NBIZ vs. SPDN

Last updated Aug 2, 2026

NBIZ (Tradr 2X Short NBIS Daily ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - NBIZ tracks the Nebius Group N.V. (NBIS) while SPDN tracks the S&P 500 Index. Both are passively managed. Their 0.43 correlation means their historical movements had little consistent relationship. NBIZ charges 1.49%/yr vs 0.50%/yr for SPDN.

Performance

NBIZ vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short NBIS Daily ETF (NBIZ) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NBIZ

• 1D: -2.71%
• 1M: -37.07%
• 6M: -98.00%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPDN

• 1D: -0.80%
• 1M: 0.00%
• 6M: -5.52%
• YTD: -6.42%
• 1Y: -12.79%
• 3Y*: -10.75%
• 5Y*: -7.84%
• 10Y*: -12.18%
• ALL TIME*: -12.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NBIZ Tradr 2X Short NBIS Daily ETF	$76.41M	$57.60M	$42.81M
SPDN Direxion Daily S&P 500 Bear 1x Shares	$433.42M	$387.95M	$422.31M

NBIZ vs. SPDN - Yearly Performance Comparison

	2026 (YTD)
NBIZ Tradr 2X Short NBIS Daily ETF	-97.27%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.32%

Correlation

The correlation between NBIZ and SPDN is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.43

Return for Risk

NBIZ vs. SPDN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NBIZ

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

SPDN

SPDN Risk / Return Rank: 3
SPDN Sharpe Ratio Rank: 2
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 3
SPDN Calmar Ratio Rank: 3
SPDN Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NBIZ vs. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short NBIS Daily ETF (NBIZ) 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.

	NBIZ	SPDN	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.88	—
Sortino ratio: Return per unit of downside risk	—	-1.22	—
Omega ratio: Gain probability vs. loss probability	—	0.87	—
Calmar ratio: Return relative to maximum drawdown	—	-0.71	—
Martin ratio: Return relative to average drawdown	—	-1.27	—

Drawdowns

NBIZ vs. SPDN - Drawdown Comparison

The maximum NBIZ drawdown since its inception was -98.41%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for NBIZ and SPDN.

Drawdown Indicators

	NBIZ	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-98.41%	-75.31%	-23.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.93%	—
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	—	-73.97%	—
Current Drawdown Current decline from peak	-98.41%	-74.80%	-23.61%
Average Drawdown Average peak-to-trough decline	-77.23%	-48.93%	-28.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.90%	—

Volatility

Volatility by Period

	NBIZ	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	237.50%	12.98%	+224.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	237.50%	16.97%	+220.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	237.50%	18.03%	+219.47%

NBIZ vs. SPDN - Expense Ratio Comparison

NBIZ has a 1.49% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

NBIZ vs. SPDN - Dividend Comparison

NBIZ has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBIZ Tradr 2X Short NBIS Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.32%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both NBIZ and SPDN in my portfolio?

NBIZ and SPDN have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NBIZ or SPDN?

On fees, SPDN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBIZ or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.49% for NBIZ.

Which ETF pays a higher dividend yield, NBIZ or SPDN?

SPDN has the higher dividend yield at 3.32%, compared with 0.00% for NBIZ.

What is the main difference between NBIZ and SPDN?

NBIZ tracks Nebius Group N.V. (NBIS), while SPDN tracks S&P 500 Index. They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.49% for NBIZ and 0.50% for SPDN.