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 2.43%/yr vs -41.27%/yr for SPXS. At a correlation of -0.22, they often move in opposite directions. 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 10.78% return, which is significantly higher than SPXS's -24.50% return. Over the past 10 years, TYO has outperformed SPXS with an annualized return of 2.43%, while SPXS has yielded a comparatively lower -41.27% annualized return.
TYO
- 1D
- 1.40%
- 1M
- 3.20%
- 6M
- 10.70%
- YTD
- 10.78%
- 1Y
- 6.55%
- 3Y*
- 7.57%
- 5Y*
- 14.33%
- 10Y*
- 2.43%
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%
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 | 10.78% | -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 | -24.50% | -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 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
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 | -0.06 |
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 0.23 (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 | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.82 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.94 | +1.60 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.64 | +2.84 |
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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 | -10.00% | -43.64% | +33.64% |
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 | -76.60% | -100.00% | +23.40% |
Average DrawdownAverage peak-to-trough decline | -71.11% | -96.30% | +25.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 24.98% | -19.50% |
Volatility
TYO vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.73%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 12.80%. 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 | 4.73% | 12.80% | -8.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.88% | 30.04% | -19.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.28% | 37.71% | -23.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 50.75% | -27.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 53.52% | -33.37% |
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 2.52%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.52% | 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 0.23, 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 TYO (4.73%). In terms of maximum drawdown, TYO dropped -89.25% vs SPXS's -100.00%.
On 10-year performance, TYO leads with 2.43% vs -41.27% for SPXS. Both ETFs have the same 1.08% expense ratio. On volatility, TYO has been the lower-risk option at 4.73%. 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 2.43% return vs -41.27%. 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 4.50%, compared with 2.52% 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 (0.46 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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