GGLS vs. SPDN
GGLS (Direxion Daily GOOGL Bear 1X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - GGLS tracks the Alphabet Inc. Class A (--100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, GGLS returned -31.29%/yr vs -12.80%/yr for SPDN. A 0.62 correlation means they provide meaningful diversification when combined. GGLS charges 1.09%/yr vs 0.50%/yr for SPDN.
Performance
GGLS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, GGLS achieves a -14.40% return, which is significantly lower than SPDN's -7.81% return.
GGLS
- 1D
- 0.70%
- 1M
- 6.67%
- YTD
- -14.40%
- 6M
- -12.57%
- 1Y
- -55.43%
- 3Y*
- -31.29%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
GGLS vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | -14.40% | -42.64% | -26.50% | -37.72% | 19.63% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 3.08% |
Correlation
The correlation between GGLS and SPDN is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.62 |
The correlation between GGLS and SPDN has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.
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Return for Risk
GGLS vs. SPDN — Risk / Return Rank
GGLS
SPDN
GGLS vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily GOOGL Bear 1X Shares (GGLS) 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.
| GGLS | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.63 | 0.78 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.95 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.74 | +0.39 |
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
| GGLS | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.91 | -1.41 | -0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.95 | -0.70 | -0.26 |
Drawdowns
GGLS vs. SPDN - Drawdown Comparison
The maximum GGLS drawdown since its inception was -81.24%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for GGLS and SPDN.
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Drawdown Indicators
| GGLS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.24% | -75.31% | -5.93% |
Max Drawdown (1Y)Largest decline over 1 year | -60.43% | -17.95% | -42.48% |
Max Drawdown (3Y)Largest decline over 3 years | -73.06% | -38.24% | -34.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Current DrawdownCurrent decline from peak | -78.97% | -75.17% | -3.80% |
Average DrawdownAverage peak-to-trough decline | -46.86% | -48.54% | +1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.18% | 9.78% | +31.40% |
Volatility
GGLS vs. SPDN - Volatility Comparison
Direxion Daily GOOGL Bear 1X Shares (GGLS) has a higher volatility of 8.19% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.78%. This indicates that GGLS'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
| GGLS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.19% | 2.78% | +5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 21.23% | 9.08% | +12.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.17% | 12.10% | +17.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.27% | 16.86% | +14.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 18.04% | +13.23% |
GGLS vs. SPDN - Expense Ratio Comparison
GGLS has a 1.09% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
GGLS vs. SPDN - Dividend Comparison
GGLS's dividend yield for the trailing twelve months is around 4.93%, more than SPDN's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | 4.93% | 4.87% | 4.31% | 5.80% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.09% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
GGLS and SPDN have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLS has higher volatility (8.19%) compared to SPDN (2.78%). In terms of maximum drawdown, GGLS dropped -81.24% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -12.80% vs -31.29% for GGLS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. 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 -12.80% return vs -31.29%. 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 1.09% for GGLS.
GGLS has the higher dividend yield at 4.93%, compared with 4.09% for SPDN.
GGLS tracks Alphabet Inc. Class A (--100%), while SPDN tracks S&P 500 Index. Their fees differ too: 1.09% for GGLS and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.41 vs -1.91), 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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