SPDN vs. AGG
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 1.57%/yr for AGG. At a correlation of -0.07, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.03%/yr for AGG.
Performance
SPDN vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than AGG's 0.52% return. Over the past 10 years, SPDN has underperformed AGG with an annualized return of -12.53%, while AGG has yielded a comparatively higher 1.57% annualized return.
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%
AGG
- 1D
- -0.12%
- 1M
- 0.43%
- YTD
- 0.52%
- 6M
- 0.93%
- 1Y
- 4.50%
- 3Y*
- 4.19%
- 5Y*
- 0.06%
- 10Y*
- 1.57%
SPDN vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.52% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between SPDN and AGG is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.07 |
Over the past year, the inverse relationship between SPDN and AGG has strengthened: their correlation has moved from -0.07 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPDN vs. AGG — Risk / Return Rank
SPDN
AGG
SPDN vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| SPDN | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 1.63 | -2.45 |
| Martin ratioReturn relative to average drawdown | -1.46 | 4.82 | -6.28 |
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Drawdowns
SPDN vs. AGG - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for SPDN and AGG.
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Drawdown Indicators
| SPDN | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -18.43% | -56.88% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -2.76% | -14.97% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -6.11% | -32.13% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -17.82% | -26.03% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -18.43% | -56.88% |
Current DrawdownCurrent decline from peak | -74.71% | -1.88% | -72.83% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -2.71% | -45.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 0.94% | +8.95% |
Volatility
SPDN vs. AGG - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 4.18% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.37%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 1.37% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 2.81% | +6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 3.82% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 6.09% | +10.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 5.41% | +12.64% |
SPDN vs. AGG - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
SPDN vs. AGG - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than AGG's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
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
SPDN and AGG have a correlation of -0.32, 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 AGG (1.37%). In terms of maximum drawdown, SPDN dropped -75.31% vs AGG's -18.43%.
On 10-year performance, AGG leads with 1.57% vs -12.53% for SPDN. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGG has performed better with a 1.57% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 3.98% for AGG.
SPDN is categorized as Inverse Equities, while AGG is Total Bond Market. SPDN tracks S&P 500 Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.50% for SPDN and 0.03% for AGG.
AGG currently has the higher Sharpe Ratio (1.19 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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