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 -42.02%/yr vs 45.25%/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
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than TQQQ's 39.27% return. Over the past 10 years, SPXS has underperformed TQQQ with an annualized return of -42.02%, while TQQQ has yielded a comparatively higher 45.25% annualized return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
TQQQ
- 1D
- -1.53%
- 1M
- -5.83%
- YTD
- 39.27%
- 6M
- 32.62%
- 1Y
- 89.02%
- 3Y*
- 57.21%
- 5Y*
- 21.17%
- 10Y*
- 45.25%
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 | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
TQQQ ProShares UltraPro QQQ | 39.27% | 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 -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
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.
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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 | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.42 | -3.31 |
| Martin ratioReturn relative to average drawdown | -1.54 | 7.68 | -9.21 |
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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.
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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 | -46.84% | -36.97% | -9.87% |
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 | -99.63% | -81.66% | -17.97% |
Current DrawdownCurrent decline from peak | -100.00% | -15.96% | -84.04% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -18.49% | -77.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 11.64% | +15.61% |
Volatility
SPXS vs. TQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.27%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. 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.
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Volatility by Period
| SPXS | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 27.27% | -13.00% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 43.24% | -13.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 53.35% | -15.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 67.41% | -16.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 66.31% | -12.73% |
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 4.24%, more than TQQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 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 | 0.43% | 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 -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (27.27%) compared to SPXS (14.27%). In terms of maximum drawdown, SPXS dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.25% vs -42.02% for SPXS. On fees, TQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 14.27%. 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 45.25% return vs -42.02%. 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 4.24%, compared with 0.43% 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 (1.68 vs -1.12), 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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