SPXS vs. YXI
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and YXI (ProShares Short FTSE China 50) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs -8.25%/yr for YXI. A 0.54 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 0.95%/yr for YXI.
Performance
SPXS vs. YXI - 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 YXI's 8.21% return. Over the past 10 years, SPXS has underperformed YXI with an annualized return of -42.01%, while YXI has yielded a comparatively higher -8.25% 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%
YXI
- 1D
- 1.95%
- 1M
- 2.80%
- YTD
- 8.21%
- 6M
- 9.88%
- 1Y
- 0.05%
- 3Y*
- -11.68%
- 5Y*
- -2.65%
- 10Y*
- -8.25%
SPXS vs. YXI - 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% |
YXI ProShares Short FTSE China 50 | 8.21% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between SPXS and YXI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2010 | 0.54 |
The correlation between SPXS and YXI shifts across timeframes, from 0.38 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXS vs. YXI — Risk / Return Rank
SPXS
YXI
SPXS vs. YXI - 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 ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.02 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.00 | -0.97 |
| Martin ratioReturn relative to average drawdown | -1.62 | 0.01 | -1.63 |
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 | YXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 0.00 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.08 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.30 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.30 | -0.53 |
Drawdowns
SPXS vs. YXI - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than YXI's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for SPXS and YXI.
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Drawdown Indicators
| SPXS | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.15% | -18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -14.21% | -36.56% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -53.12% | -31.01% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -57.65% | -32.46% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -64.92% | -34.71% |
Current DrawdownCurrent decline from peak | -100.00% | -77.90% | -22.10% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -54.31% | -41.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 8.18% | +21.86% |
Volatility
SPXS vs. YXI - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to ProShares Short FTSE China 50 (YXI) at 7.21%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 7.21% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 14.86% | +11.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 19.97% | +15.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 31.40% | +18.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 27.42% | +26.12% |
SPXS vs. YXI - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than YXI's 0.95% expense ratio.
Dividends
SPXS vs. YXI - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than YXI's 2.84% 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% |
YXI ProShares Short FTSE China 50 | 2.84% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
SPXS and YXI have a correlation of 0.45, 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 YXI (7.21%). In terms of maximum drawdown, SPXS dropped -100.00% vs YXI's -81.15%.
On 10-year performance, YXI leads with -8.25% vs -42.01% for SPXS. On fees, YXI is cheaper at 0.95% per year. On volatility, YXI has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YXI has performed better with a -8.25% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YXI is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 2.84% for YXI.
SPXS tracks S&P 500 Index (-300%), while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for YXI.
YXI currently has the higher Sharpe Ratio (0.00 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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