SMQ vs. SPDN
SMQ (Tradr 1X Short Innovation 100 Monthly ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. SMQ is actively managed, while SPDN is passively managed. Their correlation of 0.88 suggests significant overlap in exposure. SMQ charges 1.50%/yr vs 0.50%/yr for SPDN.
Performance
SMQ vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, SMQ achieves a -15.29% return, which is significantly lower than SPDN's -5.13% return.
SMQ
- 1D
- 0.00%
- 1M
- 3.71%
- YTD
- -15.29%
- 6M
- -13.93%
- 1Y
- —
- 3Y*
- —
- 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%
SMQ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMQ Tradr 1X Short Innovation 100 Monthly ETF | -15.29% | 0.13% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | 0.48% |
Correlation
The correlation between SMQ and SPDN is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025 | 0.88 |
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Return for Risk
SMQ vs. SPDN — Risk / Return Rank
SMQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPDN
SMQ vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr 1X Short Innovation 100 Monthly ETF (SMQ) 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.
| SMQ | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.84 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.83 | — |
| Martin ratioReturn relative to average drawdown | — | -1.61 | — |
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Drawdowns
SMQ vs. SPDN - Drawdown Comparison
The maximum SMQ drawdown since its inception was -27.62%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SMQ and SPDN.
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Drawdown Indicators
| SMQ | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.62% | -75.31% | +47.69% |
Max Drawdown (1Y)Largest decline over 1 year | — | -15.93% | — |
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 | — | -74.83% | — |
Current DrawdownCurrent decline from peak | -23.22% | -74.45% | +51.23% |
Average DrawdownAverage peak-to-trough decline | -8.95% | -48.68% | +39.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 8.62% | — |
Volatility
SMQ vs. SPDN - Volatility Comparison
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Volatility by Period
| SMQ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.61% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.88% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.29% | 12.59% | +5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.29% | 16.95% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 18.03% | +0.26% |
SMQ vs. SPDN - Expense Ratio Comparison
SMQ has a 1.50% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SMQ vs. SPDN - Dividend Comparison
SMQ's dividend yield for the trailing twelve months is around 8.90%, more than SPDN's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SMQ Tradr 1X Short Innovation 100 Monthly ETF | 8.90% | 0.25% | 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
SMQ and SPDN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.50% for SMQ.
SMQ has the higher dividend yield at 8.90%, compared with 3.27% for SPDN.
They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.50% for SMQ and 0.50% for SPDN.
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