SPXS vs SPY
Direxion Daily S&P 500 Bear 3X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPXS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.04% | 0.09% | |
| AUM | $327M | $821.1B | |
| Dividend Yield | 3.19% | 1.01% | |
| Holdings | 11 | 505 | |
| YTD Return | -28.60% | +12.68% | |
| 1Y Return | -41.80% | +21.82% | |
| 3Y Return (annualized) | -42.76% | +21.98% | |
| 5Y Return (annualized) | -32.94% | +12.89% | |
| Volatility (annualized) | 41.5% | 15.3% | |
| Max Drawdown | -100.0% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 5, 2008 | Jan 22, 1993 |
SPXS vs SPY Performance
Direxion Daily S&P 500 Bear 3X ETF (SPXS) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPXS returned -41.80% while SPY returned +21.82%. Year to date, SPXS is down 28.60% versus a gain of 12.68% for SPY.
Over three years, SPXS compounded at -42.76% per year against +21.98% for SPY; over five years the annualized figures are -32.94% and +12.89% respectively. Across the full 18-year window we track, SPY has the edge at +8.81% annualized vs -44.04%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXS has been the more volatile fund, with annualized monthly volatility of 41.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -100.0% for SPXS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.96. They move independently enough that combining them can meaningfully diversify a portfolio.
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 3.19% against 1.01% for SPY.
Holdings Overlap
SPXS and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $95 per year of difference.
Which performed better, SPXS or SPY?
Over the past year SPXS returned -41.80% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SPXS annualized -44.04% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXS or SPY?
SPXS has been the more volatile fund at 41.5% annualized versus 15.3% for SPY. Worst drawdown: SPXS -100.0% vs SPY -56.5%.
Should I hold both SPXS and SPY?
SPXS and SPY have a monthly-return correlation of -0.96, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPXS and SPY?
SPXS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, SPXS or SPY?
SPXS yields 3.19% while SPY yields 1.01%, so SPXS currently pays the higher dividend yield.
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