WANT vs. SPXS
WANT (Direxion Daily Consumer Discretionary Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - WANT is a Leveraged Equities fund tracking the S&P Consumer Discretionary 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, WANT returned -8.83%/yr vs -33.53%/yr for SPXS. At a correlation of -0.85, they often move in opposite directions. WANT charges 0.98%/yr vs 1.08%/yr for SPXS.
Performance
WANT vs. SPXS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with WANT having a -21.36% return and SPXS slightly higher at -20.76%.
WANT
- 1D
- -3.36%
- 1M
- -14.54%
- YTD
- -21.36%
- 6M
- -26.83%
- 1Y
- -0.82%
- 3Y*
- 9.94%
- 5Y*
- -8.83%
- 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%
WANT vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
WANT Direxion Daily Consumer Discretionary Bull 3X Shares | -21.36% | -6.94% | 60.52% | 114.43% | -83.03% | 84.81% | 45.26% | 90.07% | -24.44% |
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% | 25.56% |
Correlation
The correlation between WANT and SPXS is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2018 | -0.85 |
The correlation between WANT and SPXS has been stable across timeframes, ranging from -0.85 to -0.77 - a consistent structural relationship.
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Return for Risk
WANT vs. SPXS — Risk / Return Rank
WANT
SPXS
WANT vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) 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.
| WANT | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.79 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.94 | +0.92 |
| Martin ratioReturn relative to average drawdown | -0.05 | -1.63 | +1.58 |
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Drawdowns
WANT vs. SPXS - Drawdown Comparison
The maximum WANT drawdown since its inception was -85.89%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for WANT and SPXS.
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Drawdown Indicators
| WANT | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -100.00% | +14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -41.27% | -46.94% | +5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -63.53% | -84.13% | +20.60% |
Max Drawdown (5Y)Largest decline over 5 years | -85.89% | -90.11% | +4.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -62.10% | -100.00% | +37.90% |
Average DrawdownAverage peak-to-trough decline | -43.16% | -96.29% | +53.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.14% | 29.25% | -13.11% |
Volatility
WANT vs. SPXS - Volatility Comparison
Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) has a higher volatility of 19.12% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. This indicates that WANT'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
| WANT | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.12% | 14.08% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 41.03% | 29.38% | +11.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.06% | 37.37% | +17.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.98% | 50.68% | +20.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.48% | 53.59% | +17.89% |
WANT vs. SPXS - Expense Ratio Comparison
WANT has a 0.98% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
WANT vs. SPXS - Dividend Comparison
WANT's dividend yield for the trailing twelve months is around 0.68%, less than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
WANT Direxion Daily Consumer Discretionary Bull 3X Shares | 0.68% | 0.65% | 0.61% | 0.46% | 0.00% | 0.00% | 0.07% | 0.64% | 0.00% |
Frequently Asked Questions
WANT and SPXS have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WANT has higher volatility (19.12%) compared to SPXS (14.08%). In terms of maximum drawdown, WANT dropped -85.89% vs SPXS's -100.00%.
On 5-year performance, WANT leads with -8.83% vs -33.53% for SPXS. On fees, WANT is cheaper at 0.98% 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, WANT has performed better with a -8.83% return vs -33.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WANT is cheaper with a 0.98% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.62%, compared with 0.68% for WANT.
WANT is categorized as Leveraged Equities, while SPXS is Inverse Equities. WANT tracks S&P Consumer Discretionary Select Sector Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.98% for WANT and 1.08% for SPXS.
WANT currently has the higher Sharpe Ratio (-0.02 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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