CRCD vs. SPDN
CRCD (T-REX 2X Inverse CRCL Daily Target ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. CRCD is actively managed, while SPDN is passively managed. Their 0.45 correlation means their historical movements had little consistent relationship. CRCD charges 1.50%/yr vs 0.50%/yr for SPDN.
Performance
CRCD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, CRCD achieves a -83.29% return, which is significantly lower than SPDN's -5.67% return.
CRCD
- 1D
- 4.36%
- 1M
- 3.99%
- 6M
- -85.88%
- YTD
- -83.29%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
SPDN
- 1D
- -0.23%
- 1M
- -1.01%
- 6M
- -4.14%
- YTD
- -5.67%
- 1Y
- -9.99%
- 3Y*
- -10.46%
- 5Y*
- -7.58%
- 10Y*
- -12.05%
- ALL TIME*
- -12.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.54M | $9.75M | $17.00M | |
| $386.73M | $332.63M | $412.80M |
CRCD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCD T-REX 2X Inverse CRCL Daily Target ETF | -83.29% | 38.83% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.67% | -2.31% |
Correlation
The correlation between CRCD and SPDN is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025 | 0.45 |
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Return for Risk
CRCD vs. SPDN — Risk / Return Rank
CRCD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPDN
CRCD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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.
| CRCD | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.88 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.63 | — |
| Martin ratioReturn relative to average drawdown | — | -1.14 | — |
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Drawdowns
CRCD vs. SPDN - Drawdown Comparison
The maximum CRCD drawdown since its inception was -96.95%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for CRCD and SPDN.
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Drawdown Indicators
| CRCD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.95% | -75.31% | -21.64% |
Max Drawdown (1Y)Largest decline over 1 year | — | -15.93% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.24% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -92.08% | -74.59% | -17.49% |
Average DrawdownAverage peak-to-trough decline | -61.23% | -48.90% | -12.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 8.78% | — |
Volatility
CRCD vs. SPDN - Volatility Comparison
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Volatility by Period
| CRCD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.92% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 199.82% | 12.79% | +187.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 199.82% | 16.95% | +182.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 199.82% | 18.02% | +181.80% |
CRCD vs. SPDN - Expense Ratio Comparison
CRCD has a 1.50% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
CRCD vs. SPDN - Dividend Comparison
CRCD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CRCD T-REX 2X Inverse CRCL Daily Target 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 | 3.29% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
CRCD and SPDN have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.50% for CRCD.
SPDN has the higher dividend yield at 3.29%, compared with 0.00% for CRCD.
They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.50% for CRCD and 0.50% for SPDN.
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