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 -12.18%/yr vs 13.44%/yr for DGRO. Their -0.86 correlation means they have often moved in opposite directions in the past. 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 -6.42% return, which is significantly lower than DGRO's 13.39% return. Over the past 10 years, SPDN has underperformed DGRO with an annualized return of -12.18%, while DGRO has yielded a comparatively higher 13.44% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
DGRO
- 1D
- -0.28%
- 1M
- 0.97%
- 6M
- 9.59%
- YTD
- 13.39%
- 1Y
- 24.21%
- 3Y*
- 16.30%
- 5Y*
- 11.08%
- 10Y*
- 13.44%
- ALL TIME*
- 12.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.52M | $104.25M | $110.17M | |
| $433.42M | $387.95M | $422.31M |
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 | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
DGRO iShares Core Dividend Growth ETF | 13.39% | 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 -0.56, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.56 |
Correlation (3Y) Balances recent behavior with more history. | -0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.86 |
Over the past year, the inverse relationship between SPDN and DGRO has weakened: their correlation has moved from -0.86 to -0.56, 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 | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -4.77 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.45 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 3.61 | -4.32 |
| Martin ratioReturn relative to average drawdown | -1.27 | 14.07 | -15.34 |
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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 | -74.80% | -1.35% | -73.45% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -3.41% | -45.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 1.66% | +7.24% |
Volatility
SPDN vs. DGRO - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 3.55% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. 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 | 3.55% | 3.21% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 7.12% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 9.61% | +3.37% |
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 | 18.03% | 16.58% | +1.45% |
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 3.32%, more than DGRO's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.89% | 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 | 3.32% | 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 -0.56, 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 DGRO (3.21%). In terms of maximum drawdown, SPDN dropped -75.31% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.44% vs -12.18% for SPDN. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 3.21%. 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 13.44% return vs -12.18%. 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 3.32%, compared with 1.89% 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 (2.44 vs -0.88), 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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