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TYD vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TYD vs. SPXS

Last updated Jun 4, 2026

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 -4.71%/yr vs -42.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TYD achieves a -6.21% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, TYD has outperformed SPXS with an annualized return of -4.71%, while SPXS has yielded a comparatively lower -42.01% annualized return.

TYD

1D
-0.86%
1M
-1.19%
YTD
-6.21%
6M
-8.43%
1Y
0.66%
3Y*
-5.07%
5Y*
-12.90%
10Y*
-4.71%

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

TYD vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TYD
Direxion Daily 7-10 Year Treasury Bull 3X		-6.21%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		-25.49%-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 -0.20, 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

-0.20

Correlation (3Y)
Calculated over the trailing 3-year period

-0.16

Correlation (5Y)
Calculated over the trailing 5-year period

-0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2009

0.20

The correlation between TYD and SPXS shifts across timeframes, from -0.20 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

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Direxion Daily 7-10 Year Treasury Bull 3X

Direxion Daily S&P 500 Bear 3X Shares

Often compared with TYD:
TYD vs. TMFTYD vs. TYOTYD vs. EDVTYD vs. UJBTYD vs. PEXTYD vs. QQQTYD vs. SPY
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

TYD vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TYD
TYD Risk / Return Rank: 99
Overall Rank
TYD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TYD Sortino Ratio Rank: 99
Sortino Ratio Rank
TYD Omega Ratio Rank: 88
Omega Ratio Rank
TYD Calmar Ratio Rank: 99
Calmar Ratio Rank
TYD Martin Ratio Rank: 99
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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.

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.

TYDSPXSDifference

Sharpe ratio

Return per unit of total volatility

0.05

-1.38

+1.42

Sortino ratio

Return per unit of downside risk

0.17

-2.31

+2.47

Omega ratio

Gain probability vs. loss probability

1.02

0.75

+0.27

Calmar ratio

Return relative to maximum drawdown

0.05

-0.96

+1.01

Martin ratio

Return relative to average drawdown

0.13

-1.62

+1.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYD vs. SPXS - Sharpe Ratio Comparison

The current TYD Sharpe Ratio is 0.05, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of TYD and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TYDSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.05

-1.38

+1.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.56

-0.69

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.23

-0.79

+0.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

-0.83

+0.89

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

TYDSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-64.28%

-100.00%

+35.72%

Max Drawdown (1Y)

Largest decline over 1 year

-13.54%

-50.77%

+37.23%

Max Drawdown (3Y)

Largest decline over 3 years

-25.04%

-84.13%

+59.09%

Max Drawdown (5Y)

Largest decline over 5 years

-59.84%

-90.11%

+30.27%

Max Drawdown (10Y)

Largest decline over 10 years

-64.28%

-99.63%

+35.35%

Current Drawdown

Current decline from peak

-59.24%

-100.00%

+40.76%

Average Drawdown

Average peak-to-trough decline

-21.95%

-96.30%

+74.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.97%

30.04%

-25.07%

Volatility

TYD vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.20%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. 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

TYDSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.20%

8.51%

-4.31%

Volatility (6M)

Calculated over the trailing 6-month period

9.58%

26.82%

-17.24%

Volatility (1Y)

Calculated over the trailing 1-year period

14.13%

35.54%

-21.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.98%

50.39%

-27.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.36%

53.54%

-33.18%

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 3.23%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
TYD
Direxion Daily 7-10 Year Treasury Bull 3X		3.23%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 -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPXS has higher volatility (8.51%) compared to TYD (4.20%). In terms of maximum drawdown, TYD dropped -64.28% vs SPXS's -100.00%.

On 10-year performance, TYD leads with -4.71% vs -42.01% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, TYD has been the lower-risk option at 4.20%. 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 -4.71% return vs -42.01%. 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 4.91%, compared with 3.23% 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 (0.05 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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