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 5 years, EUM returned -5.09%/yr vs -8.94%/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 -21.40% return, which is significantly lower than SPDN's -8.13% return.
EUM
- 1D
- 1.09%
- 1M
- -5.64%
- YTD
- -21.40%
- 6M
- -22.97%
- 1Y
- -32.85%
- 3Y*
- -15.90%
- 5Y*
- -5.09%
- 10Y*
- -10.22%
SPDN
- 1D
- -0.35%
- 1M
- -4.01%
- YTD
- -8.13%
- 6M
- -7.68%
- 1Y
- -17.23%
- 3Y*
- -12.98%
- 5Y*
- -8.94%
- 10Y*
- —
EUM vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.40% | -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 | -8.13% | -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 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.67 |
The correlation between EUM and SPDN has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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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.
| EUM | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.78 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.96 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.91 | -1.75 | -0.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUM | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.61 | -1.43 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.53 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.70 | +0.34 |
Drawdowns
EUM vs. SPDN - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.07%, 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 | -93.07% | -75.31% | -17.76% |
Max Drawdown (1Y)Largest decline over 1 year | -34.25% | -17.95% | -16.30% |
Max Drawdown (3Y)Largest decline over 3 years | -47.06% | -38.24% | -8.82% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -43.85% | -6.17% |
Max Drawdown (10Y)Largest decline over 10 years | -68.27% | — | — |
Current DrawdownCurrent decline from peak | -92.91% | -75.26% | -17.65% |
Average DrawdownAverage peak-to-trough decline | -77.17% | -48.55% | -28.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.41% | 9.84% | +7.57% |
Volatility
EUM vs. SPDN - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.72%. 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 | 8.73% | 2.72% | +6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 17.94% | 9.09% | +8.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 12.09% | +8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 16.86% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 18.03% | +2.51% |
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 4.54%, more than SPDN's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.54% | 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 | 4.11% | 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 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (8.73%) compared to SPDN (2.72%). In terms of maximum drawdown, EUM dropped -93.07% vs SPDN's -75.31%.
On 5-year performance, EUM leads with -5.09% vs -8.94% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EUM has performed better with a -5.09% return vs -8.94%. 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 4.54%, compared with 4.11% 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 (-1.43 vs -1.61), 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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