ARKK vs. SPDN
ARKK (ARK Innovation ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - ARKK is a Technology Equities fund actively managed by ARK, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. ARKK is actively managed, while SPDN is passively managed. Over the past 10 years, ARKK returned 15.39%/yr vs -12.43%/yr for SPDN. At a correlation of -0.69, they often move in opposite directions. ARKK charges 0.75%/yr vs 0.50%/yr for SPDN.
Performance
ARKK vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, ARKK achieves a -1.35% return, which is significantly higher than SPDN's -5.89% return. Over the past 10 years, ARKK has outperformed SPDN with an annualized return of 15.39%, while SPDN has yielded a comparatively lower -12.43% annualized return.
ARKK
- 1D
- 1.87%
- 1M
- -4.10%
- YTD
- -1.35%
- 6M
- -7.42%
- 1Y
- 24.13%
- 3Y*
- 21.64%
- 5Y*
- -7.38%
- 10Y*
- 15.39%
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%
ARKK vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARKK ARK Innovation ETF | -1.35% | 35.49% | 8.40% | 69.04% | -66.97% | -23.60% | 152.71% | 35.08% | 3.52% | 87.33% |
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 ARKK and SPDN is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.69 |
The correlation between ARKK and SPDN has been stable across timeframes, ranging from -0.74 to -0.69 - a consistent structural relationship.
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Return for Risk
ARKK vs. SPDN — Risk / Return Rank
ARKK
SPDN
ARKK vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ARK Innovation ETF (ARKK) 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.
| ARKK | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.81 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.84 | +1.61 |
| Martin ratioReturn relative to average drawdown | 1.71 | -1.53 | +3.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ARKK | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | -1.21 | +1.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.16 | -0.51 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | -0.69 | +1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | -0.69 | +1.02 |
Drawdowns
ARKK vs. SPDN - Drawdown Comparison
The maximum ARKK drawdown since its inception was -80.97%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for ARKK and SPDN.
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Drawdown Indicators
| ARKK | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.97% | -75.31% | -5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -31.35% | -17.73% | -13.62% |
Max Drawdown (3Y)Largest decline over 3 years | -39.56% | -38.24% | -1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -77.23% | -43.85% | -33.38% |
Max Drawdown (10Y)Largest decline over 10 years | -80.97% | -75.31% | -5.66% |
Current DrawdownCurrent decline from peak | -50.87% | -74.65% | +23.78% |
Average DrawdownAverage peak-to-trough decline | -30.14% | -48.57% | +18.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.18% | 9.71% | +4.47% |
Volatility
ARKK vs. SPDN - Volatility Comparison
ARK Innovation ETF (ARKK) has a higher volatility of 11.34% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that ARKK's price experiences larger fluctuations and is considered to be riskier 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
| ARKK | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 3.55% | +7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 25.96% | 9.44% | +16.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.15% | 12.33% | +23.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.38% | 16.90% | +29.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.34% | 18.05% | +22.29% |
ARKK vs. SPDN - Expense Ratio Comparison
ARKK has a 0.75% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
ARKK vs. SPDN - Dividend Comparison
ARKK has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARKK ARK Innovation ETF | 0.00% | 0.00% | 0.00% | 0.70% | 0.00% | 0.55% | 1.64% | 0.38% | 3.14% | 1.32% | 0.00% | 2.27% |
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
ARKK and SPDN have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARKK has higher volatility (11.34%) compared to SPDN (3.55%). In terms of maximum drawdown, ARKK dropped -80.97% vs SPDN's -75.31%.
On 10-year performance, ARKK leads with 15.39% vs -12.43% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ARKK has performed better with a 15.39% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.75% for ARKK.
SPDN has the higher dividend yield at 4.01%, compared with 0.00% for ARKK.
ARKK is categorized as Technology Equities, while SPDN is Inverse Equities. They also come from different issuers: ARK and Direxion. Their fees differ too: 0.75% for ARKK and 0.50% for SPDN.
ARKK currently has the higher Sharpe Ratio (0.67 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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