SMQ vs. SPDN

Last updated Jun 6, 2026

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 0.94 suggests significant overlap in exposure. SMQ charges 1.50%/yr vs 0.50%/yr for SPDN.

Performance

SMQ vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1X Short Innovation 100 Monthly ETF (SMQ) 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, SMQ achieves a -15.77% return, which is significantly lower than SPDN's -5.78% return.

SMQ

• 1D: 4.62%
• 1M: -3.50%
• YTD: -15.77%
• 6M: -14.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDN

• 1D: 2.55%
• 1M: -0.11%
• YTD: -5.78%
• 6M: -5.23%
• 1Y: -15.66%
• 3Y*: -12.17%
• 5Y*: -8.48%
• 10Y*: —

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

SMQ vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025
SMQ Tradr 1X Short Innovation 100 Monthly ETF	-15.77%	0.39%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-5.78%	-0.05%

Correlation

The correlation between SMQ and SPDN is 0.94, 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 2, 2025	0.94

Return for Risk

SMQ 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: 1

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.

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.

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

Sharpe Ratios by Period

	SMQ	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.27	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.47	-0.68	-0.79

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.

Drawdown Indicators

	SMQ	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-27.62%	-75.31%	+47.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.73%	—
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	-23.66%	-74.62%	+50.96%
Average Drawdown Average peak-to-trough decline	-7.66%	-48.56%	+40.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.89%	—

Volatility

Volatility by Period

	SMQ	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	12.37%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	16.89%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	18.05%	+1.13%

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 0.29%, less than SPDN's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMQ Tradr 1X Short Innovation 100 Monthly ETF	0.29%	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	4.00%	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 SMQ and SPDN in my portfolio?

With a correlation of 0.94, SMQ and SPDN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SMQ 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, SMQ or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.50% for SMQ.

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

SPDN has the higher dividend yield at 4.00%, compared with 0.29% for SMQ.

What is the main difference between SMQ and SPDN?

They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.50% for SMQ and 0.50% for SPDN.