ANGL vs. SPDN
ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ANGL returned 6.28%/yr vs -12.53%/yr for SPDN. At a correlation of -0.65, they often move in opposite directions. ANGL charges 0.35%/yr vs 0.50%/yr for SPDN.
Performance
ANGL vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ANGL achieves a 1.87% return, which is significantly higher than SPDN's -6.10% return. Over the past 10 years, ANGL has outperformed SPDN with an annualized return of 6.28%, while SPDN has yielded a comparatively lower -12.53% annualized return.
ANGL
- 1D
- 0.03%
- 1M
- 1.57%
- YTD
- 1.87%
- 6M
- 2.30%
- 1Y
- 7.82%
- 3Y*
- 8.49%
- 5Y*
- 3.32%
- 10Y*
- 6.28%
SPDN
- 1D
- -0.45%
- 1M
- 0.11%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -15.56%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
ANGL vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 1.87% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 9.71% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between ANGL and SPDN is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.65 |
The correlation between ANGL and SPDN has been stable across timeframes, ranging from -0.70 to -0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ANGL vs. SPDN — Risk / Return Rank
ANGL
SPDN
ANGL vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ANGL | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.87 | ||
| Sortino ratioReturn per unit of downside risk | +4.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.82 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | -0.82 | +2.66 |
| Martin ratioReturn relative to average drawdown | 7.72 | -1.46 | +9.19 |
Loading charts...
Drawdowns
ANGL vs. SPDN - Drawdown Comparison
The maximum ANGL drawdown since its inception was -29.31%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for ANGL and SPDN.
Loading charts...
Drawdown Indicators
| ANGL | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -75.31% | +46.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -17.73% | +13.68% |
Max Drawdown (3Y)Largest decline over 3 years | -5.48% | -38.24% | +32.76% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -43.85% | +24.60% |
Max Drawdown (10Y)Largest decline over 10 years | -29.31% | -75.31% | +46.00% |
Current DrawdownCurrent decline from peak | 0.00% | -74.71% | +74.71% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -48.59% | +45.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 9.89% | -8.92% |
Volatility
ANGL vs. SPDN - Volatility Comparison
The current volatility for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) is 1.45%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.18%. This indicates that ANGL 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.
Loading charts...
Volatility by Period
| ANGL | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 4.18% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 3.54% | 9.71% | -6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 12.52% | -8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.63% | 16.92% | -9.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.28% | 18.05% | -8.77% |
ANGL vs. SPDN - Expense Ratio Comparison
ANGL has a 0.35% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
ANGL vs. SPDN - Dividend Comparison
ANGL's dividend yield for the trailing twelve months is around 6.35%, more than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 6.35% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 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
ANGL and SPDN have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.18%) compared to ANGL (1.45%). In terms of maximum drawdown, ANGL dropped -29.31% vs SPDN's -75.31%.
On 10-year performance, ANGL leads with 6.28% vs -12.53% for SPDN. On fees, ANGL is cheaper at 0.35% per year. On volatility, ANGL has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ANGL has performed better with a 6.28% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL is cheaper with a 0.35% expense ratio, compared with 0.50% for SPDN.
ANGL has the higher dividend yield at 6.35%, compared with 4.02% for SPDN.
ANGL is categorized as High Yield Bonds, while SPDN is Inverse Equities. ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index, while SPDN tracks S&P 500 Index. They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.35% for ANGL and 0.50% for SPDN.
ANGL currently has the higher Sharpe Ratio (1.71 vs -1.16), 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.
Find the right allocation for ANGL and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer