IREZ vs. SPXU

Last updated Jul 17, 2026

IREZ (Tradr 2X Short IREN Daily ETF) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - IREZ is a Inverse Equities fund tracking the IREN Limited (IREN), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. IREZ charges 1.49%/yr vs 0.90%/yr for SPXU.

Performance

IREZ vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short IREN Daily ETF (IREZ) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IREZ

• 1D: 18.18%
• 1M: 132.38%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXU

• 1D: 1.61%
• 1M: -0.30%
• 6M: -21.86%
• YTD: -25.00%
• 1Y: -41.21%
• 3Y*: -39.91%
• 5Y*: -33.74%
• 10Y*: -41.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IREZ vs. SPXU - Yearly Performance Comparison

	2026 (YTD)
IREZ Tradr 2X Short IREN Daily ETF	-49.61%
SPXU ProShares UltraPro Short S&P500	-24.07%

Correlation

The correlation between IREZ and SPXU is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.53

Return for Risk

IREZ vs. SPXU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IREZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IREZ vs. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short IREN Daily ETF (IREZ) and ProShares UltraPro Short S&P500 (SPXU). 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.

	IREZ	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.10	—
Sortino ratio: Return per unit of downside risk	—	-1.71	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-0.94	—
Martin ratio: Return relative to average drawdown	—	-1.61	—

Drawdowns

IREZ vs. SPXU - Drawdown Comparison

The maximum IREZ drawdown since its inception was -87.43%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for IREZ and SPXU.

Drawdown Indicators

	IREZ	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-87.43%	-99.99%	+12.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-43.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.56%	—
Current Drawdown Current decline from peak	-67.38%	-99.99%	+32.61%
Average Drawdown Average peak-to-trough decline	-51.30%	-93.36%	+42.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.60%	—

Volatility

Volatility by Period

	IREZ	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	212.31%	37.51%	+174.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	212.31%	50.67%	+161.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	212.31%	53.33%	+158.98%

IREZ vs. SPXU - Expense Ratio Comparison

IREZ has a 1.49% expense ratio, which is higher than SPXU's 0.90% expense ratio.

Dividends

IREZ vs. SPXU - Dividend Comparison

IREZ has not paid dividends to shareholders, while SPXU's dividend yield for the trailing twelve months is around 6.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IREZ Tradr 2X Short IREN Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	6.92%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both IREZ and SPXU in my portfolio?

IREZ and SPXU have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREZ or SPXU?

On fees, SPXU is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IREZ or SPXU?

SPXU is cheaper with a 0.90% expense ratio, compared with 1.49% for IREZ.

Which ETF pays a higher dividend yield, IREZ or SPXU?

SPXU has the higher dividend yield at 6.92%, compared with 0.00% for IREZ.

What is the main difference between IREZ and SPXU?

IREZ is categorized as Inverse Equities, while SPXU is S&P 500. IREZ tracks IREN Limited (IREN), while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Tradr and ProShares. Their fees differ too: 1.49% for IREZ and 0.90% for SPXU.