TYO vs. SPXS
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TYO 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, TYO returned 2.74%/yr vs -41.22%/yr for SPXS. Their -0.22 correlation means they have often moved in opposite directions in the past. Both charge a 1.08% expense ratio.
Performance
TYO vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 13.00% return, which is significantly higher than SPXS's -23.70% return. Over the past 10 years, TYO has outperformed SPXS with an annualized return of 2.74%, while SPXS has yielded a comparatively lower -41.22% annualized return.
TYO
- 1D
- 1.13%
- 1M
- 4.90%
- 6M
- 11.24%
- YTD
- 13.00%
- 1Y
- 13.40%
- 3Y*
- 6.55%
- 5Y*
- 15.57%
- 10Y*
- 2.74%
- ALL TIME*
- -6.54%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.07M | $277.28M | $339.89M | |
| $187.18K | $201.48K | $266.73K |
TYO vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 13.00% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TYO and SPXS is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.22 |
The correlation between TYO and SPXS shifts across timeframes, from -0.22 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYO vs. SPXS — Risk / Return Rank
TYO
SPXS
TYO vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.
| TYO | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.84 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.88 | +2.28 |
| Martin ratioReturn relative to average drawdown | 2.88 | -1.43 | +4.32 |
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Drawdowns
TYO vs. SPXS - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TYO and SPXS.
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Drawdown Indicators
| TYO | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -100.00% | +10.75% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -43.64% | +36.74% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -84.13% | +59.73% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -90.11% | +65.71% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -99.56% | +47.35% |
Current DrawdownCurrent decline from peak | -76.14% | -100.00% | +23.86% |
Average DrawdownAverage peak-to-trough decline | -71.13% | -96.31% | +25.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 26.70% | -22.79% |
Volatility
TYO vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 3.79%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 10.76%. This indicates that TYO 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
| TYO | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 10.76% | -6.97% |
Volatility (6M)Calculated over the trailing 6-month period | 11.04% | 30.49% | -19.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.19% | 38.59% | -24.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.17% | 50.77% | -27.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 53.58% | -33.43% |
TYO vs. SPXS - Expense Ratio Comparison
Both TYO and SPXS have an expense ratio of 1.08%.
Dividends
TYO vs. SPXS - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.47%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.47% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TYO and SPXS have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (10.76%) compared to TYO (3.79%). In terms of maximum drawdown, TYO dropped -89.25% vs SPXS's -100.00%.
On 10-year performance, TYO leads with 2.74% vs -41.22% for SPXS. Both ETFs have the same 1.08% expense ratio. On volatility, TYO has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 2.74% return vs -41.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYO and SPXS have the same expense ratio: 1.08% per year.
SPXS has the higher dividend yield at 4.45%, compared with 2.47% for TYO.
TYO is categorized as Leveraged Bonds, while SPXS is Inverse Equities. TYO tracks NYSE 7-10 Year Treasury Bond Index, while SPXS tracks S&P 500 Index (-300%).
TYO currently has the higher Sharpe Ratio (0.68 vs -0.99), 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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