SPDN vs. DGRO
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, SPDN returned -12.22%/yr vs 13.26%/yr for DGRO. At a correlation of -0.87, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for DGRO.
Performance
SPDN vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.85% return, which is significantly lower than DGRO's 12.23% return. Over the past 10 years, SPDN has underperformed DGRO with an annualized return of -12.22%, while DGRO has yielded a comparatively higher 13.26% annualized return.
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
DGRO
- 1D
- 0.19%
- 1M
- 2.16%
- 6M
- 9.63%
- YTD
- 12.23%
- 1Y
- 21.63%
- 3Y*
- 16.92%
- 5Y*
- 11.06%
- 10Y*
- 13.26%
SPDN vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.85% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
DGRO iShares Core Dividend Growth ETF | 12.23% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between SPDN and DGRO is -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.87 |
Over the past year, the inverse relationship between SPDN and DGRO has weakened: their correlation has moved from -0.87 to -0.60, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SPDN vs. DGRO — Risk / Return Rank
SPDN
DGRO
SPDN vs. DGRO - 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 Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.29 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.42 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 3.36 | -4.16 |
| Martin ratioReturn relative to average drawdown | -1.53 | 12.98 | -14.52 |
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Drawdowns
SPDN vs. DGRO - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SPDN and DGRO.
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Drawdown Indicators
| SPDN | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -35.10% | -40.21% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -6.47% | -9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -14.03% | -24.21% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -19.31% | -24.54% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -35.10% | -38.87% |
Current DrawdownCurrent decline from peak | -74.91% | -0.50% | -74.41% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -3.42% | -45.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 1.67% | +6.61% |
Volatility
SPDN vs. DGRO - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 4.18% compared to iShares Core Dividend Growth ETF (DGRO) at 2.52%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 2.52% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 6.94% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 9.50% | +3.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 13.79% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 16.57% | +1.44% |
SPDN vs. DGRO - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
SPDN vs. DGRO - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.33%, more than DGRO's 1.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.91% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.33% | 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 DGRO have a correlation of -0.60, 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 DGRO (2.52%). In terms of maximum drawdown, SPDN dropped -75.31% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.26% vs -12.22% for SPDN. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGRO has performed better with a 13.26% return vs -12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 3.33%, compared with 1.91% for DGRO.
SPDN is categorized as Inverse Equities, while DGRO is Large Cap Growth Equities. SPDN tracks S&P 500 Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.50% for SPDN and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.29 vs -1.00), 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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