RGTZ vs. SPDN

Last updated Jun 4, 2026

RGTZ (Defiance Daily Target 2X Short RGTI ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. RGTZ is actively managed, while SPDN is passively managed. At a 0.48 correlation, their price movements are largely independent. RGTZ charges 1.29%/yr vs 0.50%/yr for SPDN.

Performance

RGTZ vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short RGTI ETF (RGTZ) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RGTZ achieves a -85.91% return, which is significantly lower than SPDN's -7.81% return.

RGTZ

• 1D: 20.31%
• 1M: -76.68%
• YTD: -85.91%
• 6M: -85.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDN

• 1D: 0.58%
• 1M: -4.42%
• YTD: -7.81%
• 6M: -7.36%
• 1Y: -16.94%
• 3Y*: -12.80%
• 5Y*: -8.88%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RGTZ vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025
RGTZ Defiance Daily Target 2X Short RGTI ETF	-85.91%	32.65%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-7.81%	-0.57%

Correlation

The correlation between RGTZ and SPDN is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 10, 2025	0.48

Return for Risk

RGTZ vs. SPDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RGTZ vs. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short RGTI ETF (RGTZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RGTZ	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.41	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	-0.70	+0.27

Drawdowns

RGTZ vs. SPDN - Drawdown Comparison

The maximum RGTZ drawdown since its inception was -92.92%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for RGTZ and SPDN.

Drawdown Indicators

	RGTZ	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-92.92%	-75.31%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.95%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-38.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.85%	—
Current Drawdown Current decline from peak	-91.48%	-75.17%	-16.31%
Average Drawdown Average peak-to-trough decline	-40.13%	-48.54%	+8.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.78%	—

Volatility

Volatility by Period

	RGTZ	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	218.54%	12.10%	+206.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.54%	16.86%	+201.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	218.54%	18.04%	+200.50%

RGTZ vs. SPDN - Expense Ratio Comparison

RGTZ has a 1.29% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

RGTZ vs. SPDN - Dividend Comparison

RGTZ has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RGTZ Defiance Daily Target 2X Short RGTI ETF	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	4.09%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both RGTZ and SPDN in my portfolio?

RGTZ and SPDN have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RGTZ or SPDN?

On fees, SPDN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RGTZ or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.29% for RGTZ.

Which ETF pays a higher dividend yield, RGTZ or SPDN?

SPDN has the higher dividend yield at 4.09%, compared with 0.00% for RGTZ.

What is the main difference between RGTZ and SPDN?

They also come from different issuers: Defiance ETFs and Direxion. Their fees differ too: 1.29% for RGTZ and 0.50% for SPDN.