GPIQ vs. SPDN
GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. GPIQ is actively managed, while SPDN is passively managed. Over the past year, GPIQ returned 33.04% vs -14.82% for SPDN. At a correlation of -0.92, they often move in opposite directions. GPIQ charges 0.29%/yr vs 0.50%/yr for SPDN.
Performance
GPIQ vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GPIQ achieves a 14.88% return, which is significantly higher than SPDN's -5.89% return.
GPIQ
- 1D
- 1.46%
- 1M
- 0.97%
- YTD
- 14.88%
- 6M
- 14.06%
- 1Y
- 33.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- -0.11%
- 1M
- 0.11%
- YTD
- -5.89%
- 6M
- -5.63%
- 1Y
- -14.82%
- 3Y*
- -12.12%
- 5Y*
- -8.55%
- 10Y*
- -12.43%
GPIQ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF | 14.88% | 19.77% | 23.22% | 15.17% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.89% | -11.09% | -12.88% | -11.48% |
Correlation
The correlation between GPIQ and SPDN is -0.93, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | -0.92 |
The correlation between GPIQ and SPDN has been stable across timeframes, ranging from -0.93 to -0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GPIQ vs. SPDN — Risk / Return Rank
GPIQ
SPDN
GPIQ vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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.
| GPIQ | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.57 | ||
| Sortino ratioReturn per unit of downside risk | +4.80 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.81 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | -0.84 | +4.33 |
| Martin ratioReturn relative to average drawdown | 15.21 | -1.53 | +16.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GPIQ | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | -1.21 | +3.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.51 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.67 | -0.69 | +2.36 |
Drawdowns
GPIQ vs. SPDN - Drawdown Comparison
The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for GPIQ and SPDN.
Loading charts...
Drawdown Indicators
| GPIQ | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.06% | -75.31% | +54.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -17.73% | +8.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.24% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.31% | — |
Current DrawdownCurrent decline from peak | -3.08% | -74.65% | +71.57% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -48.57% | +46.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 9.71% | -7.53% |
Volatility
GPIQ vs. SPDN - Volatility Comparison
Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 5.54% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that GPIQ'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.
Loading charts...
Volatility by Period
| GPIQ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 3.55% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 11.32% | 9.44% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.07% | 12.33% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 16.90% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 18.05% | -0.42% |
GPIQ vs. SPDN - Expense Ratio Comparison
GPIQ has a 0.29% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
GPIQ vs. SPDN - Dividend Comparison
GPIQ's dividend yield for the trailing twelve months is around 9.60%, more than SPDN's 4.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF | 9.60% | 9.81% | 9.18% | 1.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.01% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
GPIQ and SPDN have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GPIQ has higher volatility (5.54%) compared to SPDN (3.55%). In terms of maximum drawdown, GPIQ dropped -21.06% vs SPDN's -75.31%.
On 1-year performance, GPIQ leads with 33.04% vs -14.82% for SPDN. On fees, GPIQ is cheaper at 0.29% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GPIQ has performed better with a 33.04% return vs -14.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GPIQ is cheaper with a 0.29% expense ratio, compared with 0.50% for SPDN.
GPIQ has the higher dividend yield at 9.60%, compared with 4.01% for SPDN.
GPIQ is categorized as Nasdaq-100, while SPDN is Inverse Equities. They also come from different issuers: Goldman Sachs and Direxion. Their fees differ too: 0.29% for GPIQ and 0.50% for SPDN.
GPIQ currently has the higher Sharpe Ratio (2.36 vs -1.21), 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.
Find the right allocation for GPIQ and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer