QQQD vs. SPDN
QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - QQQD tracks the Indxx Magnificent 7 Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past year, QQQD returned -14.09% vs -12.79% for SPDN. Their correlation of 0.81 means they have usually moved in the same direction. QQQD charges 0.57%/yr vs 0.50%/yr for SPDN.
Performance
QQQD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, QQQD achieves a 0.46% return, which is significantly higher than SPDN's -6.42% return.
QQQD
- 1D
- -3.23%
- 1M
- -1.45%
- 6M
- 0.57%
- YTD
- 0.46%
- 1Y
- -14.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -20.41%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.12M | $1.26M | $1.70M | |
| $433.42M | $387.95M | $422.31M |
QQQD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 0.46% | -20.32% | -27.75% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -8.10% |
Correlation
The correlation between QQQD and SPDN is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024 | 0.81 |
The correlation between QQQD and SPDN has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.
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Return for Risk
QQQD vs. SPDN — Risk / Return Rank
QQQD
SPDN
QQQD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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.
| QQQD | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.87 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.71 | +0.20 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.27 | +0.42 |
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Drawdowns
QQQD vs. SPDN - Drawdown Comparison
The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for QQQD and SPDN.
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Drawdown Indicators
| QQQD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.47% | -75.31% | +25.84% |
Max Drawdown (1Y)Largest decline over 1 year | -21.94% | -15.93% | -6.01% |
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 DrawdownCurrent decline from peak | -45.68% | -74.80% | +29.12% |
Average DrawdownAverage peak-to-trough decline | -31.27% | -48.93% | +17.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 8.90% | +4.29% |
Volatility
QQQD vs. SPDN - Volatility Comparison
Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) has a higher volatility of 8.15% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that QQQD'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
| QQQD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 3.55% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 17.57% | 10.15% | +7.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.50% | 12.98% | +9.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.94% | 16.97% | +9.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 18.03% | +8.91% |
QQQD vs. SPDN - Expense Ratio Comparison
QQQD has a 0.57% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
QQQD vs. SPDN - Dividend Comparison
QQQD's dividend yield for the trailing twelve months is around 3.06%, less than SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 3.06% | 4.33% | 5.17% | 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
QQQD and SPDN have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQD has higher volatility (8.15%) compared to SPDN (3.55%). In terms of maximum drawdown, QQQD dropped -49.47% vs SPDN's -75.31%.
On 1-year performance, SPDN leads with -12.79% vs -14.09% for QQQD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPDN has performed better with a -12.79% return vs -14.09%. 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 0.57% for QQQD.
SPDN has the higher dividend yield at 3.32%, compared with 3.06% for QQQD.
QQQD tracks Indxx Magnificent 7 Index (-100%), while SPDN tracks S&P 500 Index. Their fees differ too: 0.57% for QQQD and 0.50% for SPDN.
QQQD currently has the higher Sharpe Ratio (-0.50 vs -0.88), 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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