXS vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than SVIX's -8.17% return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
SPXS vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 32.58% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between SPXS and SVIX is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.73 |
The correlation between SPXS and SVIX has been stable across timeframes, ranging from -0.73 to -0.73 - a consistent structural relationship.
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Return for Risk
SPXS vs. SVIX — Risk / Return Rank
SPXS
SVIX
SPXS vs. SVIX - 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 Volatility Shares -1x Short VIX Futures ETF (SVIX). 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.
| SPXS | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.76 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.20 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.21 | -2.17 |
| Martin ratioReturn relative to average drawdown | -1.62 | 3.50 | -5.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 0.95 | -2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | 0.16 | -0.99 |
Drawdowns
SPXS vs. SVIX - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for SPXS and SVIX.
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Drawdown Indicators
| SPXS | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.30% | -20.70% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -42.69% | -8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -79.30% | -4.83% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -56.14% | -43.86% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -31.60% | -64.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 14.75% | +15.29% |
Volatility
SPXS vs. SVIX - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to Volatility Shares -1x Short VIX Futures ETF (SVIX) at 7.38%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 7.38% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 41.05% | -14.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 54.75% | -19.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 66.27% | -15.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 66.27% | -12.73% |
SPXS vs. SVIX - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
SPXS vs. SVIX - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and SVIX have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (8.51%) compared to SVIX (7.38%). In terms of maximum drawdown, SPXS dropped -100.00% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -42.68% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SVIX has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -0.59% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.47% for SVIX.
SPXS has the higher dividend yield at 4.91%, compared with 0.00% for SVIX.
They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.08% for SPXS and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 vs -1.38), 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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