CLSZ vs. SPDN

Last updated Jun 6, 2026

CLSZ (Tradr 2X Short CLSK Daily ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - CLSZ tracks the CleanSpark, Inc. (CLSK) while SPDN tracks the S&P 500 Index. Both are passively managed. A 0.66 correlation means they provide meaningful diversification when combined. CLSZ charges 1.49%/yr vs 0.50%/yr for SPDN.

Performance

CLSZ vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short CLSK Daily ETF (CLSZ) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CLSZ

• 1D: 13.82%
• 1M: -26.48%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDN

• 1D: 2.55%
• 1M: -0.11%
• YTD: -5.78%
• 6M: -5.23%
• 1Y: -15.66%
• 3Y*: -12.17%
• 5Y*: -8.48%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CLSZ vs. SPDN - Yearly Performance Comparison

	2026 (YTD)
CLSZ Tradr 2X Short CLSK Daily ETF	-78.94%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.18%

Correlation

The correlation between CLSZ and SPDN is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026	0.66

Return for Risk

CLSZ vs. SPDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 1

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.

CLSZ vs. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short CLSK Daily ETF (CLSZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CLSZ	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.27	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.68	+0.01

Drawdowns

CLSZ vs. SPDN - Drawdown Comparison

The maximum CLSZ drawdown since its inception was -87.06%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for CLSZ and SPDN.

Drawdown Indicators

	CLSZ	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-75.31%	-11.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.73%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-38.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.85%	—
Current Drawdown Current decline from peak	-81.64%	-74.62%	-7.02%
Average Drawdown Average peak-to-trough decline	-44.24%	-48.56%	+4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.89%	—

Volatility

Volatility by Period

	CLSZ	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	148.64%	12.37%	+136.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	148.64%	16.89%	+131.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	148.64%	18.05%	+130.59%

CLSZ vs. SPDN - Expense Ratio Comparison

CLSZ has a 1.49% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

CLSZ vs. SPDN - Dividend Comparison

CLSZ has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLSZ Tradr 2X Short CLSK Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	4.00%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both CLSZ and SPDN in my portfolio?

CLSZ and SPDN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLSZ or SPDN?

On fees, SPDN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLSZ or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.49% for CLSZ.

Which ETF pays a higher dividend yield, CLSZ or SPDN?

SPDN has the higher dividend yield at 4.00%, compared with 0.00% for CLSZ.

What is the main difference between CLSZ and SPDN?

CLSZ tracks CleanSpark, Inc. (CLSK), while SPDN tracks S&P 500 Index. They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.49% for CLSZ and 0.50% for SPDN.