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 12.23%/yr vs -33.53%/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
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Returns By Period
In the year-to-date period, UTSL achieves a 11.66% return, which is significantly higher than SPXS's -20.76% return.
UTSL
- 1D
- 2.11%
- 1M
- -1.85%
- YTD
- 11.66%
- 6M
- 12.07%
- 1Y
- 24.77%
- 3Y*
- 24.32%
- 5Y*
- 12.23%
- 10Y*
- —
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
UTSL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 11.66% | 29.03% | 54.24% | -35.55% | -14.06% | 48.16% | -38.58% | 81.07% | -2.27% | 11.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.22% |
Correlation
The correlation between UTSL and SPXS is -0.17, 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 | -0.17 |
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 3, 2017 | -0.37 |
The correlation between UTSL and SPXS shifts across timeframes, from -0.37 (5 years) to -0.17 (1 year), reflecting how their relationship changes across market environments.
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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.
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.
| UTSL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.79 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | -0.94 | +1.82 |
| Martin ratioReturn relative to average drawdown | 1.75 | -1.63 | +3.38 |
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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.
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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% | -46.94% | +18.49% |
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 | -17.79% | -100.00% | +82.21% |
Average DrawdownAverage peak-to-trough decline | -33.16% | -96.29% | +63.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.20% | 29.25% | -15.05% |
Volatility
UTSL vs. SPXS - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 15.77% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. 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.
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Volatility by Period
| UTSL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.77% | 14.08% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 35.31% | 29.38% | +5.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.76% | 37.37% | +6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.96% | 50.68% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.18% | 53.59% | +5.59% |
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 1.63%, less than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 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 | 1.63% | 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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (15.77%) compared to SPXS (14.08%). In terms of maximum drawdown, UTSL dropped -79.55% vs SPXS's -100.00%.
On 5-year performance, UTSL leads with 12.23% vs -33.53% for SPXS. On fees, UTSL is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 14.08%. 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 12.23% return vs -33.53%. 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 4.62%, compared with 1.63% 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 (0.57 vs -1.19), 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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