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 -41.54%/yr vs 40.49%/yr for TQQQ. Their -0.90 correlation means they have often moved in opposite directions in the past. 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 -30.39% return, which is significantly lower than TQQQ's 38.71% return. Over the past 10 years, SPXS has underperformed TQQQ with an annualized return of -41.54%, while TQQQ has yielded a comparatively higher 40.49% annualized return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
TQQQ
- 1D
- -2.65%
- 1M
- -4.68%
- 6M
- 46.96%
- YTD
- 38.71%
- 1Y
- 71.21%
- 3Y*
- 54.16%
- 5Y*
- 17.51%
- 10Y*
- 40.49%
- ALL TIME*
- 43.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $344.98M | $288.31M | $338.49M | |
| $5.00B | $4.56B | $5.34B |
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 | -30.39% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
TQQQ ProShares UltraPro QQQ | 38.71% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 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 | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.94 | -2.93 |
| Martin ratioReturn relative to average drawdown | -1.80 | 5.34 | -7.14 |
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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 | -45.14% | -36.97% | -8.17% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -58.04% | -26.91% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | -81.66% | -8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | -81.66% | -17.92% |
Current DrawdownCurrent decline from peak | -100.00% | -16.29% | -83.71% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -18.49% | -77.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 13.38% | +11.94% |
Volatility
SPXS vs. TQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.42%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 21.96%. 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 | 12.42% | 21.96% | -9.54% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 48.60% | -17.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 58.14% | -19.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 68.26% | -17.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 66.67% | -13.05% |
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 4.88%, more than TQQQ's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 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 | 0.52% | 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 (21.96%) compared to SPXS (12.42%). In terms of maximum drawdown, SPXS dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 40.49% vs -41.54% for SPXS. On fees, TQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 12.42%. 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 40.49% return vs -41.54%. 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 4.88%, compared with 0.52% 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 (1.23 vs -1.16), 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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