Direxion Daily S&P 500 Bear 3X Shares (SPXS) Performance
SPXS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −26.6% since Dec 31, 2025
- 1 year
- −29.5% total return
- 5 years
- −31.5% a year
- 10 years
- −41.4% a year
- Since first price
- −43.5% a year since 2008
SPXS trailing returns vs SPY, QQQ, AGG
| Period | SPXS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.1% | +4.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −7.1% | −8.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −17.6% | −19.5% | +7.8% | +8.4% | −1.5% |
| YTD | −26.6% | −29.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −29.5% | −32.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −82.9%−44.5%/yr | −84.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −84.9%−31.5%/yr | −87.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −99.5%−41.4%/yr | −99.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.96%−41.1%/yr | −99.97% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 5, 2008 | −100.00%−43.5%/yr | −100.00% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPXS vs SPY
From Nov 5, 2008: SPXS grew to $0, SPY to $109,469.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPXS returns by calendar year
2 of 17 full years positive. Best 2022 (+36.1%), worst 2009 (−70.7%). 2026 is year to date.
SPXS annual returns table
| Year | SPXS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −26.6% | −46.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −41.5% | −64.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −42.8% | −51.1% | +24.9% | +25.6% | +1.3% |
| 2023 | −46.0% | −47.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +36.1% | −40.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −58.1% | −60.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −70.5% | −85.8% | +18.3% | +48.6% | +7.5% |
| 2019 | −56.4% | −59.9% | +31.2% | +39.0% | +8.5% |
| 2018 | +3.4% | −35.3% | −4.6% | −0.1% | +0.1% |
| 2017 | −44.5% | −44.1% | +21.7% | +32.7% | +3.6% |
| 2016 | −36.2% | −54.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −17.9% | −34.9% | +1.2% | +9.4% | +0.5% |
| 2014 | −38.0% | −49.6% | +13.5% | +19.2% | +6.0% |
| 2013 | −60.7% | −57.8% | +32.3% | +36.6% | −2.0% |
| 2012 | −42.7% | −42.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −32.7% | −46.7% | +1.9% | +3.4% | +7.7% |
| 2010 | −48.7% | −55.2% | +15.1% | +19.9% | +6.4% |
| 2009 | −70.7% | −82.7% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPXS largest drawdowns
Now 100.00% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2009 | −100.00% | Aug 13, 2026 | not yet | 17.4 years | 17.6 years so far |
| Nov 21, 2008 | −45.8% | Jan 6, 2009 | Mar 2, 2009 | 46 days | 3 months |
| Nov 12, 2008 | −20.4% | Nov 13, 2008 | Nov 19, 2008 | 1 days | 7 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPXS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −43.7% | −34.0% | −41.3% | −43.8% |
| Volatility (annualized) | 34.3% | 45.4% | 42.5% | 41.4% |
| Sharpe ratio | -1.59 | -0.75 | -1.07 | -1.18 |
| Sortino ratio | -1.65 | -0.97 | -1.29 | -1.36 |
| Best month | +18.0% | +30.9% | +30.9% | +30.9% |
| Worst month | −25.8% | −25.8% | −36.2% | −36.2% |
| Best 12 months | −14.4% | +36.1% | +36.1% | +36.1% |
| Worst 12 months | −57.2% | −57.2% | −80.3% | −81.4% |
| Positive months | 33% | 38% | 29% | 29% |
| Beta vs S&P 500 | -2.70 | -2.86 | -2.63 | — |
| Correlation with S&P 500 | -0.98 | -0.99 | -0.95 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPXS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −81.4% | −41.4% | +36.1% | 4% |
| 3-year (a year) | 180 | −63.3% | −41.7% | −23.4% | 0% |
| 5-year (a year) | 156 | −57.4% | −41.5% | −28.5% | 0% |
| 10-year (a year) | 96 | −46.4% | −41.1% | −37.4% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
SPXS performance overview
Direxion Daily S&P 500 Bear 3X Shares (SPXS) returned −29.5% over the past year and −41.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −43.5% a year, turning $10,000 into about $0. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −100.00%, from Mar 9, 2009 to Aug 13, 2026; the fund has not yet regained that high. SPXS finished 2 of its 17 full calendar years with a gain; the best year was 2022 (+36.1%) and the worst 2009 (−70.7%). Volatility has been 41.4% a year.
Related: SPXS chart, SPXS dividends. See the SPXS overview for the latest quote and fund facts.
SPXS performance FAQ
What is the SPXS return over the past year?
SPXS returned −29.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 32.2%.
What is the average annual return of SPXS?
SPXS has returned −31.5% a year over 5 years, −41.4% a year over 10 years, −43.5% a year since November 5, 2008 (total return, distributions reinvested).
How much would $10,000 invested in SPXS be worth?
$10,000 invested in SPXS at its first recorded close on November 5, 2008 would be worth about $0 on October 23, 2026 with distributions reinvested.
What was the worst year for SPXS?
The worst calendar year was 2009, with a total return of −70.7%. The best was 2022 at +36.1%.
What is the biggest drawdown of SPXS?
The largest peak-to-trough decline was −100.00% between March 9, 2009 and August 13, 2026. It has not yet recovered to that high; it is 100.00% below its peak.
How volatile is SPXS?
Over the past 3 years SPXS had an annualized volatility of 34.3% and a Sharpe ratio of -1.59 (excess return over 1–3 month T-bills per unit of risk).