SPXS vs. YQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and YieldMax Short N100 Option Income Strategy ETF (YQQQ).

SPXS and YQQQ 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. YQQQ is an actively managed fund by YieldMax. It was launched on Aug 14, 2024.

Performance

SPXS vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). The values are adjusted to include any dividend payments, if applicable.

SPXS vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXS Direxion Daily S&P 500 Bear 3X Shares	12.54%	-41.53%	-14.31%
YQQQ YieldMax Short N100 Option Income Strategy ETF	10.57%	-9.97%	-4.06%

Returns By Period

In the year-to-date period, SPXS achieves a 12.54% return, which is significantly higher than YQQQ's 10.57% return.

SPXS

• 1D: -2.35%
• 1M: 13.44%
• YTD: 12.54%
• 6M: 6.78%
• 1Y: -42.12%
• 3Y*: -36.76%
• 5Y*: -31.62%
• 10Y*: -39.93%

YQQQ

• 1D: -1.10%
• 1M: 5.50%
• YTD: 10.57%
• 6M: 12.35%
• 1Y: -7.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXS vs. YQQQ - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than YQQQ's 0.99% expense ratio.

SPXS

Direxion Daily S&P 500 Bear 3X Shares

YQQQ

YieldMax Short N100 Option Income Strategy ETF

Return for Risk

SPXS vs. YQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXS

SPXS Risk / Return Rank: 3
SPXS Sharpe Ratio Rank: 2
SPXS Sortino Ratio Rank: 2
SPXS Omega Ratio Rank: 2
SPXS Calmar Ratio Rank: 2
SPXS Martin Ratio Rank: 6

YQQQ

YQQQ Risk / Return Rank: 6
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 7
YQQQ Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXS vs. YQQQ - 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 YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-0.42	-0.35
Sortino ratio Return per unit of downside risk	-0.97	-0.44	-0.53
Omega ratio Gain probability vs. loss probability	0.86	0.93	-0.07
Calmar ratio Return relative to maximum drawdown	-0.66	-0.31	-0.35
Martin ratio Return relative to average drawdown	-0.76	-0.41	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS vs. YQQQ - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -0.77, which is lower than the YQQQ Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of SPXS and YQQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPXS	YQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.42	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.81	-0.17	-0.64

Correlation

The correlation between SPXS and YQQQ is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPXS vs. YQQQ - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 3.25%, less than YQQQ's 27.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	3.25%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
YQQQ YieldMax Short N100 Option Income Strategy ETF	27.65%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPXS vs. YQQQ - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, which is greater than YQQQ's maximum drawdown of -24.85%. Use the drawdown chart below to compare losses from any high point for SPXS and YQQQ.

Drawdown Indicators

	SPXS	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-24.85%	-75.15%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-24.85%	-40.25%
Max Drawdown (5Y) Largest decline over 5 years	-87.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.52%	—	—
Current Drawdown Current decline from peak	-100.00%	-12.77%	-87.23%
Average Drawdown Average peak-to-trough decline	-96.27%	-13.36%	-82.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.82%	18.68%	+37.14%

Volatility

SPXS vs. YQQQ - Volatility Comparison

Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 16.19% compared to YieldMax Short N100 Option Income Strategy ETF (YQQQ) at 5.37%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.19%	5.37%	+10.82%
Volatility (6M) Calculated over the trailing 6-month period	28.36%	9.43%	+18.93%
Volatility (1Y) Calculated over the trailing 1-year period	54.64%	17.32%	+37.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.41%	16.38%	+34.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.49%	16.38%	+37.11%