SPDN vs. FLYD
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while FLYD tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, SPDN returned -11.65%/yr vs -56.79%/yr for FLYD. A 0.71 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 0.95%/yr for FLYD.
Performance
SPDN vs. FLYD - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -5.13% return, which is significantly higher than FLYD's -32.89% return.
SPDN
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.07%
- 3Y*
- -11.65%
- 5Y*
- -8.13%
- 10Y*
- -12.57%
FLYD
- 1D
- -9.30%
- 1M
- -31.47%
- YTD
- -32.89%
- 6M
- -29.32%
- 1Y
- -55.37%
- 3Y*
- -56.79%
- 5Y*
- —
- 10Y*
- —
SPDN vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | -2.93% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -32.89% | -60.42% | -54.13% | -75.14% | -46.63% |
Correlation
The correlation between SPDN and FLYD is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.71 |
The correlation between SPDN and FLYD has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
SPDN vs. FLYD — Risk / Return Rank
SPDN
FLYD
SPDN vs. FLYD - 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 MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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 | FLYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.89 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.98 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.86 | +0.33 |
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Drawdowns
SPDN vs. FLYD - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum FLYD drawdown of -98.45%. Use the drawdown chart below to compare losses from any high point for SPDN and FLYD.
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Drawdown Indicators
| SPDN | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -98.45% | +23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -56.92% | +40.87% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -94.61% | +56.37% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | — | — |
Current DrawdownCurrent decline from peak | -74.45% | -98.45% | +24.00% |
Average DrawdownAverage peak-to-trough decline | -48.67% | -83.25% | +34.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 29.82% | -21.24% |
Volatility
SPDN vs. FLYD - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.68%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 25.88%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 25.88% | -21.20% |
Volatility (6M)Calculated over the trailing 6-month period | 9.90% | 62.99% | -53.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 76.25% | -63.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 83.85% | -66.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 83.85% | -65.81% |
SPDN vs. FLYD - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than FLYD's 0.95% expense ratio.
Dividends
SPDN vs. FLYD - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.27%, while FLYD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 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 | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and FLYD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (25.88%) compared to SPDN (4.68%). In terms of maximum drawdown, SPDN dropped -75.31% vs FLYD's -98.45%.
On 3-year performance, SPDN leads with -11.65% vs -56.79% for FLYD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.65% return vs -56.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for FLYD.
SPDN has the higher dividend yield at 3.27%, compared with 0.00% for FLYD.
SPDN tracks S&P 500 Index, while FLYD tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: Direxion and REX. Their fees differ too: 0.50% for SPDN and 0.95% for FLYD.
FLYD currently has the higher Sharpe Ratio (-0.73 vs -1.04), 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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