GDXD vs. SPDN
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs -8.36%/yr for SPDN. At a 0.30 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
GDXD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than SPDN's -6.10% return.
GDXD
- 1D
- 14.60%
- 1M
- 10.85%
- YTD
- -44.09%
- 6M
- -36.28%
- 1Y
- -92.07%
- 3Y*
- -84.34%
- 5Y*
- -73.69%
- 10Y*
- —
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
GDXD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -44.09% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -2.38% |
Correlation
The correlation between GDXD and SPDN is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.30 |
The correlation between GDXD and SPDN shifts across timeframes, from 0.29 (5 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDXD vs. SPDN — Risk / Return Rank
GDXD
SPDN
GDXD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.
| GDXD | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.93 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.17 | -1.75 | +0.58 |
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Drawdowns
GDXD vs. SPDN - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for GDXD and SPDN.
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Drawdown Indicators
| GDXD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -75.31% | -24.65% |
Max Drawdown (1Y)Largest decline over 1 year | -96.33% | -16.05% | -80.28% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -38.24% | -61.62% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -43.85% | -56.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.31% | — |
Current DrawdownCurrent decline from peak | -99.92% | -74.71% | -25.21% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -48.66% | -23.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.80% | 9.44% | +69.36% |
Volatility
GDXD vs. SPDN - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.51%. This indicates that GDXD'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
| GDXD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.31% | 4.51% | +48.80% |
Volatility (6M)Calculated over the trailing 6-month period | 117.73% | 9.82% | +107.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.27% | 12.59% | +130.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.54% | 16.95% | +94.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.62% | 18.04% | +92.58% |
GDXD vs. SPDN - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
GDXD vs. SPDN - Dividend Comparison
GDXD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -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 | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
GDXD and SPDN have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (53.31%) compared to SPDN (4.51%). In terms of maximum drawdown, GDXD dropped -99.96% vs SPDN's -75.31%.
On 5-year performance, SPDN leads with -8.36% vs -73.69% for GDXD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDN has performed better with a -8.36% return vs -73.69%. 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 GDXD.
SPDN has the higher dividend yield at 4.02%, compared with 0.00% for GDXD.
GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SPDN tracks S&P 500 Index. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXD and 0.50% for SPDN.
GDXD currently has the higher Sharpe Ratio (-0.64 vs -1.19), 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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