CNDI.TO vs. SPXD.TO
CNDI.TO (BetaPro S&P/TSX 60 Daily Inverse ETF) and SPXD.TO (BetaPro S&P 500 -2x Daily Bear ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, CNDI.TO returned -17.66%/yr vs -33.02%/yr for SPXD.TO. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
CNDI.TO vs. SPXD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNDI.TO achieves a -10.01% return, which is significantly higher than SPXD.TO's -16.73% return. Over the past 10 years, CNDI.TO has outperformed SPXD.TO with an annualized return of -17.66%, while SPXD.TO has yielded a comparatively lower -33.02% annualized return.
CNDI.TO
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -10.01%
- 6M
- -9.78%
- 1Y
- -23.26%
- 3Y*
- -15.69%
- 5Y*
- -10.71%
- 10Y*
- -17.66%
SPXD.TO
- 1D
- -1.59%
- 1M
- 2.08%
- YTD
- -16.73%
- 6M
- -15.52%
- 1Y
- -30.42%
- 3Y*
- -28.05%
- 5Y*
- -21.90%
- 10Y*
- -33.02%
CNDI.TO vs. SPXD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNDI.TO BetaPro S&P/TSX 60 Daily Inverse ETF | -10.01% | -21.77% | -12.57% | -5.07% | 6.35% | -23.93% | -57.94% | -17.07% | 8.27% | -9.53% |
SPXD.TO BetaPro S&P 500 -2x Daily Bear ETF | -16.73% | -28.74% | -30.20% | -32.04% | 32.32% | -43.18% | -74.72% | -42.74% | 5.32% | -33.38% |
Correlation
The correlation between CNDI.TO and SPXD.TO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2009 | 0.68 |
The correlation between CNDI.TO and SPXD.TO has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
CNDI.TO vs. SPXD.TO — Risk / Return Rank
CNDI.TO
SPXD.TO
CNDI.TO vs. SPXD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) and BetaPro S&P 500 -2x Daily Bear ETF (SPXD.TO). 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.
| CNDI.TO | SPXD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.80 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.95 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.77 | +0.21 |
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Drawdowns
CNDI.TO vs. SPXD.TO - Drawdown Comparison
The maximum CNDI.TO drawdown since its inception was -91.95%, smaller than the maximum SPXD.TO drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for CNDI.TO and SPXD.TO.
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Drawdown Indicators
| CNDI.TO | SPXD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.95% | -99.93% | +7.98% |
Max Drawdown (1Y)Largest decline over 1 year | -23.95% | -32.29% | +8.34% |
Max Drawdown (3Y)Largest decline over 3 years | -45.47% | -69.67% | +24.20% |
Max Drawdown (5Y)Largest decline over 5 years | -45.51% | -76.70% | +31.19% |
Max Drawdown (10Y)Largest decline over 10 years | -85.81% | -98.25% | +12.44% |
Current DrawdownCurrent decline from peak | -91.87% | -99.93% | +8.06% |
Average DrawdownAverage peak-to-trough decline | -54.35% | -89.70% | +35.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.99% | 17.51% | -2.52% |
Volatility
CNDI.TO vs. SPXD.TO - Volatility Comparison
The current volatility for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) is 3.45%, while BetaPro S&P 500 -2x Daily Bear ETF (SPXD.TO) has a volatility of 10.53%. This indicates that CNDI.TO experiences smaller price fluctuations and is considered to be less risky than SPXD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNDI.TO | SPXD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 10.53% | -7.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 20.21% | -10.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.00% | 25.07% | -13.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.07% | 33.77% | -20.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 38.74% | -16.81% |
Dividends
CNDI.TO vs. SPXD.TO - Dividend Comparison
Neither CNDI.TO nor SPXD.TO has paid dividends to shareholders.
Frequently Asked Questions
CNDI.TO and SPXD.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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