SPXS vs. WEBS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and WEBS (Daily Dow Jones Internet Bear 3X Shares) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while WEBS is a Leveraged Equities fund tracking the Dow Jones Internet Composite Index (300%). Both are passively managed. Over the past 5 years, SPXS returned -33.23%/yr vs -31.07%/yr for WEBS. A 0.80 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 1.07%/yr for WEBS.
Performance
SPXS vs. WEBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than WEBS's 3.95% return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
WEBS
- 1D
- -0.38%
- 1M
- 15.89%
- YTD
- 3.95%
- 6M
- 7.64%
- 1Y
- -6.09%
- 3Y*
- -45.56%
- 5Y*
- -31.07%
- 10Y*
- —
SPXS vs. WEBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -14.06% |
WEBS Daily Dow Jones Internet Bear 3X Shares | 3.95% | -40.66% | -56.62% | -75.58% | 117.15% | -39.82% | -87.18% | -10.90% |
Correlation
The correlation between SPXS and WEBS is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.80 |
The correlation between SPXS and WEBS has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.
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Return for Risk
SPXS vs. WEBS — Risk / Return Rank
SPXS
WEBS
SPXS vs. WEBS - 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 Daily Dow Jones Internet Bear 3X Shares (WEBS). 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 | WEBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.03 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.11 | -0.78 |
| Martin ratioReturn relative to average drawdown | -1.54 | -0.27 | -1.27 |
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Drawdowns
SPXS vs. WEBS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum WEBS drawdown of -99.63%. Use the drawdown chart below to compare losses from any high point for SPXS and WEBS.
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Drawdown Indicators
| SPXS | WEBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.63% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -46.84% | -53.54% | +6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -90.33% | +6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -97.09% | +6.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.50% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -91.11% | -5.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 22.69% | +4.56% |
Volatility
SPXS vs. WEBS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.27%, while Daily Dow Jones Internet Bear 3X Shares (WEBS) has a volatility of 22.07%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than WEBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | WEBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 22.07% | -7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 46.34% | -16.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 59.71% | -22.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 82.12% | -31.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 89.74% | -36.16% |
SPXS vs. WEBS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than WEBS's 1.07% expense ratio.
Dividends
SPXS vs. WEBS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.24%, more than WEBS's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
WEBS Daily Dow Jones Internet Bear 3X Shares | 2.64% | 3.77% | 8.02% | 8.51% | 0.20% | 0.00% | 1.11% | 0.11% | 0.00% |
Frequently Asked Questions
SPXS and WEBS have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WEBS has higher volatility (22.07%) compared to SPXS (14.27%). In terms of maximum drawdown, SPXS dropped -100.00% vs WEBS's -99.63%.
On 5-year performance, WEBS leads with -31.07% vs -33.23% for SPXS. On fees, WEBS is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 14.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, WEBS has performed better with a -31.07% return vs -33.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WEBS is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.24%, compared with 2.64% for WEBS.
SPXS is categorized as Inverse Equities, while WEBS is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while WEBS tracks Dow Jones Internet Composite Index (300%). Their fees differ too: 1.08% for SPXS and 1.07% for WEBS.
WEBS currently has the higher Sharpe Ratio (-0.10 vs -1.12), 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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