WEBS vs. SPXS
WEBS (Daily Dow Jones Internet Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - WEBS is a Leveraged Equities fund tracking the Dow Jones Internet Composite 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, WEBS returned -38.11%/yr vs -35.40%/yr for SPXS. A 0.80 correlation means they provide meaningful diversification when combined. WEBS charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
WEBS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, WEBS achieves a -21.45% return, which is significantly higher than SPXS's -27.08% return.
WEBS
- 1D
- 4.02%
- 1M
- -19.57%
- YTD
- -21.45%
- 6M
- -18.76%
- 1Y
- -35.37%
- 3Y*
- -50.43%
- 5Y*
- -38.11%
- 10Y*
- —
SPXS
- 1D
- -0.39%
- 1M
- -14.03%
- YTD
- -27.08%
- 6M
- -27.23%
- 1Y
- -50.67%
- 3Y*
- -43.09%
- 5Y*
- -35.40%
- 10Y*
- -42.14%
WEBS vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -27.08% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -13.10% |
Correlation
The correlation between WEBS and SPXS is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| 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 SPXS shifts across timeframes, from 0.71 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
WEBS vs. SPXS — Risk / Return Rank
WEBS
SPXS
WEBS vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Daily Dow Jones Internet Bear 3X Shares (WEBS) 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.
| WEBS | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.62 | -1.43 | +0.81 |
Sortino ratioReturn per unit of downside risk | -0.70 | -2.45 | +1.75 |
Omega ratioGain probability vs. loss probability | 0.92 | 0.74 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | -0.69 | -1.01 | +0.33 |
Martin ratioReturn relative to average drawdown | -1.60 | -1.72 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WEBS | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.62 | -1.43 | +0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.71 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.84 | +0.25 |
Drawdowns
WEBS vs. SPXS - Drawdown Comparison
The maximum WEBS drawdown since its inception was -99.63%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for WEBS and SPXS.
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Drawdown Indicators
| WEBS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.63% | -100.00% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -53.54% | -50.77% | -2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -90.33% | -84.13% | -6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -97.09% | -90.11% | -6.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -99.62% | -100.00% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -91.09% | -96.30% | +5.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.08% | 29.88% | -6.80% |
Volatility
WEBS vs. SPXS - Volatility Comparison
Daily Dow Jones Internet Bear 3X Shares (WEBS) has a higher volatility of 14.22% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. This indicates that WEBS'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
| WEBS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 8.20% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 43.06% | 26.76% | +16.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.33% | 35.48% | +21.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.78% | 50.38% | +31.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.84% | 53.55% | +36.29% |
WEBS vs. SPXS - Expense Ratio Comparison
WEBS has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
WEBS vs. SPXS - Dividend Comparison
WEBS's dividend yield for the trailing twelve months is around 4.16%, less than SPXS's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 5.02% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
WEBS Daily Dow Jones Internet Bear 3X Shares | 4.16% | 3.77% | 8.02% | 8.51% | 0.20% | 0.00% | 1.11% | 0.11% | 0.00% |
Frequently Asked Questions
WEBS and SPXS 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.
WEBS has higher volatility (14.22%) compared to SPXS (8.20%). In terms of maximum drawdown, WEBS dropped -99.63% vs SPXS's -100.00%.
On 5-year performance, SPXS leads with -35.40% vs -38.11% for WEBS. On fees, WEBS is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXS has performed better with a -35.40% return vs -38.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WEBS is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 5.02%, compared with 4.16% for WEBS.
WEBS is categorized as Leveraged Equities, while SPXS is Inverse Equities. WEBS tracks Dow Jones Internet Composite Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for WEBS and 1.08% for SPXS.
WEBS currently has the higher Sharpe Ratio (-0.62 vs -1.43), 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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