SPDN vs. CRCD

Last updated Jun 4, 2026

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 0.44 correlation, their price movements are largely independent. SPDN charges 0.50%/yr vs 1.50%/yr for CRCD.

Performance

SPDN vs. CRCD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) and T-REX 2X Inverse CRCL Daily Target ETF (CRCD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDN achieves a -7.81% return, which is significantly higher than CRCD's -88.01% return.

SPDN

• 1D: 0.58%
• 1M: -4.42%
• YTD: -7.81%
• 6M: -7.36%
• 1Y: -16.94%
• 3Y*: -12.80%
• 5Y*: -8.88%
• 10Y*: —

CRCD

• 1D: 20.12%
• 1M: 35.97%
• YTD: -88.01%
• 6M: -87.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPDN vs. CRCD - Yearly Performance Comparison

	2026 (YTD)	2025
SPDN Direxion Daily S&P 500 Bear 1x Shares	-7.81%	-1.80%
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-88.01%	43.19%

Correlation

The correlation between SPDN and CRCD is 0.44, 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 29, 2025	0.44

Return for Risk

SPDN vs. CRCD — 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: 0

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.

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.

	SPDN	CRCD	Difference
Sharpe ratio: Return per unit of total volatility	-1.41	—	—
Sortino ratio: Return per unit of downside risk	-2.02	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.95	—	—
Martin ratio: Return relative to average drawdown	-1.74	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPDN	CRCD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	-0.45	-0.24

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.

Drawdown Indicators

	SPDN	CRCD	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-96.95%	+21.64%
Max Drawdown (1Y) Largest decline over 1 year	-17.95%	—	—
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	-75.17%	-94.31%	+19.14%
Average Drawdown Average peak-to-trough decline	-48.54%	-54.51%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.78%	—	—

Volatility

Volatility by Period

	SPDN	CRCD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	204.54%	-192.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	204.54%	-187.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	204.54%	-186.50%

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 4.09%, 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	4.09%	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 SPDN and CRCD in my portfolio?

SPDN and CRCD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPDN or CRCD?

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, SPDN or CRCD?

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

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

SPDN has the higher dividend yield at 4.09%, compared with 0.00% for CRCD.

What is the main difference between SPDN and CRCD?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 0.50% for SPDN and 1.50% for CRCD.