QUAL vs. SPDN
QUAL (iShares MSCI USA Quality Factor ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QUAL returned 14.46%/yr vs -12.53%/yr for SPDN. At a correlation of -0.96, they often move in opposite directions. QUAL charges 0.15%/yr vs 0.50%/yr for SPDN.
Performance
QUAL vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, QUAL achieves a 9.44% return, which is significantly higher than SPDN's -6.10% return. Over the past 10 years, QUAL has outperformed SPDN with an annualized return of 14.46%, while SPDN has yielded a comparatively lower -12.53% annualized return.
QUAL
- 1D
- 0.47%
- 1M
- 2.82%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 20.90%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
SPDN
- 1D
- -0.45%
- 1M
- 0.69%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -14.45%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
QUAL vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between QUAL and SPDN is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.96 |
The correlation between QUAL and SPDN has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
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Return for Risk
QUAL vs. SPDN — Risk / Return Rank
QUAL
SPDN
QUAL vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
| QUAL | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.89 | ||
| Sortino ratioReturn per unit of downside risk | +4.12 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.82 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | -0.82 | +3.14 |
| Martin ratioReturn relative to average drawdown | 10.60 | -1.46 | +12.06 |
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Drawdowns
QUAL vs. SPDN - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for QUAL and SPDN.
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Drawdown Indicators
| QUAL | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -75.31% | +41.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -17.73% | +8.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -38.24% | +20.24% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -43.85% | +15.62% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | -75.31% | +41.25% |
Current DrawdownCurrent decline from peak | -0.19% | -74.71% | +74.52% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -48.59% | +44.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 9.89% | -7.90% |
Volatility
QUAL vs. SPDN - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.63%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.18%. This indicates that QUAL experiences smaller price fluctuations and is considered to be less risky 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
| QUAL | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 4.18% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 9.71% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 12.52% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 16.92% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 18.05% | +0.06% |
QUAL vs. SPDN - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
QUAL vs. SPDN - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.87%, less than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
Frequently Asked Questions
QUAL and SPDN have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.18%) compared to QUAL (3.63%). In terms of maximum drawdown, QUAL dropped -34.06% vs SPDN's -75.31%.
On 10-year performance, QUAL leads with 14.46% vs -12.53% for SPDN. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.46% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 0.87% for QUAL.
QUAL is categorized as Large Cap Blend Equities, while SPDN is Inverse Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while SPDN tracks S&P 500 Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.15% for QUAL and 0.50% for SPDN.
QUAL currently has the higher Sharpe Ratio (1.74 vs -1.16), 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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