SPXS vs. UVXY
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SPXS returned -41.22%/yr vs -71.50%/yr for UVXY. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SPXS charges 1.08%/yr vs 0.95%/yr for UVXY.
Performance
SPXS vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -23.70% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, SPXS has outperformed UVXY with an annualized return of -41.22%, while UVXY has yielded a comparatively lower -71.50% annualized return.
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.07M | $277.28M | $339.89M | |
| $190.03M | $191.90M | $239.87M |
SPXS vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SPXS and UVXY is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.77 |
The correlation between SPXS and UVXY has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
SPXS vs. UVXY — Risk / Return Rank
SPXS
UVXY
SPXS vs. UVXY - 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 Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.95 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.35 | -0.08 |
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Drawdowns
SPXS vs. UVXY - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXS and UVXY.
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Drawdown Indicators
| SPXS | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -73.88% | +30.24% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -95.42% | +11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -99.68% | +9.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -100.00% | +0.44% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -98.76% | +2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.70% | 51.60% | -24.90% |
Volatility
SPXS vs. UVXY - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.76%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.76% | 22.30% | -11.54% |
Volatility (6M)Calculated over the trailing 6-month period | 30.49% | 65.55% | -35.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.59% | 87.28% | -48.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.77% | 103.39% | -52.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 112.09% | -58.51% |
SPXS vs. UVXY - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
SPXS vs. UVXY - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.45%, while UVXY 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 | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
UVXY ProShares Ultra VIX Short-Term 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 UVXY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to SPXS (10.76%). In terms of maximum drawdown, SPXS dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, SPXS leads with -41.22% vs -71.50% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -41.22% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 0.00% for UVXY.
SPXS is categorized as Inverse Equities, while UVXY is Volatility. SPXS tracks S&P 500 Index (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.80 vs -0.99), 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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