MYY vs. SPDN
MYY (ProShares Short S&P Mid Cap400) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - MYY tracks the S&P Mid Cap 400 (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, MYY returned -5.92%/yr vs -8.88%/yr for SPDN. Their correlation of 0.83 suggests significant overlap in exposure. MYY charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
MYY vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MYY achieves a -11.13% return, which is significantly lower than SPDN's -7.81% return.
MYY
- 1D
- 0.02%
- 1M
- -3.52%
- YTD
- -11.13%
- 6M
- -11.03%
- 1Y
- -16.67%
- 3Y*
- -9.90%
- 5Y*
- -5.92%
- 10Y*
- -11.12%
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
MYY vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -11.13% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between MYY and SPDN is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.83 |
The correlation between MYY and SPDN has been stable across timeframes, ranging from 0.75 to 0.83 - 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
MYY vs. SPDN — Risk / Return Rank
MYY
SPDN
MYY vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.
| MYY | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.78 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.95 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.74 | -0.01 |
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
| MYY | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.08 | -1.41 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | -0.53 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.53 | -0.70 | +0.17 |
Drawdowns
MYY vs. SPDN - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.08%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for MYY and SPDN.
Loading charts...
Drawdown Indicators
| MYY | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.08% | -75.31% | -19.77% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -17.95% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -33.48% | -38.24% | +4.76% |
Max Drawdown (5Y)Largest decline over 5 years | -36.20% | -43.85% | +7.65% |
Max Drawdown (10Y)Largest decline over 10 years | -71.22% | — | — |
Current DrawdownCurrent decline from peak | -95.07% | -75.17% | -19.90% |
Average DrawdownAverage peak-to-trough decline | -72.15% | -48.54% | -23.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.56% | 9.78% | -0.22% |
Volatility
MYY vs. SPDN - Volatility Comparison
ProShares Short S&P Mid Cap400 (MYY) has a higher volatility of 4.41% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.78%. This indicates that MYY'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
| MYY | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 2.78% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 11.40% | 9.08% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.59% | 12.10% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 16.86% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.25% | 18.04% | +3.21% |
MYY vs. SPDN - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
MYY vs. SPDN - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.45%, more than SPDN's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.45% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 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
MYY and SPDN have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MYY has higher volatility (4.41%) compared to SPDN (2.78%). In terms of maximum drawdown, MYY dropped -95.08% vs SPDN's -75.31%.
On 5-year performance, MYY leads with -5.92% vs -8.88% for SPDN. 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 5-year period, MYY has performed better with a -5.92% return vs -8.88%. 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 MYY.
MYY has the higher dividend yield at 4.45%, compared with 4.09% for SPDN.
MYY tracks S&P Mid Cap 400 (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MYY and 0.50% for SPDN.
MYY currently has the higher Sharpe Ratio (-1.08 vs -1.41), 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 MYY 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