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AGG vs. SPDN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGG vs. SPDN

Last updated Jun 9, 2026

AGG (iShares Core U.S. Aggregate Bond ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AGG returned 1.52%/yr vs -12.43%/yr for SPDN. At a correlation of -0.07, they often move in opposite directions. AGG charges 0.03%/yr vs 0.50%/yr for SPDN.

Performance

AGG vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core U.S. Aggregate Bond ETF (AGG) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGG achieves a -0.08% return, which is significantly higher than SPDN's -5.89% return. Over the past 10 years, AGG has outperformed SPDN with an annualized return of 1.52%, while SPDN has yielded a comparatively lower -12.43% annualized return.

AGG

1D
0.00%
1M
-0.69%
YTD
-0.08%
6M
0.26%
1Y
4.97%
3Y*
3.88%
5Y*
-0.03%
10Y*
1.52%

SPDN

1D
-0.11%
1M
0.11%
YTD
-5.89%
6M
-5.63%
1Y
-14.82%
3Y*
-12.12%
5Y*
-8.55%
10Y*
-12.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGG vs. SPDN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AGG
iShares Core U.S. Aggregate Bond ETF		-0.08%7.19%1.31%5.65%-13.02%-1.77%7.48%8.46%0.09%3.55%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		-5.89%-11.09%-12.88%-15.04%18.63%-23.72%-24.56%-21.94%5.41%-17.16%

Correlation

The correlation between AGG and SPDN is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.25

Correlation (5Y)
Calculated over the trailing 5-year period

-0.19

Correlation (10Y)
Calculated over the trailing 10-year period

-0.07

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2016

-0.07

Over the past year, the inverse relationship between AGG and SPDN has strengthened: their correlation has moved from -0.07 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core U.S. Aggregate Bond ETF

Direxion Daily S&P 500 Bear 1x Shares

Often compared with AGG:
AGG vs. BNDAGG vs. TLTAGG vs. HYGAGG vs. FBNDAGG vs. PIMIXAGG vs. IUSBAGG vs. AGGH
Often compared with SPDN:
SPDN vs. SHSPDN vs. SPYSPDN vs. SPXUSPDN vs. SDSSPDN vs. VXZSPDN vs. QQQSPDN vs. SQQQ

Return for Risk

AGG vs. SPDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGG
AGG Risk / Return Rank: 4040
Overall Rank
AGG Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
AGG Sortino Ratio Rank: 4242
Sortino Ratio Rank
AGG Omega Ratio Rank: 3939
Omega Ratio Rank
AGG Calmar Ratio Rank: 4040
Calmar Ratio Rank
AGG Martin Ratio Rank: 3838
Martin Ratio Rank
SPDN
SPDN Risk / Return Rank: 11
Overall Rank
SPDN Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPDN Sortino Ratio Rank: 11
Sortino Ratio Rank
SPDN Omega Ratio Rank: 11
Omega Ratio Rank
SPDN Calmar Ratio Rank: 22
Calmar Ratio Rank
SPDN Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGG vs. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

AGGSPDNDifference
Sharpe ratioReturn per unit of total volatility
1.32
-1.21

+2.52

Sortino ratioReturn per unit of downside risk
1.94
-1.74

+3.69

Omega ratioGain probability vs. loss probability

1.23

0.81

+0.42

Calmar ratioReturn relative to maximum drawdown

1.81

-0.84

+2.64

Martin ratioReturn relative to average drawdown

5.44

-1.53

+6.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGG vs. SPDN - Sharpe Ratio Comparison

The current AGG Sharpe Ratio is 1.32, which is higher than the SPDN Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of AGG and SPDN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AGGSPDNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

-1.21

+2.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.00

-0.51

+0.50

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

-0.69

+0.97

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

-0.69

+1.27

Drawdowns

AGG vs. SPDN - Drawdown Comparison

The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for AGG and SPDN.

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Drawdown Indicators

AGGSPDNDifference

Max Drawdown

Largest peak-to-trough decline

-18.43%

-75.31%

+56.88%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-17.73%

+14.97%

Max Drawdown (3Y)

Largest decline over 3 years

-6.11%

-38.24%

+32.13%

Max Drawdown (5Y)

Largest decline over 5 years

-17.82%

-43.85%

+26.03%

Max Drawdown (10Y)

Largest decline over 10 years

-18.43%

-75.31%

+56.88%

Current Drawdown

Current decline from peak

-2.47%

-74.65%

+72.18%

Average Drawdown

Average peak-to-trough decline

-2.71%

-48.57%

+45.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.92%

9.71%

-8.79%

Volatility

AGG vs. SPDN - Volatility Comparison

The current volatility for iShares Core U.S. Aggregate Bond ETF (AGG) is 1.29%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 3.55%. This indicates that AGG experiences smaller price fluctuations and is considered to be less risky than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGGSPDNDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.29%

3.55%

-2.26%

Volatility (6M)

Calculated over the trailing 6-month period

2.77%

9.44%

-6.67%

Volatility (1Y)

Calculated over the trailing 1-year period

3.80%

12.33%

-8.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.09%

16.90%

-10.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.41%

18.05%

-12.64%

AGG vs. SPDN - Expense Ratio Comparison

AGG has a 0.03% expense ratio, which is lower than SPDN's 0.50% expense ratio.

Dividends

AGG vs. SPDN - Dividend Comparison

AGG's dividend yield for the trailing twelve months is around 4.00%, which matches SPDN's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
AGG
iShares Core U.S. Aggregate Bond ETF		4.00%3.89%3.74%3.13%2.39%1.77%2.14%2.70%2.72%2.32%2.39%2.45%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		4.01%4.06%5.32%5.84%0.96%0.00%0.10%1.89%1.24%0.42%0.00%0.00%

Frequently Asked Questions

AGG and SPDN have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPDN has higher volatility (3.55%) compared to AGG (1.29%). In terms of maximum drawdown, AGG dropped -18.43% vs SPDN's -75.31%.

On 10-year performance, AGG leads with 1.52% vs -12.43% for SPDN. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AGG has performed better with a 1.52% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AGG is cheaper with a 0.03% expense ratio, compared with 0.50% for SPDN.

AGG and SPDN have nearly identical dividend yields, around 4.00%.

AGG is categorized as Total Bond Market, while SPDN is Inverse Equities. AGG tracks Bloomberg U.S. Aggregate Bond Index, while SPDN tracks S&P 500 Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.03% for AGG and 0.50% for SPDN.

AGG currently has the higher Sharpe Ratio (1.32 vs -1.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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