SPDN vs. FIAT

Last updated Jun 4, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while FIAT is a Derivative Income fund actively managed by YieldMax. SPDN is passively managed, while FIAT is actively managed. Over the past year, SPDN returned -16.94% vs -0.18% for FIAT. A 0.58 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 0.99%/yr for FIAT.

Performance

SPDN vs. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 lower than FIAT's 13.84% return.

SPDN

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

FIAT

• 1D: 4.32%
• 1M: 16.99%
• YTD: 13.84%
• 6M: 33.71%
• 1Y: -0.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPDN vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDN Direxion Daily S&P 500 Bear 1x Shares	-7.81%	-11.09%	-1.20%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.84%	-24.17%	-28.61%

Correlation

The correlation between SPDN and FIAT is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.58

The correlation between SPDN and FIAT has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

SPDN vs. FIAT — 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

FIAT

FIAT Risk / Return Rank: 10
FIAT Sharpe Ratio Rank: 8
FIAT Sortino Ratio Rank: 11
FIAT Omega Ratio Rank: 11
FIAT Calmar Ratio Rank: 9
FIAT Martin Ratio Rank: 9

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. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.41	-0.00	-1.40
Sortino ratio: Return per unit of downside risk	-2.02	0.37	-2.38
Omega ratio: Gain probability vs. loss probability	0.78	1.05	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.00	-0.94
Martin ratio: Return relative to average drawdown	-1.74	-0.01	-1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDN vs. FIAT - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.41, which is lower than the FIAT Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of SPDN and FIAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPDN	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.41	-0.00	-1.40
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	-0.37	-0.32

Drawdowns

SPDN vs. FIAT - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SPDN and FIAT.

Drawdown Indicators

	SPDN	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-70.50%	-4.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.95%	-42.26%	+24.31%
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%	-50.94%	-24.23%
Average Drawdown Average peak-to-trough decline	-48.54%	-45.35%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.78%	27.32%	-17.54%

Volatility

SPDN vs. FIAT - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.34%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDN	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	15.34%	-12.56%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	42.03%	-32.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	55.49%	-43.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	60.56%	-43.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	60.56%	-42.52%

SPDN vs. FIAT - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

SPDN vs. FIAT - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 4.09%, less than FIAT's 93.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIAT YieldMax Short COIN Option Income Strategy ETF	93.28%	178.11%	70.99%	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 FIAT in my portfolio?

SPDN and FIAT 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.

Which is riskier, SPDN or FIAT?

FIAT has higher volatility (15.34%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs FIAT's -70.50%.

Which ETF is better, SPDN or FIAT?

On 1-year performance, FIAT leads with -0.18% vs -16.94% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDN or FIAT?

Over the 1-year period, FIAT has performed better with a -0.18% return vs -16.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or FIAT?

SPDN is cheaper with a 0.50% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 93.28%, compared with 4.09% for SPDN.

What is the main difference between SPDN and FIAT?

SPDN is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.50% for SPDN and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (-0.00 vs -1.41), 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.