FLYD vs. SPDN
FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - FLYD tracks the MerQube MicroSectors U.S. Travel Index while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, FLYD returned -56.28%/yr vs -11.77%/yr for SPDN. A 0.71 correlation means they provide meaningful diversification when combined. FLYD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
FLYD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, FLYD achieves a -30.35% return, which is significantly lower than SPDN's -5.13% return.
FLYD
- 1D
- 3.79%
- 1M
- -24.33%
- YTD
- -30.35%
- 6M
- -26.65%
- 1Y
- -55.29%
- 3Y*
- -56.28%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.00%
- 1M
- 2.55%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.11%
- 3Y*
- -11.77%
- 5Y*
- -8.13%
- 10Y*
- -12.75%
FLYD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -30.35% | -60.42% | -54.13% | -75.14% | -46.63% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | -2.93% |
Correlation
The correlation between FLYD and SPDN is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.71 |
The correlation between FLYD and SPDN has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
FLYD vs. SPDN — Risk / Return Rank
FLYD
SPDN
FLYD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.
| FLYD | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.84 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.83 | -0.18 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.61 | -0.46 |
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Drawdowns
FLYD vs. SPDN - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.45%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for FLYD and SPDN.
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Drawdown Indicators
| FLYD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.45% | -75.31% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -55.15% | -15.93% | -39.22% |
Max Drawdown (3Y)Largest decline over 3 years | -94.61% | -38.24% | -56.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.83% | — |
Current DrawdownCurrent decline from peak | -98.39% | -74.45% | -23.94% |
Average DrawdownAverage peak-to-trough decline | -83.26% | -48.68% | -34.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.03% | 8.62% | +21.41% |
Volatility
FLYD vs. SPDN - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 26.01% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.61%. This indicates that FLYD'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
| FLYD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.01% | 4.61% | +21.40% |
Volatility (6M)Calculated over the trailing 6-month period | 62.95% | 9.88% | +53.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.71% | 12.59% | +63.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.83% | 16.95% | +66.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.83% | 18.03% | +65.80% |
FLYD vs. SPDN - Expense Ratio Comparison
FLYD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
FLYD vs. SPDN - Dividend Comparison
FLYD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 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 | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
FLYD and SPDN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (26.01%) compared to SPDN (4.61%). In terms of maximum drawdown, FLYD dropped -98.45% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.77% vs -56.28% for FLYD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.77% return vs -56.28%. 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 FLYD.
SPDN has the higher dividend yield at 3.27%, compared with 0.00% for FLYD.
FLYD tracks MerQube MicroSectors U.S. Travel Index, while SPDN tracks S&P 500 Index. They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for FLYD and 0.50% for SPDN.
FLYD currently has the higher Sharpe Ratio (-0.73 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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