Direxion Daily S&P 500 Bear 3X ETF
DThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$27.78+3.25 (+13.25%)
- 1.04%
- $338M
- −20.5%
- 4.15%
- 11.9M sh
- low $23.04high $44.83
The ETF.net SPXS Grade
D
Score 27 out of 100
- 5 of 5
Score 27 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F15 out of 100Rank 5 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D34 out of 100Rank 4 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C41 out of 100Rank 5 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C48 out of 100Rank 4 of 5
Our read on SPXS
In short
DA one-day trading tool, not a hedge you can forget about. SPXS targets 300% of the inverse daily move of the S&P 500 and resets every session, a mechanism Direxion has been running since the fund launched in November 2008.
Stated mandate
The fund seeks daily investment results equal to 300% of the inverse performance of the S&P 500® Index, before fees and expenses.
Why people hold it
Worth knowing
SPXS Holdings
- Other
- 7
- 156%
- Spx Swap Asset Leg (Spxbcs)
SPXS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SPXS$7,950
Returns run to the Nov 5, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPXS |
|---|---|
| Year to date | −19.1% |
| 1 month | +17.5% |
| 3 months | +16.2% |
| 1 year | −20.5% |
| 3 years | −41.2% |
| 5 years | −29.1% |
| 10 years | −41.5% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPXS |
|---|---|---|
| 2026 YTD | −19.1% | |
| 2025 | −41.5% | |
| 2024 | −44.3% | |
| 2023 | −45.9% |
SPXS in the news
SPXS Dividends
- 4.15%
- $1.15
- $0.34 per share
- Quarterly
SPXS Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 34.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −1.66
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −91.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −2.87
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
SPXS Cost
Overpaying vs SPDN, cheapest in Inverse S&P 500
$9,729
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
SPXS 1.04%
$19,334
SPDN 0.48% Cheapest
$9,605
Cost over time
Year by year
| Year | SPXS | SPDN | Overpaying |
|---|---|---|---|
| 10 | $1,831 | $865 | $966 |
| 20 | $6,867 | $3,328 | $3,539 |
| 30 | $19,334 | $9,605 | $9,729 |
Other funds in Inverse S&P 500
- ASHProShares Short S&P500Expense ratio 0.88%1 year return −3.9%
- ASPDNDirexion Daily S&P 500 Bear 1X ETFExpense ratio 0.48%1 year return −3.5%
- BSPXUProShares UltraPro Short S&P500Expense ratio 0.90%1 year return −20.7%
- BSDSProShares UltraShort S&P500Expense ratio 0.91%1 year return −12.0%
