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SPXS vs SPXU

Direxion Daily S&P 500 Bear 3X ETF

SPXSDNYSE Arca

ProShares UltraPro Short S&P500

SPXUBNYSE Arca

Overlap

Expense ratio

SPXU −0.14pt a year

SPXS1.04%SPXU0.90%

Avg volume · 30D

SPXS 1.5×the volume

SPXS11.9MSPXU8.02M

10Y return · a year

SPXS +0.5pt

SPXS−41.6%SPXU−42.1%

SPXS vs SPXU Performance

Oct 29, 2021 – Oct 30, 2026

−84.4%SPXS−85.3%SPXU

Oct 29, 2021 to Oct 30, 2026. SPXS −84.4%. SPXU −85.3%. Use the arrow keys to read each point.−50%−25%0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
SPXS 1.04%
SPXU 0.90%, better
Fund size
SPXS $313M
SPXU $428M
1Y total return
SPXS −25.1%, better
SPXU −25.3%
Yield (12M)
SPXS 4.50%
SPXU 6.05%, better
Holdings
SPXS 7
SPXU 7
Avg volume (30D)
SPXS 11.9M sh, better
SPXU 8.02M sh
NAV per share
SPXS $24.30
SPXU $36.03
52W range

ETF.net Grade

SPXS: Cost 15, Risk 33, Mission not scored, Tradability 54, Holdings not scored, Durability 40. SPXU: Cost 57, Risk 33, Mission 82, Tradability 54, Holdings 55, Durability 59.
Pillar letters and Scores for SPXS, SPXU, with each pillar’s weight
PillarSPXSSPXU
Cost30% weightF15B57Higher
Mission25% weightNot scoredA82
Risk15% weightD33D33
Tradability15% weightC54C54
Holdings10% weightNot scoredB55
Durability5% weightC40B59Higher

Rank among Inverse S&P 500 funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SPXS and SPXU 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 ›

SPXU ranks 3rd and SPXS 5th of 5 funds in the Inverse S&P 500 Category.

  1. Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
  2. Rank 2ASHProShares Short S&P500Score 71
  3. Rank 3BSPXUProShares UltraPro Short S&P500Score 59
  4. Rank 4BSDSProShares UltraShort S&P500Score 56
  5. Rank 5DSPXSDirexion Daily S&P 500 Bear 3X ETFScore 29

Our read on each fund

ETF.net Research

SPXSDDirexion Daily S&P 500 Bear 3X ETF

SPXUBProShares UltraPro Short S&P500

In short

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.

SPXU The maximum-strength short on the S&P 500. SPXU aims to deliver three times the index's inverse move each trading day, resetting every night, and it does it for less than the only other -3x bear fund on the index.

Stated mandate

SPXS The fund seeks daily investment results equal to 300% of the inverse performance of the S&P 500® Index, before fees and expenses.

SPXU The fund seeks daily results equal to three times the inverse performance of the S&P 500, before fees and expenses. It is designed for inverse exposure to declines in that index and is not intended to achieve its target over periods longer than one day.

Why people hold it

  • 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.
  • SPXU At 0.90%, it undercuts SPXS (1.04%), the only other fund chasing -3x daily on the S&P 500.
  • Tracks its stated daily target closely, which is the whole job for a leveraged fund and not a given in this corner of the market.
  • Trading since 2009 and one of the busier inverse funds around, so getting in and out is rarely the hard part.
  • One ticker replaces a margin account, borrowed shares or a futures position for short S&P 500 exposure.

Worth knowing

  • 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.
  • SPXU The target resets daily. Hold longer and compounding takes over, so multi-day results can drift well away from -3x the index move over that stretch.
  • Leverage cuts both ways: a market that climbs moves this fund down about three times as fast on the day.
  • 0.90% sits at the median for S&P bear funds. Gentler versions of the same trade exist, like SH at -1x and SDS at -2x.

Full SPXS profile⁠

Full SPXU profile⁠

SPXS vs SPXU 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.

SPXS vs SPXU Cost

Overpaying SPXS vs SPXU

$2,294

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

  • SPXS 1.04%

    $19,334

  • SPXU 0.90%

    $17,040

$10,000
30 years

Cost over time

  • SPXS 1.04%
  • SPXU 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPXS $19,334SPXU $17,040

Year by year

YearSPXSSPXUOverpaying
10$1,831$1,593$238
20$6,867$6,015$852
30$19,334$17,040$2,294

Expense ratio

  • 1.04%SPXS
  • 0.90%SPXU, cheaper
  • Middle half of Inverse S&P 500 funds
  • Median 0.90%

SPXU 3rd cheapest of 5 funds

SPXS 5th cheapest of 5 funds

SPXS vs SPXU Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SPXS 4.50%
SPXU 6.05%, better
Payout (12M)
SPXS $1.15
SPXU $2.18
Last payment
SPXS $0.34
SPXU $0.38
Ex-dividend
SPXS Sep 22, 2026
SPXU Sep 23, 2026
Paid on
SPXS Sep 29, 2026
SPXU Sep 29, 2026
Frequency
SPXS Quarterly
SPXU Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

SPXSQuarterly · 23 paymentsAll SPXS payments⁠
One bar per payment. 23 payments from 2018 to 2026 YTD. Mar 20, 2018 $0.29; Sep 25, 2018 $0.48; Dec 27, 2018 $10.18; Mar 19, 2019 $6.21; Jun 25, 2019 $7.50; Sep 24, 2019 $5.61; Dec 23, 2019 $3.68; Mar 24, 2020 $2.00; Mar 21, 2023 $2.33; Jun 21, 2023 $1.58; Sep 19, 2023 $1.59; Dec 21, 2023 $1.04; Mar 19, 2024 $0.14; Jun 25, 2024 $0.12; Sep 24, 2024 $0.84; Dec 23, 2024 $0.50; Mar 25, 2025 $0.84; Jun 24, 2025 $0.34; Sep 23, 2025 $0.37; Dec 23, 2025 $0.19; Mar 24, 2026 $0.38; Jun 23, 2026 $0.24; Sep 22, 2026 $0.34. Use the arrow keys to read each point.$0$10202020232026YTD
SPXUQuarterly · 10 paymentsAll SPXU payments⁠
One bar per payment. 10 payments from 2018 to 2026 YTD. Mar 20, 2024 $2.54; Jun 26, 2024 $2.32; Dec 23, 2024 $1.93; Mar 26, 2025 $1.04; Jun 25, 2025 $0.75; Sep 24, 2025 $0.74; Dec 24, 2025 $0.96; Mar 25, 2026 $0.45; Jun 24, 2026 $0.39; Sep 23, 2026 $0.38. Use the arrow keys to read each point.$0$10202020232026YTD

SPXS vs SPXU Risk

Fall from peak · 5 years

  • SPXS
  • SPXU
Oct 29, 2021 to Oct 30, 2026. Worst fall: SPXU −91.6% · Aug 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SPXS 34.1%SPXU 34.1%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
SPXS −1.66, betterSPXU −1.69
Worst fallMax drawdown, 5 years
SPXS −91.1%, betterSPXU −91.6%
Market sensitivityBeta, 5 years
SPXS −2.87SPXU −2.86

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