SPXU vs. SPXS
SPXU (ProShares UltraPro Short S&P500) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SPXU is a Leveraged Equities fund tracking the S&P 500 Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPXU returned -41.46%/yr vs -41.51%/yr for SPXS. With a 1.00 correlation, they move nearly in lockstep. SPXU charges 0.93%/yr vs 1.08%/yr for SPXS.
Performance
SPXU vs. SPXS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPXU having a -20.60% return and SPXS slightly higher at -20.53%. Both investments have delivered pretty close results over the past 10 years, with SPXU having a -41.46% annualized return and SPXS not far behind at -41.51%.
SPXU
- 1D
- 7.91%
- 1M
- -1.04%
- YTD
- -20.60%
- 6M
- -19.49%
- 1Y
- -46.41%
- 3Y*
- -41.75%
- 5Y*
- -34.03%
- 10Y*
- -41.46%
SPXS
- 1D
- 7.88%
- 1M
- -1.10%
- YTD
- -20.53%
- 6M
- -19.39%
- 1Y
- -46.35%
- 3Y*
- -41.43%
- 5Y*
- -33.91%
- 10Y*
- -41.51%
SPXU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -20.60% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.53% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SPXU and SPXS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 1.00 |
The correlation between SPXU and SPXS has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
SPXU vs. SPXS — Risk / Return Rank
SPXU
SPXS
SPXU vs. SPXS - 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 500 Bear 3X Shares (SPXS). 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.
| SPXU | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.77 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.92 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.56 | 0.00 |
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
| SPXU | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.28 | -1.28 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.68 | -0.67 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.78 | -0.78 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.83 | 0.00 |
Drawdowns
SPXU vs. SPXS - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXU and SPXS.
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Drawdown Indicators
| SPXU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.35% | -50.30% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -84.13% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -90.11% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -99.63% | 0.00% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -93.33% | -96.30% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.37% | 30.35% | +0.02% |
Volatility
SPXU vs. SPXS - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 11.00% and 10.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.00% | 10.95% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 27.97% | 27.94% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.27% | 36.44% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.42% | 50.49% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.43% | 53.59% | -0.16% |
SPXU vs. SPXS - Expense Ratio Comparison
SPXU has a 0.93% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SPXU vs. SPXS - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 7.39%, more than SPXS's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.60% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 7.39% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
With a correlation of 1.00, SPXU and SPXS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPXU has higher volatility (11.00%) compared to SPXS (10.95%). In terms of maximum drawdown, SPXU dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, SPXU leads with -41.46% vs -41.51% for SPXS. On fees, SPXU is cheaper at 0.93% per year. Their volatility is very similar. 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 -41.46% return vs -41.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.93% expense ratio, compared with 1.08% for SPXS.
SPXU has the higher dividend yield at 7.39%, compared with 4.60% for SPXS.
SPXU is categorized as Leveraged Equities, while SPXS is Inverse Equities. Both ETFs track S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for SPXU and 1.08% for SPXS.
SPXS currently has the higher Sharpe Ratio (-1.28 vs -1.28), 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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