SPXS vs. YQQQ
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while YQQQ is a Derivative Income fund actively managed by YieldMax. SPXS is passively managed, while YQQQ is actively managed. Over the past year, SPXS returned -48.73% vs -14.25% for YQQQ. Their correlation of 0.89 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.99%/yr for YQQQ.
Performance
SPXS vs. YQQQ - 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 YQQQ's -8.94% 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%
YQQQ
- 1D
- 0.06%
- 1M
- -7.64%
- YTD
- -8.94%
- 6M
- -6.62%
- 1Y
- -14.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS vs. YQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -14.31% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | -8.94% | -9.97% | -4.06% |
Correlation
The correlation between SPXS and YQQQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024 | 0.89 |
The correlation between SPXS and YQQQ has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
SPXS vs. YQQQ — Risk / Return Rank
SPXS
YQQQ
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 ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.83 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.69 | -0.28 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.68 | +0.05 |
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 | YQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -1.14 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.77 | -0.06 |
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 -28.21%. Use the drawdown chart below to compare losses from any high point for SPXS and YQQQ.
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Drawdown Indicators
| SPXS | YQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -28.21% | -71.79% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -20.82% | -29.95% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -28.17% | -71.83% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -14.22% | -82.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 8.52% | +21.52% |
Volatility
SPXS vs. YQQQ - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to YieldMax Short N100 Option Income Strategy ETF (YQQQ) at 3.90%. 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.
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Volatility by Period
| SPXS | YQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 3.90% | +4.61% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 9.87% | +16.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 12.51% | +23.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 16.26% | +34.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 16.26% | +37.28% |
SPXS vs. YQQQ - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than YQQQ's 0.99% expense ratio.
Dividends
SPXS vs. YQQQ - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, less than YQQQ's 31.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | 31.75% | 31.71% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and YQQQ have a correlation of 0.90, 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 YQQQ (3.90%). In terms of maximum drawdown, SPXS dropped -100.00% vs YQQQ's -28.21%.
On 1-year performance, YQQQ leads with -14.25% vs -48.73% for SPXS. On fees, YQQQ is cheaper at 0.99% per year. On volatility, YQQQ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, YQQQ has performed better with a -14.25% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YQQQ is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
YQQQ has the higher dividend yield at 31.75%, compared with 4.91% for SPXS.
SPXS is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.08% for SPXS and 0.99% for YQQQ.
YQQQ currently has the higher Sharpe Ratio (-1.14 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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