TPOR vs. SPXS
TPOR (Direxion Daily Transportation Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TPOR is a Leveraged Equities fund tracking the Dow Jones Transportation Average Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, TPOR returned -2.85%/yr vs -34.76%/yr for SPXS. At a correlation of -0.71, they often move in opposite directions. TPOR charges 1.01%/yr vs 1.08%/yr for SPXS.
Performance
TPOR vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TPOR achieves a 28.21% return, which is significantly higher than SPXS's -25.49% return.
TPOR
- 1D
- -1.44%
- 1M
- 22.42%
- YTD
- 28.21%
- 6M
- 24.20%
- 1Y
- 72.44%
- 3Y*
- 17.48%
- 5Y*
- -2.85%
- 10Y*
- —
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%
TPOR vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPOR Direxion Daily Transportation Bull 3X Shares | 28.21% | 3.26% | -9.12% | 54.60% | -58.70% | 105.18% | -7.30% | 47.92% | -44.95% | 52.32% |
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% | -31.46% |
Correlation
The correlation between TPOR and SPXS is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since May 4, 2017 | -0.71 |
The correlation between TPOR and SPXS shifts across timeframes, from -0.72 (5 years) to -0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TPOR vs. SPXS — Risk / Return Rank
TPOR
SPXS
TPOR vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Transportation Bull 3X Shares (TPOR) 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.
| TPOR | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | -1.38 | +2.61 |
Sortino ratioReturn per unit of downside risk | 1.82 | -2.31 | +4.13 |
Omega ratioGain probability vs. loss probability | 1.22 | 0.75 | +0.47 |
Calmar ratioReturn relative to maximum drawdown | 2.14 | -0.96 | +3.10 |
Martin ratioReturn relative to average drawdown | 6.07 | -1.62 | +7.69 |
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
| TPOR | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | -1.38 | +2.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | -0.69 | +0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | -0.83 | +0.93 |
Drawdowns
TPOR vs. SPXS - Drawdown Comparison
The maximum TPOR drawdown since its inception was -87.59%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TPOR and SPXS.
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Drawdown Indicators
| TPOR | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.59% | -100.00% | +12.41% |
Max Drawdown (1Y)Largest decline over 1 year | -34.00% | -50.77% | +16.77% |
Max Drawdown (3Y)Largest decline over 3 years | -64.11% | -84.13% | +20.02% |
Max Drawdown (5Y)Largest decline over 5 years | -74.08% | -90.11% | +16.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -31.66% | -100.00% | +68.34% |
Average DrawdownAverage peak-to-trough decline | -38.70% | -96.30% | +57.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.98% | 30.04% | -18.06% |
Volatility
TPOR vs. SPXS - Volatility Comparison
Direxion Daily Transportation Bull 3X Shares (TPOR) has a higher volatility of 16.85% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that TPOR's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPOR | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.85% | 8.51% | +8.34% |
Volatility (6M)Calculated over the trailing 6-month period | 44.80% | 26.82% | +17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.27% | 35.54% | +23.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.75% | 50.39% | +17.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.94% | 53.54% | +17.40% |
TPOR vs. SPXS - Expense Ratio Comparison
TPOR has a 1.01% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TPOR vs. SPXS - Dividend Comparison
TPOR's dividend yield for the trailing twelve months is around 0.71%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
TPOR Direxion Daily Transportation Bull 3X Shares | 0.71% | 0.91% | 1.43% | 1.51% | 0.00% | 0.00% | 0.10% | 0.96% | 1.22% | 8.70% |
Frequently Asked Questions
TPOR and SPXS have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPOR has higher volatility (16.85%) compared to SPXS (8.51%). In terms of maximum drawdown, TPOR dropped -87.59% vs SPXS's -100.00%.
On 5-year performance, TPOR leads with -2.85% vs -34.76% for SPXS. On fees, TPOR is cheaper at 1.01% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPOR has performed better with a -2.85% return vs -34.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPOR is cheaper with a 1.01% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 0.71% for TPOR.
TPOR is categorized as Leveraged Equities, while SPXS is Inverse Equities. TPOR tracks Dow Jones Transportation Average Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.01% for TPOR and 1.08% for SPXS.
TPOR currently has the higher Sharpe Ratio (1.23 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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