DWSH vs. SPDN
DWSH (AdvisorShares Dorsey Wright Short ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. DWSH is actively managed, while SPDN is passively managed. Over the past 5 years, DWSH returned -4.38%/yr vs -8.05%/yr for SPDN. Their 0.66 correlation means they have sometimes moved together and sometimes differently. DWSH charges 3.67%/yr vs 0.50%/yr for SPDN.
Performance
DWSH vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, DWSH achieves a -11.96% return, which is significantly lower than SPDN's -7.60% return.
DWSH
- 1D
- -2.20%
- 1M
- -5.81%
- 6M
- -8.92%
- YTD
- -11.96%
- 1Y
- -17.15%
- 3Y*
- -4.29%
- 5Y*
- -4.38%
- 10Y*
- —
- ALL TIME*
- -14.49%
SPDN
- 1D
- -1.26%
- 1M
- -1.26%
- 6M
- -6.41%
- YTD
- -7.60%
- 1Y
- -13.89%
- 3Y*
- -11.77%
- 5Y*
- -8.05%
- 10Y*
- -12.20%
- ALL TIME*
- -12.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $237.81K | $562.58K | $421.31K | |
| $425.95M | $381.98M | $425.70M |
DWSH vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | -11.96% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.37% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.60% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 10.81% |
Correlation
The correlation between DWSH and SPDN is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.66 |
Over the past year, the correlation between DWSH and SPDN has dropped to 0.34 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
DWSH vs. SPDN — Risk / Return Rank
DWSH
SPDN
DWSH vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.
| DWSH | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.83 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.88 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.88 | -1.62 | -0.26 |
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Drawdowns
DWSH vs. SPDN - Drawdown Comparison
The maximum DWSH drawdown since its inception was -83.80%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for DWSH and SPDN.
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Drawdown Indicators
| DWSH | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.80% | -75.31% | -8.49% |
Max Drawdown (1Y)Largest decline over 1 year | -20.08% | -15.93% | -4.15% |
Max Drawdown (3Y)Largest decline over 3 years | -33.61% | -38.24% | +4.63% |
Max Drawdown (5Y)Largest decline over 5 years | -37.03% | -43.85% | +6.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -83.64% | -75.11% | -8.53% |
Average DrawdownAverage peak-to-trough decline | -63.95% | -48.94% | -15.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.24% | 8.95% | +0.29% |
Volatility
DWSH vs. SPDN - Volatility Comparison
AdvisorShares Dorsey Wright Short ETF (DWSH) has a higher volatility of 12.14% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.76%. This indicates that DWSH'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
| DWSH | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.14% | 3.76% | +8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 18.18% | 10.21% | +7.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.70% | 12.94% | +9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 16.98% | +9.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 18.04% | +13.23% |
DWSH vs. SPDN - Expense Ratio Comparison
DWSH has a 3.67% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
DWSH vs. SPDN - Dividend Comparison
DWSH's dividend yield for the trailing twelve months is around 7.17%, more than SPDN's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 7.17% | 6.31% | 6.17% | 10.28% | 0.00% | 0.00% | 0.00% | 0.14% | 0.12% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.36% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
DWSH and SPDN have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (12.14%) compared to SPDN (3.76%). In terms of maximum drawdown, DWSH dropped -83.80% vs SPDN's -75.31%.
On 5-year performance, DWSH leads with -4.38% vs -8.05% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DWSH has performed better with a -4.38% return vs -8.05%. 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 3.67% for DWSH.
DWSH has the higher dividend yield at 7.17%, compared with 3.36% for SPDN.
They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.67% for DWSH and 0.50% for SPDN.
DWSH currently has the higher Sharpe Ratio (-0.76 vs -1.08), 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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