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 -44.01%/yr vs -11.77%/yr for SPDN. At a 0.29 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 -51.09% return, which is significantly lower than SPDN's -5.13% return.
OILD
- 1D
- -2.73%
- 1M
- 20.25%
- YTD
- -51.09%
- 6M
- -52.16%
- 1Y
- -62.90%
- 3Y*
- -44.01%
- 5Y*
- —
- 10Y*
- —
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%
OILD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -51.09% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -1.95% |
Correlation
The correlation between OILD and SPDN is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.29 |
The correlation between OILD and SPDN shifts across timeframes, from -0.07 (1 year) to 0.29 (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 | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.83 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.61 | +0.21 |
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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 | -87.76% | -38.24% | -49.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.83% | — |
Current DrawdownCurrent decline from peak | -98.41% | -74.45% | -23.96% |
Average DrawdownAverage peak-to-trough decline | -88.69% | -48.68% | -40.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.80% | 8.62% | +36.18% |
Volatility
OILD vs. SPDN - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 21.07% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.61%. 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 | 21.07% | 4.61% | +16.46% |
Volatility (6M)Calculated over the trailing 6-month period | 49.80% | 9.88% | +39.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.31% | 12.59% | +49.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.36% | 16.95% | +62.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.36% | 18.03% | +61.33% |
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 3.27%.
| 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 | 3.27% | 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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (21.07%) compared to SPDN (4.61%). In terms of maximum drawdown, OILD dropped -98.90% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.77% vs -44.01% for OILD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.61%. 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 -11.77% return vs -44.01%. 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 3.27%, 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 (-1.01 vs -1.04), 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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