UTSL vs. SPXS
UTSL (Direxion Daily Utilities Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - UTSL is a Leveraged Equities fund tracking the Utilities Select Sector 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, UTSL returned 8.32%/yr vs -34.76%/yr for SPXS. At a correlation of -0.37, they often move in opposite directions. UTSL charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
UTSL vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UTSL achieves a 1.14% return, which is significantly higher than SPXS's -25.49% return.
UTSL
- 1D
- -1.50%
- 1M
- -17.87%
- YTD
- 1.14%
- 6M
- -5.29%
- 1Y
- 9.70%
- 3Y*
- 20.67%
- 5Y*
- 8.32%
- 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%
UTSL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 1.14% | 29.03% | 54.24% | -35.55% | -14.06% | 48.16% | -38.58% | 81.07% | -2.27% | 11.26% |
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 UTSL and SPXS is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since May 4, 2017 | -0.37 |
The correlation between UTSL and SPXS shifts across timeframes, from -0.37 (5 years) to -0.21 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UTSL vs. SPXS — Risk / Return Rank
UTSL
SPXS
UTSL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) 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.
| UTSL | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | -1.38 | +1.60 |
Sortino ratioReturn per unit of downside risk | 0.60 | -2.31 | +2.90 |
Omega ratioGain probability vs. loss probability | 1.07 | 0.75 | +0.32 |
Calmar ratioReturn relative to maximum drawdown | 0.34 | -0.96 | +1.31 |
Martin ratioReturn relative to average drawdown | 0.73 | -1.62 | +2.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UTSL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -1.38 | +1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.69 | +0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.83 | +0.97 |
Drawdowns
UTSL vs. SPXS - Drawdown Comparison
The maximum UTSL drawdown since its inception was -79.55%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UTSL and SPXS.
Loading charts...
Drawdown Indicators
| UTSL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.55% | -100.00% | +20.45% |
Max Drawdown (1Y)Largest decline over 1 year | -28.45% | -50.77% | +22.32% |
Max Drawdown (3Y)Largest decline over 3 years | -46.22% | -84.13% | +37.91% |
Max Drawdown (5Y)Largest decline over 5 years | -68.01% | -90.11% | +22.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -25.53% | -100.00% | +74.47% |
Average DrawdownAverage peak-to-trough decline | -33.23% | -96.30% | +63.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.34% | 30.04% | -16.70% |
Volatility
UTSL vs. SPXS - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 16.50% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that UTSL'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.
Loading charts...
Volatility by Period
| UTSL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.50% | 8.51% | +7.99% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 26.82% | +8.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.41% | 35.54% | +7.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.02% | 50.39% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.28% | 53.54% | +5.74% |
UTSL vs. SPXS - Expense Ratio Comparison
UTSL has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
UTSL vs. SPXS - Dividend Comparison
UTSL's dividend yield for the trailing twelve months is around 1.80%, 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% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.80% | 1.69% | 1.61% | 3.61% | 1.15% | 1.19% | 1.40% | 5.01% | 1.46% | 0.57% |
Frequently Asked Questions
UTSL and SPXS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (16.50%) compared to SPXS (8.51%). In terms of maximum drawdown, UTSL dropped -79.55% vs SPXS's -100.00%.
On 5-year performance, UTSL leads with 8.32% vs -34.76% for SPXS. On fees, UTSL is cheaper at 0.99% 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, UTSL has performed better with a 8.32% return vs -34.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTSL is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 1.80% for UTSL.
UTSL is categorized as Leveraged Equities, while SPXS is Inverse Equities. UTSL tracks Utilities Select Sector Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for UTSL and 1.08% for SPXS.
UTSL currently has the higher Sharpe Ratio (0.22 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.
Find the right allocation for UTSL and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer