SPXS vs SPY
Direxion Daily S&P 500 Bear 3X ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXS or SPY?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.96, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPXS | SPY |
|---|---|---|
| Expense Ratio | 1.04% | 0.09%Best |
| AUM | $346M | $804.7B |
| Dividend Yield | 3.43% | 0.98% |
| Holdings | 11 | 505 |
| YTD Return | -25.97% | +11.52%Best |
| 1Y Return | -34.93% | +17.48%Best |
| 3Y Return (annualized) | -40.81% | +20.62%Best |
| 5Y Return (annualized) | -32.56% | +12.73%Best |
| Volatility (annualized) | 41.4% | 14.9%Best |
| Max Drawdown | - | -34.1% |
| $10,000 over 5 years | $1,395 | $18,205Best |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Equity | Large Cap Blend |
| Inception | Nov 5, 2008 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Sep 10, 2026 (17.8 years).
SPXS vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.8 years both funds cover.
SPXS vs SPY Performance
Direxion Daily S&P 500 Bear 3X ETF (SPXS) is an ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPXS returned -34.93% while SPY returned +17.48%. Year to date, SPXS is down 25.97% versus a gain of 11.52% for SPY.
Over three years, SPXS compounded at -40.81% per year against +20.62% for SPY; over five years the annualized figures are -32.56% and +12.73% respectively. Across the full 18-year window we track, SPY has the edge at +12.74% annualized vs -43.83%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXS has been the more volatile fund, with annualized monthly volatility of 41.4% compared with 14.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at -0.96. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
SPXS charges 1.04% per year while SPY charges 0.09%. On a $10,000 position that is $104 vs $9 annually, a gap of $95 per year that compounds over a long holding period. On income, SPXS currently yields 3.43% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 3 holdings in SPXS and 504 in SPY, totalling 102.1% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 3 positions we hold weights for in SPXS and 504 in SPY, against full books of 11 and 505.
You are not choosing between two funds in isolation.
Whichever of SPXS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXS or SPY?
SPXS has an expense ratio of 1.04% while SPY charges 0.09%. SPY is the cheaper option, by $95 a year on a $10,000 investment.
Which performed better, SPXS or SPY?
Over the past year SPXS returned -34.93% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SPXS annualized -43.83% vs +12.74% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXS or SPY?
SPXS has been the more volatile fund at 41.4% annualized versus 14.9% for SPY.
Should I hold both SPXS and SPY?
SPXS and SPY have a monthly-return correlation of -0.96, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, SPXS or SPY?
SPXS yields 3.43% while SPY yields 0.98%, so SPXS currently pays the higher dividend yield.
Is SPY better than SPXS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.96, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.