EUM vs. SPDN
EUM (ProShares Short MSCI Emerging Markets) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, EUM returned -9.08%/yr vs -12.21%/yr for SPDN. A 0.67 correlation means they provide meaningful diversification when combined. EUM charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
EUM vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -16.78% return, which is significantly lower than SPDN's -7.06% return. Over the past 10 years, EUM has outperformed SPDN with an annualized return of -9.08%, while SPDN has yielded a comparatively lower -12.21% annualized return.
EUM
- 1D
- 2.11%
- 1M
- 6.40%
- 6M
- -11.71%
- YTD
- -16.78%
- 1Y
- -25.07%
- 3Y*
- -13.17%
- 5Y*
- -4.72%
- 10Y*
- -9.08%
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
EUM vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -16.78% | -22.61% | -0.83% | -3.89% | 21.11% | -1.32% | -24.37% | -15.27% | 14.60% | -28.08% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between EUM and SPDN is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.67 |
The correlation between EUM and SPDN shifts across timeframes, from 0.65 (5 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EUM vs. SPDN — Risk / Return Rank
EUM
SPDN
EUM vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.
| EUM | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.81 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.53 | +0.12 |
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Drawdowns
EUM vs. SPDN - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.19%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for EUM and SPDN.
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Drawdown Indicators
| EUM | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -75.31% | -17.88% |
Max Drawdown (1Y)Largest decline over 1 year | -33.23% | -15.93% | -17.30% |
Max Drawdown (3Y)Largest decline over 3 years | -47.97% | -38.24% | -9.73% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -43.85% | -7.02% |
Max Drawdown (10Y)Largest decline over 10 years | -66.12% | -73.97% | +7.85% |
Current DrawdownCurrent decline from peak | -92.49% | -74.97% | -17.52% |
Average DrawdownAverage peak-to-trough decline | -77.24% | -48.82% | -28.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.85% | 8.44% | +9.41% |
Volatility
EUM vs. SPDN - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 9.82% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.50%. This indicates that EUM'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
| EUM | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 3.50% | +6.32% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 10.09% | +11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.11% | 12.71% | +11.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.96% | 16.97% | +2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.75% | 18.00% | +2.75% |
EUM vs. SPDN - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
EUM vs. SPDN - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.06%, more than SPDN's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.06% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.34% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
EUM and SPDN have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (9.82%) compared to SPDN (3.50%). In terms of maximum drawdown, EUM dropped -93.19% vs SPDN's -75.31%.
On 10-year performance, EUM leads with -9.08% vs -12.21% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUM has performed better with a -9.08% return vs -12.21%. 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 0.95% for EUM.
EUM has the higher dividend yield at 4.06%, compared with 3.34% for SPDN.
EUM tracks MSCI Emerging Markets Index (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.02 vs -1.04), 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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