TYD vs. SPXS
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TYD returned -5.51%/yr vs -41.27%/yr for SPXS. At a 0.20 correlation, their price movements are largely independent. TYD charges 1.09%/yr vs 1.08%/yr for SPXS.
Performance
TYD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.30% return, which is significantly higher than SPXS's -24.50% return. Over the past 10 years, TYD has outperformed SPXS with an annualized return of -5.51%, while SPXS has yielded a comparatively lower -41.27% annualized return.
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
TYD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TYD and SPXS is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.20 |
The correlation between TYD and SPXS shifts across timeframes, from -0.22 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TYD vs. SPXS — Risk / Return Rank
TYD
SPXS
TYD vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.
| TYD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.82 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.94 | +0.74 |
| Martin ratioReturn relative to average drawdown | -0.45 | -1.64 | +1.19 |
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Drawdowns
TYD vs. SPXS - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TYD and SPXS.
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Drawdown Indicators
| TYD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -100.00% | +35.72% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -43.64% | +30.10% |
Max Drawdown (3Y)Largest decline over 3 years | -23.96% | -84.13% | +60.17% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -90.11% | +30.27% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -99.56% | +35.28% |
Current DrawdownCurrent decline from peak | -60.15% | -100.00% | +39.85% |
Average DrawdownAverage peak-to-trough decline | -22.16% | -96.30% | +74.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 24.98% | -19.03% |
Volatility
TYD vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.65%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 12.80%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky 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
| TYD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 12.80% | -8.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 30.04% | -19.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 37.71% | -23.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 50.75% | -27.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 53.52% | -33.32% |
TYD vs. SPXS - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
TYD vs. SPXS - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.36%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and SPXS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.80%) compared to TYD (4.65%). In terms of maximum drawdown, TYD dropped -64.28% vs SPXS's -100.00%.
On 10-year performance, TYD leads with -5.51% vs -41.27% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, TYD has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYD has performed better with a -5.51% return vs -41.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.09% for TYD.
SPXS has the higher dividend yield at 4.50%, compared with 3.36% for TYD.
TYD is categorized as Leveraged Bonds, while SPXS is Inverse Equities. TYD tracks NYSE 7-10 Year Treasury Bond Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.09% for TYD and 1.08% for SPXS.
TYD currently has the higher Sharpe Ratio (-0.19 vs -1.09), 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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