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 -52.16%/yr vs -11.48%/yr for SPDN. A 0.70 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 -26.43% return, which is significantly lower than SPDN's -7.60% return.
FLYD
- 1D
- -3.83%
- 1M
- 0.03%
- 6M
- -25.09%
- YTD
- -26.43%
- 1Y
- -39.59%
- 3Y*
- -52.16%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- -0.35%
- 1M
- 0.11%
- 6M
- -6.71%
- YTD
- -7.60%
- 1Y
- -13.64%
- 3Y*
- -11.48%
- 5Y*
- -8.38%
- 10Y*
- -12.29%
FLYD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -26.43% | -60.42% | -54.13% | -75.14% | -46.63% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.60% | -11.09% | -12.88% | -15.04% | -2.93% |
Correlation
The correlation between FLYD and SPDN is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.70 |
The correlation between FLYD and SPDN has been stable across timeframes, ranging from 0.61 to 0.70 - 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 | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.83 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.86 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.63 | +0.22 |
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Drawdowns
FLYD vs. SPDN - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.49%, 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 | -98.49% | -75.31% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -56.11% | -15.93% | -40.18% |
Max Drawdown (3Y)Largest decline over 3 years | -94.73% | -38.24% | -56.49% |
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 | -98.30% | -75.11% | -23.19% |
Average DrawdownAverage peak-to-trough decline | -83.46% | -48.81% | -34.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.12% | 8.39% | +19.73% |
Volatility
FLYD vs. SPDN - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 22.21% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.86%. 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 | 22.21% | 3.86% | +18.35% |
Volatility (6M)Calculated over the trailing 6-month period | 63.63% | 10.07% | +53.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.48% | 12.71% | +62.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.56% | 16.97% | +66.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.56% | 18.01% | +65.55% |
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 3.36%.
| 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 | 3.36% | 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 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (22.21%) compared to SPDN (3.86%). In terms of maximum drawdown, FLYD dropped -98.49% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.48% vs -52.16% for FLYD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.86%. 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 -11.48% return vs -52.16%. 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 3.36%, 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 (-0.53 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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