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 -41.54%/yr vs 15.35%/yr for VOO. Their -1.00 correlation means they have often moved in opposite directions in the past. 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 -30.39% return, which is significantly lower than VOO's 13.52% return. Over the past 10 years, SPXS has underperformed VOO with an annualized return of -41.54%, while VOO has yielded a comparatively higher 15.35% 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%
VOO
- 1D
- -0.19%
- 1M
- 2.46%
- 6M
- 12.84%
- YTD
- 13.52%
- 1Y
- 24.01%
- 3Y*
- 21.49%
- 5Y*
- 13.30%
- 10Y*
- 15.35%
- ALL TIME*
- 14.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $344.98M | $288.31M | $338.49M | |
| $4.29B | $3.83B | $5.49B |
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 | -30.39% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
VOO Vanguard S&P 500 ETF | 13.52% | 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 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 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.
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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.34 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.71 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.80 | 11.57 | -13.38 |
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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 | -45.14% | -8.90% | -36.24% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -18.69% | -66.26% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | -24.52% | -66.10% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | -33.99% | -65.59% |
Current DrawdownCurrent decline from peak | -100.00% | -0.19% | -99.81% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -3.67% | -92.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 2.08% | +23.24% |
Volatility
SPXS vs. VOO - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 12.42% compared to Vanguard S&P 500 ETF (VOO) at 4.07%. 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 | 12.42% | 4.07% | +8.35% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 10.27% | +20.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 12.81% | +25.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 16.96% | +33.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 18.03% | +35.59% |
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 4.88%, more than VOO's 1.04% 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% |
VOO Vanguard S&P 500 ETF | 1.04% | 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 (12.42%) compared to VOO (4.07%). In terms of maximum drawdown, SPXS dropped -100.00% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.35% vs -41.54% for SPXS. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.07%. 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 15.35% return vs -41.54%. 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 4.88%, compared with 1.04% 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 (1.88 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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