SPDN vs. CRCD
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and CRCD (T-REX 2X Inverse CRCL Daily Target ETF) are both Inverse Equities funds. SPDN is passively managed, while CRCD is actively managed. At a 0.45 correlation, their price movements are largely independent. SPDN charges 0.50%/yr vs 1.50%/yr for CRCD.
Performance
SPDN vs. CRCD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -7.06% return, which is significantly higher than CRCD's -79.80% return.
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
CRCD
- 1D
- 14.90%
- 1M
- 41.63%
- 6M
- -80.01%
- YTD
- -79.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPDN vs. CRCD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -2.31% |
CRCD T-REX 2X Inverse CRCL Daily Target ETF | -79.80% | 38.83% |
Correlation
The correlation between SPDN and CRCD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025 | 0.45 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. CRCD — Risk / Return Rank
SPDN
CRCD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPDN vs. CRCD - 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 T-REX 2X Inverse CRCL Daily Target ETF (CRCD). 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 | CRCD | 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 | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.53 | — | — |
Loading charts...
Drawdowns
SPDN vs. CRCD - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum CRCD drawdown of -96.95%. Use the drawdown chart below to compare losses from any high point for SPDN and CRCD.
Loading charts...
Drawdown Indicators
| SPDN | CRCD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -96.95% | +21.64% |
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 | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.97% | -90.42% | +15.45% |
Average DrawdownAverage peak-to-trough decline | -48.82% | -60.01% | +11.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | — | — |
Volatility
SPDN vs. CRCD - Volatility Comparison
Loading charts...
Volatility by Period
| SPDN | CRCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.09% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 200.70% | -187.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 200.70% | -183.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 200.70% | -182.70% |
SPDN vs. CRCD - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than CRCD's 1.50% expense ratio.
Dividends
SPDN vs. CRCD - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.34%, while CRCD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CRCD T-REX 2X Inverse CRCL Daily Target ETF | 0.00% | 0.00% | 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 | 3.34% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and CRCD have a correlation of 0.45, 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 CRCD.
SPDN has the higher dividend yield at 3.34%, compared with 0.00% for CRCD.
They also come from different issuers: Direxion and T-Rex. Their fees differ too: 0.50% for SPDN and 1.50% for CRCD.
Find the right allocation for SPDN and CRCD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer