SPXS vs. UVXY
Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).
SPXS and UVXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both SPXS and UVXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SPXS or UVXY.
Key characteristics
| SPXS | UVXY | |
|---|---|---|
| YTD Return | -42.94% | -47.63% |
| 1Y Return | -51.19% | -61.23% |
| 3Y Return (Ann) | -26.90% | -69.22% |
| 5Y Return (Ann) | -45.88% | -69.32% |
| 10Y Return (Ann) | -39.54% | -65.84% |
| Sharpe Ratio | -1.41 | -0.56 |
| Sortino Ratio | -2.43 | -0.67 |
| Omega Ratio | 0.74 | 0.92 |
| Calmar Ratio | -0.51 | -0.62 |
| Martin Ratio | -1.45 | -1.31 |
| Ulcer Index | 35.29% | 47.40% |
| Daily Std Dev | 36.31% | 110.61% |
| Max Drawdown | -100.00% | -100.00% |
| Current Drawdown | -100.00% | -100.00% |
Correlation
The correlation between SPXS and UVXY is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
SPXS vs. UVXY - Performance Comparison
In the year-to-date period, SPXS achieves a -42.94% return, which is significantly higher than UVXY's -47.63% return. Over the past 10 years, SPXS has outperformed UVXY with an annualized return of -39.54%, while UVXY has yielded a comparatively lower -65.84% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SPXS vs. UVXY - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Risk-Adjusted Performance
SPXS vs. UVXY - Risk-Adjusted Performance 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.
Dividends
SPXS vs. UVXY - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 6.99%, while UVXY has not paid dividends to shareholders.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 6.99% | 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% |
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. For additional features, visit the drawdowns tool.
Volatility
SPXS vs. UVXY - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.41%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 29.03%. 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.