SPXU vs. LABD
SPXU (ProShares UltraPro Short S&P500) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 10 years, SPXU returned -41.20%/yr vs -58.05%/yr for LABD. A 0.57 correlation means they provide meaningful diversification when combined. SPXU charges 0.90%/yr vs 1.06%/yr for LABD.
Performance
SPXU vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -25.00% return, which is significantly higher than LABD's -58.72% return. Over the past 10 years, SPXU has outperformed LABD with an annualized return of -41.20%, while LABD has yielded a comparatively lower -58.05% annualized return.
SPXU
- 1D
- 1.61%
- 1M
- -0.30%
- 6M
- -21.86%
- YTD
- -25.00%
- 1Y
- -41.21%
- 3Y*
- -39.91%
- 5Y*
- -33.74%
- 10Y*
- -41.20%
LABD
- 1D
- 8.60%
- 1M
- -31.85%
- 6M
- -55.64%
- YTD
- -58.72%
- 1Y
- -85.70%
- 3Y*
- -58.22%
- 5Y*
- -47.09%
- 10Y*
- -58.05%
SPXU vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -25.00% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -58.72% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
Correlation
The correlation between SPXU and LABD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | 0.57 |
The correlation between SPXU and LABD shifts across timeframes, from 0.46 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXU vs. LABD — Risk / Return Rank
SPXU
LABD
SPXU vs. LABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). 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.
| SPXU | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.72 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.96 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.33 | -0.28 |
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Drawdowns
SPXU vs. LABD - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum LABD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXU and LABD.
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Drawdown Indicators
| SPXU | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -43.83% | -89.59% | +45.76% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -97.43% | +13.07% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -99.04% | +8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -99.99% | +0.43% |
Current DrawdownCurrent decline from peak | -99.99% | -99.99% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -93.36% | -91.04% | -2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.60% | 64.54% | -38.94% |
Volatility
SPXU vs. LABD - Volatility Comparison
The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 10.37%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 25.77%. This indicates that SPXU experiences smaller price fluctuations and is considered to be less risky than LABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXU | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 25.77% | -15.40% |
Volatility (6M)Calculated over the trailing 6-month period | 30.00% | 65.70% | -35.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.51% | 79.35% | -41.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 96.77% | -46.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 95.75% | -42.42% |
SPXU vs. LABD - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is lower than LABD's 1.06% expense ratio.
Dividends
SPXU vs. LABD - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 6.92%, less than LABD's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 7.61% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 6.92% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
SPXU and LABD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (25.77%) compared to SPXU (10.37%). In terms of maximum drawdown, SPXU dropped -99.99% vs LABD's -100.00%.
On 10-year performance, SPXU leads with -41.20% vs -58.05% for LABD. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 10.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.20% return vs -58.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 7.61%, compared with 6.92% for SPXU.
SPXU is categorized as S&P 500, while LABD is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while LABD tracks S&P Biotechnology Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SPXU and 1.06% for LABD.
LABD currently has the higher Sharpe Ratio (-1.08 vs -1.10), 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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