OILD vs. SPDN
OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, OILD returned -44.47%/yr vs -11.48%/yr for SPDN. At a 0.28 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
OILD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, OILD achieves a -57.86% return, which is significantly lower than SPDN's -7.60% return.
OILD
- 1D
- 2.48%
- 1M
- -7.04%
- 6M
- -47.85%
- YTD
- -57.86%
- 1Y
- -65.56%
- 3Y*
- -44.47%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- -0.35%
- 1M
- 0.11%
- 6M
- -6.71%
- YTD
- -7.60%
- 1Y
- -13.64%
- 3Y*
- -11.48%
- 5Y*
- -8.38%
- 10Y*
- -12.29%
OILD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -57.86% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.60% | -11.09% | -12.88% | -15.04% | 18.63% | -1.95% |
Correlation
The correlation between OILD and SPDN is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.28 |
The correlation between OILD and SPDN shifts across timeframes, from -0.12 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OILD vs. SPDN — Risk / Return Rank
OILD
SPDN
OILD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.
| OILD | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.86 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.63 | +0.24 |
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Drawdowns
OILD vs. SPDN - Drawdown Comparison
The maximum OILD drawdown since its inception was -98.90%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for OILD and SPDN.
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Drawdown Indicators
| OILD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.90% | -75.31% | -23.59% |
Max Drawdown (1Y)Largest decline over 1 year | -74.53% | -15.93% | -58.60% |
Max Drawdown (3Y)Largest decline over 3 years | -86.29% | -38.24% | -48.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -98.63% | -75.11% | -23.52% |
Average DrawdownAverage peak-to-trough decline | -88.80% | -48.81% | -39.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.08% | 8.39% | +38.69% |
Volatility
OILD vs. SPDN - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 22.10% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.86%. This indicates that OILD'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.
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Volatility by Period
| OILD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 3.86% | +18.24% |
Volatility (6M)Calculated over the trailing 6-month period | 50.10% | 10.07% | +40.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.18% | 12.71% | +50.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.25% | 16.97% | +62.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.25% | 18.01% | +61.24% |
OILD vs. SPDN - Expense Ratio Comparison
OILD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
OILD vs. SPDN - Dividend Comparison
OILD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | 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 | 3.36% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
OILD and SPDN have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (22.10%) compared to SPDN (3.86%). In terms of maximum drawdown, OILD dropped -98.90% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.48% vs -44.47% for OILD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.48% return vs -44.47%. 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 OILD.
SPDN has the higher dividend yield at 3.36%, compared with 0.00% for OILD.
OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while SPDN tracks S&P 500 Index. They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for OILD and 0.50% for SPDN.
OILD currently has the higher Sharpe Ratio (-1.04 vs -1.08), 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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