SPDN vs. ARKK
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and ARKK (ARK Innovation ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while ARKK is a Technology Equities fund actively managed by ARK. SPDN is passively managed, while ARKK is actively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 15.57%/yr for ARKK. At a correlation of -0.69, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.75%/yr for ARKK.
Performance
SPDN vs. ARKK - 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 ARKK's -1.65% return. Over the past 10 years, SPDN has underperformed ARKK with an annualized return of -12.53%, while ARKK has yielded a comparatively higher 15.57% 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%
ARKK
- 1D
- 0.25%
- 1M
- -3.07%
- YTD
- -1.65%
- 6M
- -5.90%
- 1Y
- 21.98%
- 3Y*
- 19.87%
- 5Y*
- -7.96%
- 10Y*
- 15.57%
SPDN vs. ARKK - 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% |
ARKK ARK Innovation ETF | -1.65% | 35.49% | 8.40% | 69.04% | -66.97% | -23.60% | 152.71% | 35.08% | 3.52% | 87.33% |
Correlation
The correlation between SPDN and ARKK is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.69 |
The correlation between SPDN and ARKK has been stable across timeframes, ranging from -0.74 to -0.69 - a consistent structural relationship.
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Return for Risk
SPDN vs. ARKK — Risk / Return Rank
SPDN
ARKK
SPDN vs. ARKK - 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 ARK Innovation ETF (ARKK). 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 | ARKK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.12 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.70 | -1.52 |
| Martin ratioReturn relative to average drawdown | -1.46 | 1.53 | -2.99 |
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Drawdowns
SPDN vs. ARKK - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum ARKK drawdown of -80.97%. Use the drawdown chart below to compare losses from any high point for SPDN and ARKK.
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Drawdown Indicators
| SPDN | ARKK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -80.97% | +5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -31.35% | +13.62% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -39.56% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -77.23% | +33.38% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -80.97% | +5.66% |
Current DrawdownCurrent decline from peak | -74.71% | -51.01% | -23.70% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -30.16% | -18.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 14.39% | -4.50% |
Volatility
SPDN vs. ARKK - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while ARK Innovation ETF (ARKK) has a volatility of 11.81%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than ARKK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | ARKK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 11.81% | -7.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 26.30% | -16.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 36.28% | -23.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 46.40% | -29.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 40.34% | -22.29% |
SPDN vs. ARKK - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than ARKK's 0.75% expense ratio.
Dividends
SPDN vs. ARKK - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, while ARKK has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARKK ARK Innovation ETF | 0.00% | 0.00% | 0.00% | 0.70% | 0.00% | 0.55% | 1.64% | 0.38% | 3.14% | 1.32% | 0.00% | 2.27% |
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 ARKK have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARKK has higher volatility (11.81%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs ARKK's -80.97%.
On 10-year performance, ARKK leads with 15.57% vs -12.53% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ARKK has performed better with a 15.57% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.75% for ARKK.
SPDN has the higher dividend yield at 4.02%, compared with 0.00% for ARKK.
SPDN is categorized as Inverse Equities, while ARKK is Technology Equities. They also come from different issuers: Direxion and ARK. Their fees differ too: 0.50% for SPDN and 0.75% for ARKK.
ARKK currently has the higher Sharpe Ratio (0.61 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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