SPXS vs. SVIX
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SVIX (-1x Short VIX Futures ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SVIX is a Volatility fund tracking the Short VIX Futures Index. Both are passively managed. Over the past 3 years, SPXS returned -40.67%/yr vs -5.66%/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 -20.76% return, which is significantly lower than SVIX's -8.30% 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%
SVIX
- 1D
- -4.80%
- 1M
- 7.92%
- YTD
- -8.30%
- 6M
- -6.56%
- 1Y
- 56.04%
- 3Y*
- -5.66%
- 5Y*
- —
- 10Y*
- —
SPXS vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 34.74% |
SVIX -1x Short VIX Futures ETF | -8.30% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between SPXS and SVIX is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.73 |
The correlation between SPXS and SVIX has been stable across timeframes, ranging from -0.75 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 -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.
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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.21 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.32 | -2.26 |
| Martin ratioReturn relative to average drawdown | -1.63 | 3.76 | -5.40 |
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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 | -46.94% | -42.69% | -4.25% |
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% | -56.20% | -43.80% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -31.87% | -64.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 14.93% | +14.32% |
Volatility
SPXS vs. SVIX - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.08%, while -1x Short VIX Futures ETF (SVIX) has a volatility of 16.67%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky 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 | 14.08% | 16.67% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 43.44% | -14.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 55.33% | -17.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 66.26% | -15.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 66.26% | -12.67% |
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 4.62%, 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 | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
SVIX -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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (16.67%) compared to SPXS (14.08%). In terms of maximum drawdown, SPXS dropped -100.00% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -5.66% vs -40.67% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 14.08%. 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 -5.66% return vs -40.67%. 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 4.62%, compared with 0.00% for SVIX.
SPXS is categorized as Inverse Equities, while SVIX is Volatility. SPXS tracks S&P 500 Index (-300%), while SVIX tracks Short VIX Futures Index. 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 (1.02 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.
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