NRGD.TO vs. SPXI.TO
NRGD.TO (BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF) and SPXI.TO (BetaPro S&P 500 Daily Inverse ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, NRGD.TO returned -39.76%/yr vs -13.73%/yr for SPXI.TO. At a 0.39 correlation, their price movements are largely independent.
Performance
NRGD.TO vs. SPXI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, NRGD.TO achieves a -42.79% return, which is significantly lower than SPXI.TO's -8.32% return. Over the past 10 years, NRGD.TO has underperformed SPXI.TO with an annualized return of -39.76%, while SPXI.TO has yielded a comparatively higher -13.73% annualized return.
NRGD.TO
- 1D
- 0.67%
- 1M
- 15.82%
- YTD
- -42.79%
- 6M
- -42.42%
- 1Y
- -58.41%
- 3Y*
- -39.90%
- 5Y*
- -47.73%
- 10Y*
- -39.76%
SPXI.TO
- 1D
- -1.36%
- 1M
- 1.04%
- YTD
- -8.32%
- 6M
- -7.64%
- 1Y
- -15.85%
- 3Y*
- -13.50%
- 5Y*
- -9.78%
- 10Y*
- -13.73%
NRGD.TO vs. SPXI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NRGD.TO BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF | -42.79% | -37.02% | -26.44% | -13.09% | -71.68% | -79.40% | -42.84% | -29.09% | 59.29% | 10.52% |
SPXI.TO BetaPro S&P 500 Daily Inverse ETF | -8.32% | -13.79% | -14.77% | -15.60% | 19.13% | -24.53% | -24.80% | -23.55% | 4.26% | -18.72% |
Correlation
The correlation between NRGD.TO and SPXI.TO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.39 |
The correlation between NRGD.TO and SPXI.TO shifts across timeframes, from -0.10 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NRGD.TO vs. SPXI.TO — Risk / Return Rank
NRGD.TO
SPXI.TO
NRGD.TO vs. SPXI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (NRGD.TO) and BetaPro S&P 500 Daily Inverse ETF (SPXI.TO). 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.
| NRGD.TO | SPXI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.81 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.93 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.80 | +0.41 |
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Drawdowns
NRGD.TO vs. SPXI.TO - Drawdown Comparison
The maximum NRGD.TO drawdown since its inception was -99.97%, which is greater than SPXI.TO's maximum drawdown of -92.06%. Use the drawdown chart below to compare losses from any high point for NRGD.TO and SPXI.TO.
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Drawdown Indicators
| NRGD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -92.06% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -70.42% | -17.10% | -53.32% |
Max Drawdown (3Y)Largest decline over 3 years | -85.00% | -42.22% | -42.78% |
Max Drawdown (5Y)Largest decline over 5 years | -98.12% | -47.81% | -50.31% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -77.60% | -22.32% |
Current DrawdownCurrent decline from peak | -99.95% | -91.94% | -8.01% |
Average DrawdownAverage peak-to-trough decline | -87.60% | -67.18% | -20.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.26% | 8.91% | +33.35% |
Volatility
NRGD.TO vs. SPXI.TO - Volatility Comparison
BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (NRGD.TO) has a higher volatility of 16.23% compared to BetaPro S&P 500 Daily Inverse ETF (SPXI.TO) at 5.04%. This indicates that NRGD.TO's price experiences larger fluctuations and is considered to be riskier than SPXI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NRGD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.23% | 5.04% | +11.19% |
Volatility (6M)Calculated over the trailing 6-month period | 39.50% | 10.18% | +29.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.97% | 12.75% | +34.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.37% | 17.02% | +40.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.11% | 18.13% | +48.98% |
Dividends
NRGD.TO vs. SPXI.TO - Dividend Comparison
Neither NRGD.TO nor SPXI.TO has paid dividends to shareholders.
Frequently Asked Questions
NRGD.TO and SPXI.TO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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