WEBS vs. ^GSPC

Last updated Jun 3, 2026

WEBS (Daily Dow Jones Internet Bear 3X Shares) is Leveraged Equities fund tracking the Dow Jones Internet Composite Index (300%), while ^GSPC (S&P 500 Index) is an index. Over the past 5 years, WEBS returned -38.11%/yr vs 12.66%/yr for ^GSPC. At a correlation of -0.80, they often move in opposite directions.

Performance

WEBS vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Daily Dow Jones Internet Bear 3X Shares (WEBS) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WEBS achieves a -21.45% return, which is significantly lower than ^GSPC's 11.16% return.

WEBS

• 1D: 4.02%
• 1M: -19.57%
• YTD: -21.45%
• 6M: -18.76%
• 1Y: -35.37%
• 3Y*: -50.43%
• 5Y*: -38.11%
• 10Y*: —

^GSPC

• 1D: 0.13%
• 1M: 5.25%
• YTD: 11.16%
• 6M: 11.43%
• 1Y: 28.20%
• 3Y*: 21.12%
• 5Y*: 12.66%
• 10Y*: 13.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WEBS vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WEBS Daily Dow Jones Internet Bear 3X Shares	-21.45%	-40.66%	-56.62%	-75.58%	117.15%	-39.82%	-87.18%	-13.16%
^GSPC S&P 500 Index	11.16%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	4.72%

Correlation

The correlation between WEBS and ^GSPC is -0.71, 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	-0.71
Correlation (3Y) Calculated over the trailing 3-year period	-0.79
Correlation (5Y) Calculated over the trailing 5-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	-0.80

The correlation between WEBS and ^GSPC shifts across timeframes, from -0.82 (5 years) to -0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WEBS vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WEBS

WEBS Risk / Return Rank: 3
WEBS Sharpe Ratio Rank: 4
WEBS Sortino Ratio Rank: 4
WEBS Omega Ratio Rank: 4
WEBS Calmar Ratio Rank: 3
WEBS Martin Ratio Rank: 1

^GSPC

^GSPC Risk / Return Rank: 79
^GSPC Sharpe Ratio Rank: 76
^GSPC Sortino Ratio Rank: 76
^GSPC Omega Ratio Rank: 77
^GSPC Calmar Ratio Rank: 79
^GSPC Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WEBS vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Daily Dow Jones Internet Bear 3X Shares (WEBS) and S&P 500 Index (^GSPC). 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.

	WEBS	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.62	2.39	-3.01
Sortino ratio Return per unit of downside risk	-0.70	3.25	-3.95
Omega ratio Gain probability vs. loss probability	0.92	1.43	-0.51
Calmar ratio Return relative to maximum drawdown	-0.69	3.16	-3.85
Martin ratio Return relative to average drawdown	-1.60	14.61	-16.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WEBS vs. ^GSPC - Sharpe Ratio Comparison

The current WEBS Sharpe Ratio is -0.62, which is lower than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of WEBS and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WEBS	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	2.39	-3.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	0.75	-1.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.47	-1.06

Drawdowns

WEBS vs. ^GSPC - Drawdown Comparison

The maximum WEBS drawdown since its inception was -99.63%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for WEBS and ^GSPC.

Drawdown Indicators

	WEBS	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-99.63%	-56.78%	-42.85%
Max Drawdown (1Y) Largest decline over 1 year	-53.54%	-9.10%	-44.44%
Max Drawdown (3Y) Largest decline over 3 years	-90.33%	-18.90%	-71.43%
Max Drawdown (5Y) Largest decline over 5 years	-97.09%	-25.43%	-71.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-99.62%	0.00%	-99.62%
Average Drawdown Average peak-to-trough decline	-91.09%	-10.72%	-80.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.08%	1.97%	+21.11%

Volatility

WEBS vs. ^GSPC - Volatility Comparison

Daily Dow Jones Internet Bear 3X Shares (WEBS) has a higher volatility of 14.22% compared to S&P 500 Index (^GSPC) at 2.84%. This indicates that WEBS's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WEBS	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	2.84%	+11.38%
Volatility (6M) Calculated over the trailing 6-month period	43.06%	8.98%	+34.08%
Volatility (1Y) Calculated over the trailing 1-year period	57.33%	11.87%	+45.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.78%	16.90%	+64.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.84%	18.07%	+71.77%

Frequently Asked Questions

Can I hold both WEBS and ^GSPC in my portfolio?

WEBS and ^GSPC have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEBS or ^GSPC?

WEBS has higher volatility (14.22%) compared to ^GSPC (2.84%). In terms of maximum drawdown, WEBS dropped -99.63% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.62), 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.