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 -32.70%/yr for SPXS. Their -0.36 correlation means they have often moved in opposite directions in the past. 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 4.80% return, which is significantly higher than SPXS's -23.70% return.
UTSL
- 1D
- -2.23%
- 1M
- -10.12%
- 6M
- 1.79%
- YTD
- 4.80%
- 1Y
- 1.29%
- 3Y*
- 20.22%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 8.16%
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 | |
| $4.76M | $4.30M | $4.57M |
UTSL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 4.80% | 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 | -23.70% | -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 -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.35 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.36 |
Over the past year, the inverse relationship between UTSL and SPXS has weakened: their correlation has moved from -0.36 to -0.11, meaning they move in opposite directions less often than they have historically.
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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 | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.84 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.88 | +0.93 |
| Martin ratioReturn relative to average drawdown | 0.10 | -1.43 | +1.53 |
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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% | -43.64% | +15.19% |
Max Drawdown (3Y)Largest decline over 3 years | -35.97% | -84.13% | +48.16% |
Max Drawdown (5Y)Largest decline over 5 years | -68.01% | -90.11% | +22.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -22.83% | -100.00% | +77.17% |
Average DrawdownAverage peak-to-trough decline | -32.96% | -96.31% | +63.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.17% | 26.70% | -11.53% |
Volatility
UTSL vs. SPXS - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 13.70% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. 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 | 13.70% | 10.76% | +2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 36.19% | 30.49% | +5.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.78% | 38.59% | +6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.07% | 50.77% | +1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.06% | 53.58% | +5.48% |
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 1.68%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.68% | 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 -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (13.70%) compared to SPXS (10.76%). In terms of maximum drawdown, UTSL dropped -79.55% vs SPXS's -100.00%.
On 5-year performance, UTSL leads with 8.32% vs -32.70% for SPXS. On fees, UTSL is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -32.70%. 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 4.45%, compared with 1.68% 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 (0.03 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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