SPDN vs. EMTY
Compare and contrast key facts about Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares Decline of the Retail Store ETF (EMTY).
SPDN and EMTY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. EMTY is a passively managed fund by ProShares that tracks the performance of the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). It was launched on Nov 14, 2017. Both SPDN and EMTY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPDN vs. EMTY - Performance Comparison
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SPDN vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 5.09% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -3.45% |
EMTY ProShares Decline of the Retail Store ETF | -2.38% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
Returns By Period
In the year-to-date period, SPDN achieves a 5.09% return, which is significantly higher than EMTY's -2.38% return.
SPDN
- 1D
- -0.90%
- 1M
- 4.76%
- YTD
- 5.09%
- 6M
- 4.27%
- 1Y
- -11.55%
- 3Y*
- -9.84%
- 5Y*
- -7.52%
- 10Y*
- —
EMTY
- 1D
- -0.29%
- 1M
- 5.78%
- YTD
- -2.38%
- 6M
- 3.88%
- 1Y
- -10.57%
- 3Y*
- -1.99%
- 5Y*
- -4.65%
- 10Y*
- —
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SPDN vs. EMTY - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than EMTY's 0.66% expense ratio.
Return for Risk
SPDN vs. EMTY — Risk / Return Rank
SPDN
EMTY
SPDN vs. EMTY - 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 ProShares Decline of the Retail Store ETF (EMTY). 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 | EMTY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.63 | -0.52 | -0.10 |
Sortino ratioReturn per unit of downside risk | -0.77 | -0.59 | -0.18 |
Omega ratioGain probability vs. loss probability | 0.89 | 0.92 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.44 | -0.01 |
Martin ratioReturn relative to average drawdown | -0.55 | -0.59 | +0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | -0.52 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.21 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.64 | -0.45 | -0.19 |
Correlation
The correlation between SPDN and EMTY is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SPDN vs. EMTY - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.59%, which matches EMTY's 3.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.59% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
EMTY ProShares Decline of the Retail Store ETF | 3.57% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
Drawdowns
SPDN vs. EMTY - Drawdown Comparison
The maximum SPDN drawdown since its inception was -73.52%, smaller than the maximum EMTY drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SPDN and EMTY.
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Drawdown Indicators
| SPDN | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.52% | -77.62% | +4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -26.44% | -25.41% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -39.78% | -30.83% | -8.95% |
Current DrawdownCurrent decline from peak | -71.70% | -75.63% | +3.93% |
Average DrawdownAverage peak-to-trough decline | -48.10% | -53.58% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | 19.07% | +2.66% |
Volatility
SPDN vs. EMTY - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 5.54% compared to ProShares Decline of the Retail Store ETF (EMTY) at 4.18%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 4.18% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 12.20% | -2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.52% | 20.25% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 22.40% | -5.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 25.75% | -7.62% |