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 10 years, MYY returned -11.74%/yr vs -12.75%/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
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Returns By Period
In the year-to-date period, MYY achieves a -12.52% return, which is significantly lower than SPDN's -5.13% return. Over the past 10 years, MYY has outperformed SPDN with an annualized return of -11.74%, while SPDN has yielded a comparatively lower -12.75% annualized return.
MYY
- 1D
- -0.74%
- 1M
- -2.15%
- YTD
- -12.52%
- 6M
- -10.65%
- 1Y
- -17.63%
- 3Y*
- -10.09%
- 5Y*
- -6.17%
- 10Y*
- -11.74%
SPDN
- 1D
- 0.00%
- 1M
- 2.55%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.11%
- 3Y*
- -11.77%
- 5Y*
- -8.13%
- 10Y*
- -12.75%
MYY vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -12.52% | -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 | -5.13% | -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 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.83 |
The correlation between MYY and SPDN has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.
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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.
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.
| MYY | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.83 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.96 | -1.61 | -0.35 |
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Drawdowns
MYY vs. SPDN - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.15%, 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.
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Drawdown Indicators
| MYY | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.15% | -75.31% | -19.84% |
Max Drawdown (1Y)Largest decline over 1 year | -17.46% | -15.93% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -34.51% | -38.24% | +3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -37.19% | -43.85% | +6.66% |
Max Drawdown (10Y)Largest decline over 10 years | -71.66% | -74.83% | +3.17% |
Current DrawdownCurrent decline from peak | -95.15% | -74.45% | -20.70% |
Average DrawdownAverage peak-to-trough decline | -72.20% | -48.68% | -23.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.31% | 8.62% | +0.69% |
Volatility
MYY vs. SPDN - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.30%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.61%. This indicates that MYY experiences smaller price fluctuations and is considered to be less risky 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
| MYY | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 4.61% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 9.88% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.84% | 12.59% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.63% | 16.95% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.24% | 18.03% | +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 4.36%, more than SPDN's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.36% | 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 | 3.27% | 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 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.61%) compared to MYY (4.30%). In terms of maximum drawdown, MYY dropped -95.15% vs SPDN's -75.31%.
On 10-year performance, MYY leads with -11.74% vs -12.75% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, MYY has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MYY has performed better with a -11.74% return vs -12.75%. 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 4.36%, compared with 3.27% 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.
SPDN currently has the higher Sharpe Ratio (-1.04 vs -1.12), 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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