SPXS vs. TQQQ
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SPXS returned -41.24%/yr vs 41.62%/yr for TQQQ. At a correlation of -0.90, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.95%/yr for TQQQ.
Performance
SPXS vs. TQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly lower than TQQQ's 34.71% return. Over the past 10 years, SPXS has underperformed TQQQ with an annualized return of -41.24%, while TQQQ has yielded a comparatively higher 41.62% annualized return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
TQQQ
- 1D
- -4.97%
- 1M
- -11.29%
- 6M
- 30.60%
- YTD
- 34.71%
- 1Y
- 67.39%
- 3Y*
- 47.91%
- 5Y*
- 18.79%
- 10Y*
- 41.62%
SPXS vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
TQQQ ProShares UltraPro QQQ | 34.71% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SPXS and TQQQ is -0.93, 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 | -0.93 |
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 TQQQ has been stable across timeframes, ranging from -0.94 to -0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPXS vs. TQQQ — Risk / Return Rank
SPXS
TQQQ
SPXS vs. TQQQ - 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 QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.22 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.83 | -2.78 |
| Martin ratioReturn relative to average drawdown | -1.62 | 5.57 | -7.19 |
Loading charts...
Drawdowns
SPXS vs. TQQQ - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SPXS and TQQQ.
Loading charts...
Drawdown Indicators
| SPXS | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.66% | -18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -36.97% | -6.67% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -58.04% | -26.09% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -81.66% | -8.45% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -81.66% | -17.90% |
Current DrawdownCurrent decline from peak | -100.00% | -18.71% | -81.29% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -18.48% | -77.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 12.14% | +13.26% |
Volatility
SPXS vs. TQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.70%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.28%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPXS | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 22.28% | -11.58% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 46.14% | -16.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 55.54% | -17.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 67.78% | -17.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 66.40% | -12.90% |
SPXS vs. TQQQ - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than TQQQ's 0.95% expense ratio.
Dividends
SPXS vs. TQQQ - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, more than TQQQ's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.53% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SPXS and TQQQ have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.28%) compared to SPXS (10.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 41.62% vs -41.24% for SPXS. On fees, TQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 41.62% return vs -41.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 0.53% for TQQQ.
SPXS is categorized as Inverse Equities, while TQQQ is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while TQQQ 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 TQQQ.
TQQQ currently has the higher Sharpe Ratio (1.22 vs -1.09), 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.
Find the right allocation for SPXS and TQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer