SPDN vs. ANGL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index. Both are passively managed. Over the past 10 years, SPDN returned -12.43%/yr vs 6.13%/yr for ANGL. At a correlation of -0.65, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.35%/yr for ANGL.
Performance
SPDN vs. ANGL - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -5.89% return, which is significantly lower than ANGL's 1.27% return. Over the past 10 years, SPDN has underperformed ANGL with an annualized return of -12.43%, while ANGL has yielded a comparatively higher 6.13% annualized return.
SPDN
- 1D
- -0.11%
- 1M
- 0.11%
- YTD
- -5.89%
- 6M
- -5.63%
- 1Y
- -14.82%
- 3Y*
- -12.12%
- 5Y*
- -8.55%
- 10Y*
- -12.43%
ANGL
- 1D
- 0.03%
- 1M
- -0.23%
- YTD
- 1.27%
- 6M
- 1.74%
- 1Y
- 7.79%
- 3Y*
- 8.23%
- 5Y*
- 3.26%
- 10Y*
- 6.13%
SPDN vs. ANGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.89% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 1.27% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 9.71% |
Correlation
The correlation between SPDN and ANGL is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.65 |
The correlation between SPDN and ANGL has been stable across timeframes, ranging from -0.69 to -0.64 - a consistent structural relationship.
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Return for Risk
SPDN vs. ANGL — Risk / Return Rank
SPDN
ANGL
SPDN vs. ANGL - 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 VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL). 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.
| SPDN | ANGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -4.32 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.93 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.09 | -9.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | ANGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.21 | 1.81 | -3.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.43 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.69 | 0.66 | -1.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | 0.73 | -1.42 |
Drawdowns
SPDN vs. ANGL - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than ANGL's maximum drawdown of -29.31%. Use the drawdown chart below to compare losses from any high point for SPDN and ANGL.
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Drawdown Indicators
| SPDN | ANGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -29.31% | -46.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -4.05% | -13.68% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -5.48% | -32.76% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -19.25% | -24.60% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -29.31% | -46.00% |
Current DrawdownCurrent decline from peak | -74.65% | -0.58% | -74.07% |
Average DrawdownAverage peak-to-trough decline | -48.57% | -3.30% | -45.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 0.96% | +8.75% |
Volatility
SPDN vs. ANGL - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 3.55% compared to VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) at 1.35%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than ANGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | ANGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 1.35% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 9.44% | 3.50% | +5.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 4.34% | +7.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 7.63% | +9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 9.28% | +8.77% |
SPDN vs. ANGL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than ANGL's 0.35% expense ratio.
Dividends
SPDN vs. ANGL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.01%, less than ANGL's 6.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 6.39% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.01% | 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 ANGL have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (3.55%) compared to ANGL (1.35%). In terms of maximum drawdown, SPDN dropped -75.31% vs ANGL's -29.31%.
On 10-year performance, ANGL leads with 6.13% vs -12.43% for SPDN. On fees, ANGL is cheaper at 0.35% per year. On volatility, ANGL has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ANGL has performed better with a 6.13% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL is cheaper with a 0.35% expense ratio, compared with 0.50% for SPDN.
ANGL has the higher dividend yield at 6.39%, compared with 4.01% for SPDN.
SPDN is categorized as Inverse Equities, while ANGL is High Yield Bonds. SPDN tracks S&P 500 Index, while ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 0.50% for SPDN and 0.35% for ANGL.
ANGL currently has the higher Sharpe Ratio (1.81 vs -1.21), 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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