SPXS vs. VOO
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs 15.56%/yr for VOO. At a correlation of -1.00, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.03%/yr for VOO.
Performance
SPXS vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than VOO's 10.91% return. Over the past 10 years, SPXS has underperformed VOO with an annualized return of -42.01%, while VOO has yielded a comparatively higher 15.56% annualized return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
VOO
- 1D
- -0.70%
- 1M
- 5.04%
- YTD
- 10.91%
- 6M
- 10.93%
- 1Y
- 28.04%
- 3Y*
- 22.44%
- 5Y*
- 13.90%
- 10Y*
- 15.56%
SPXS vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
VOO Vanguard S&P 500 ETF | 10.91% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between SPXS and VOO is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | -1.00 |
The correlation between SPXS and VOO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SPXS vs. VOO — Risk / Return Rank
SPXS
VOO
SPXS vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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.
| SPXS | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.76 | ||
| Sortino ratioReturn per unit of downside risk | -5.56 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.43 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.16 | -4.13 |
| Martin ratioReturn relative to average drawdown | -1.62 | 14.73 | -16.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 2.39 | -3.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | 0.83 | -1.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | 0.87 | -1.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | 0.89 | -1.72 |
Drawdowns
SPXS vs. VOO - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPXS and VOO.
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Drawdown Indicators
| SPXS | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -33.99% | -66.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -8.90% | -41.87% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -18.69% | -65.44% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -24.52% | -65.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -33.99% | -65.64% |
Current DrawdownCurrent decline from peak | -100.00% | -0.70% | -99.30% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -3.69% | -92.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 1.91% | +28.13% |
Volatility
SPXS vs. VOO - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 2.84% | +5.67% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 8.90% | +17.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 11.80% | +23.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 16.81% | +33.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 18.01% | +35.53% |
SPXS vs. VOO - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
SPXS vs. VOO - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than VOO's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.03% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
SPXS and VOO have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (8.51%) compared to VOO (2.84%). In terms of maximum drawdown, SPXS dropped -100.00% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.56% vs -42.01% for SPXS. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.56% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 1.03% for VOO.
SPXS is categorized as Inverse Equities, while VOO is S&P 500. SPXS tracks S&P 500 Index (-300%), while VOO tracks S&P 500 Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.08% for SPXS and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.39 vs -1.38), 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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