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 -10.86%/yr vs -12.21%/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 -11.79% return, which is significantly lower than SPDN's -7.06% return. Over the past 10 years, MYY has outperformed SPDN with an annualized return of -10.86%, while SPDN has yielded a comparatively lower -12.21% annualized return.
MYY
- 1D
- -0.42%
- 1M
- 0.37%
- 6M
- -6.31%
- YTD
- -11.79%
- 1Y
- -14.85%
- 3Y*
- -8.11%
- 5Y*
- -6.74%
- 10Y*
- -10.86%
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
MYY vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -11.79% | -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 | -7.06% | -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 | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.81 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.53 | +0.01 |
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Drawdowns
MYY vs. SPDN - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.20%, 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 | -95.20% | -75.31% | -19.89% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -15.93% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -35.14% | -38.24% | +3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -37.79% | -43.85% | +6.06% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | -73.97% | +2.04% |
Current DrawdownCurrent decline from peak | -95.11% | -74.97% | -20.14% |
Average DrawdownAverage peak-to-trough decline | -72.27% | -48.82% | -23.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.82% | 8.44% | +1.38% |
Volatility
MYY vs. SPDN - Volatility Comparison
ProShares Short S&P Mid Cap400 (MYY) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 3.41% and 3.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 3.41% | 3.50% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.68% | 10.09% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 12.71% | +2.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.59% | 16.97% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 18.00% | +3.20% |
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 4.32%, more than SPDN's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.32% | 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 | 3.34% | 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 (3.50%) compared to MYY (3.41%). In terms of maximum drawdown, MYY dropped -95.20% vs SPDN's -75.31%.
On 10-year performance, MYY leads with -10.86% vs -12.21% for SPDN. On fees, SPDN is cheaper at 0.50% per year. Their volatility is very similar. 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 -10.86% return vs -12.21%. 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 4.32%, compared with 3.34% 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 (-0.95 vs -1.02), 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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