TEXU vs. SPXS

Last updated Jun 30, 2026

TEXU (Direxion Daily Energy Top 5 Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TEXU is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). TEXU is actively managed, while SPXS is passively managed. At a 0.13 correlation, their price movements are largely independent.

Performance

TEXU vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Top 5 Bull 2X ETF (TEXU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEXU achieves a 36.10% return, which is significantly higher than SPXS's -22.26% return.

TEXU

• 1D: -3.52%
• 1M: -13.41%
• YTD: 36.10%
• 6M: 37.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -5.08%
• 1M: 5.33%
• YTD: -22.26%
• 6M: -20.12%
• 1Y: -41.18%
• 3Y*: -39.73%
• 5Y*: -33.52%
• 10Y*: -41.61%

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

TEXU vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
TEXU Direxion Daily Energy Top 5 Bull 2X ETF	36.10%	-1.42%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-22.26%	-6.12%

Correlation

The correlation between TEXU and SPXS is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.13

Return for Risk

TEXU vs. SPXS — Risk / Return Rank

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

TEXU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

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.

TEXU vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Top 5 Bull 2X ETF (TEXU) 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.

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.

	TEXU	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.10	—
Sortino ratio: Return per unit of downside risk	—	-1.71	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-0.93	—
Martin ratio: Return relative to average drawdown	—	-1.69	—

Drawdowns

TEXU vs. SPXS - Drawdown Comparison

The maximum TEXU drawdown since its inception was -29.19%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TEXU and SPXS.

Drawdown Indicators

	TEXU	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-29.19%	-100.00%	+70.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.24%	—
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	—	-99.58%	—
Current Drawdown Current decline from peak	-29.19%	-100.00%	+70.81%
Average Drawdown Average peak-to-trough decline	-6.96%	-96.30%	+89.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.09%	—

Volatility

Volatility by Period

	TEXU	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.81%	37.63%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.81%	50.74%	-9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.81%	53.53%	-12.72%

Dividends

TEXU vs. SPXS - Dividend Comparison

TEXU's dividend yield for the trailing twelve months is around 1.62%, less than SPXS's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.37%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
TEXU Direxion Daily Energy Top 5 Bull 2X ETF	1.62%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEXU and SPXS in my portfolio?

TEXU and SPXS have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, TEXU or SPXS?

SPXS has the higher dividend yield at 4.37%, compared with 1.62% for TEXU.

What is the main difference between TEXU and SPXS?

TEXU is categorized as Leveraged Equities, while SPXS is Inverse Equities.