SPDN vs SPXS: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bear 1X ETF

SPDNANYSE Arca

Direxion Daily S&P 500 Bear 3X ETF

SPXSDNYSE Arca

Overlap

0.0%by weight

Expense ratio

SPDN −0.56pt a year

SPDN0.48%SPXS1.04%

Avg volume · 30D

SPDN 3.2×the volume

SPDN38MSPXS11.9M

10Y return · a year

SPDN +29.4pt

SPDN−12.2%SPXS−41.6%

SPDN vs SPXS Performance

Oct 29, 2021 – Oct 30, 2026

−29.8%SPDN−84.4%SPXS

Expense ratio: SPDN 0.48%, better; SPXS 1.04%
Fund size: SPDN $291M; SPXS $313M
1Y total return: SPDN −5.6%, better; SPXS −25.1%
Yield (12M): SPDN 3.63%; SPXS 4.50%, better
Holdings: SPDN 3; SPXS 7
Avg volume (30D): SPDN 38M sh, better; SPXS 11.9M sh
NAV per share: SPDN $8.45; SPXS $24.30
52W range

ETF.net Grade

Pillar letters and Scores for SPDN, SPXS, with each pillar’s weight
Pillar	SPDN	SPXS
Cost30% weight	A87Higher	F15
Mission25% weight	Not scored	Not scored
Risk15% weight	B66Higher	D33
Tradability15% weight	B65Higher	C54
Holdings10% weight	Not scored	Not scored
Durability5% weight	C40	C40

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SPDN and SPXS are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SPDN ranks 1st and SPXS 5th of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 4BSDSProShares UltraShort S&P500Score 56
Rank 5DSPXSDirexion Daily S&P 500 Bear 3X ETFScore 29

Our read on each fund

ETF.net Research

SPDNADirexion Daily S&P 500 Bear 1X ETF

SPXSDDirexion Daily S&P 500 Bear 3X ETF

In short

SPDN A bet against the S&P 500 without the leverage: SPDN aims for the index's daily move in reverse, one for one, at 0.48% net of a waiver through September 1, 2027, the lowest fee in its short-S&P group.

SPXS A 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

SPDN The fund seeks daily results equal to 100% of the inverse performance of the S&P 500® Index, before fees and expenses.

SPXS 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

SPDN 0.48% net of a waiver through September 1, 2027 (0.54% gross), against 0.88% for SH, 0.91% for SDS and 1.04% for SPXS. The cheapest ticket in the group.
One times inverse, not 2x or 3x: it targets roughly a 1% gain for each 1% the S&P 500 drops that day, without the amplified swings of SDS or SPXS.direxion.com
Listed since 2016 and very actively traded for a corner this small, which matters when the whole point is getting in and out on a single session.
Among the strongest implementations in its small bear-S&P peer group, helped by the lowest fee and the absence of leverage.

SPXS One of the bluntest ways to take the other side of the S&P 500: it targets 300% of the index's inverse daily move, before fees and expenses.direxion.com
No margin account, no stock borrow, no broker calling in the short. You buy shares in a normal account, and the most at stake is what you put in.direxion.com
Among the most heavily traded funds in its corner of the market, so getting in and out rarely means hunting for the other side of the trade.
Launched in November 2008, it has run its daily-reset machinery through crashes, melt-ups and volatility spikes rather than one calm stretch of market.

Worth knowing

SPDN The reset is daily. Direxion's filing says returns over periods longer than a trading day may have no resemblance to -100% of the index, with volatility and compounding driving the gap.sec.gov
Direxion states there is no guarantee the fund achieves its stated objective. The -100% daily target is an aim, not an outcome.direxion.com
That 0.48% rides on a waiver through September 1, 2027. The gross ratio is 0.54%, and the cap stops applying after that date unless it is renewed.

SPXS The 3x objective resets every day. Hold it longer and compounding can push the result well away from three times the index move over that stretch, either direction.
At 1.04% a year it sits above the roughly 0.90% typical of this peer group, and a 1x short such as SPDN charges 0.54% for the same directional view.
Leverage runs both ways: a 1% index gain is designed to move the fund about 3% the other direction, which makes this a position to watch intraday, not park.

Full SPDN profile⁠

Full SPXS profile⁠

SPDN vs SPXS Holdings

How SPDN and SPXS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SPDN and 0.0% of SPXS.

Level by level

Holdings0 in both0.0%
Asset classLeveraged/Inverse100%

Sector

No Sector split for SPDN and SPXS.

Country, concentration and asset class

Country by domicile

No country split for SPDN and SPXS.

Concentration

Weight in the 10 largest Holdings

SPDN12924.1%
SPXS158.1%

Securities held

SPDN2
SPXS0

Asset class

SPDN: Leveraged/Inverse
SPXS: Leveraged/Inverse

Holdings

Only in SPDN2
In both0
Only in SPXS0

Only in SPDN

2 securities, 100% of SPDN by weight

Goldman Sachs Fin Gov 465 Institut1867.85%
Goldman Finl Sq Trsry Inst 5060.00%

Only in SPXS

0 securities, 0.0% of SPXS by weight

Weight gaps

SPDN and SPXS share no securities.

All 6 SPDN holdings⁠All 12 SPXS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPDN vs SPXS Cost

Overpaying SPXS vs SPDN

$9,729

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPDN 0.48%
$9,605
SPXS 1.04%
$19,334

Amount$10,000

Years30 years

Cost over time

SPDN 0.48%
SPXS 1.04%
Overpaying

Year by year

Year	SPDN	SPXS	Overpaying
10	$865	$1,831	$966
20	$3,328	$6,867	$3,539
30	$9,605	$19,334	$9,729

Expense ratio

0.48%SPDN, cheaper
1.04%SPXS

SPDN0.48%SPXS1.04%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SPDN cheapest of 5 funds

SPXS 5th cheapest of 5 funds

SPDN vs SPXS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPDN 3.63%; SPXS 4.50%, better
Payout (12M): SPDN $0.31; SPXS $1.15
Last payment: SPDN $0.12; SPXS $0.34
Ex-dividend: SPDN Sep 22, 2026; SPXS Sep 22, 2026
Paid on: SPDN Sep 29, 2026; SPXS Sep 29, 2026
Frequency: SPDN Quarterly; SPXS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPDNQuarterly · 29 paymentsAll SPDN payments⁠

SPXSQuarterly · 23 paymentsAll SPXS payments⁠

SPDN vs SPXS Risk

Fall from peak · 5 years

SPDN
SPXS

Risk facts

VolatilityStd dev, 3 years: SPDN 11.9%, betterSPXS 34.1%
Return per unit of riskSharpe ratio, 3 years: SPDN −1.54, betterSPXS −1.66
Worst fallMax drawdown, 5 years: SPDN −44.8%, betterSPXS −91.1%
Market sensitivityBeta, 5 years: SPDN −0.97SPXS −2.87; Market = 1

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