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SPDN vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDN vs. GDX

Last updated Jun 9, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SPDN returned -12.43%/yr vs 12.82%/yr for GDX. At a correlation of -0.20, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.51%/yr for GDX.

Performance

SPDN vs. GDX - 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 VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPDN achieves a -5.89% return, which is significantly higher than GDX's -8.28% return. Over the past 10 years, SPDN has underperformed GDX with an annualized return of -12.43%, while GDX has yielded a comparatively higher 12.82% annualized return.

SPDN

1D
-0.11%
1M
0.11%
YTD
-5.89%
6M
-5.63%
1Y
-14.82%
3Y*
-12.12%
5Y*
-8.55%
10Y*
-12.43%

GDX

1D
-0.22%
1M
-16.83%
YTD
-8.28%
6M
0.10%
1Y
53.51%
3Y*
37.89%
5Y*
17.28%
10Y*
12.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDN vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPDN
Direxion Daily S&P 500 Bear 1x Shares		-5.89%-11.09%-12.88%-15.04%18.63%-23.72%-24.56%-21.94%5.41%-17.16%
GDX
VanEck Gold Miners ETF		-8.28%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%

Correlation

The correlation between SPDN and GDX is -0.35, 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

-0.35

Correlation (3Y)
Calculated over the trailing 3-year period

-0.29

Correlation (5Y)
Calculated over the trailing 5-year period

-0.28

Correlation (10Y)
Calculated over the trailing 10-year period

-0.20

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2016

-0.20

The correlation between SPDN and GDX shifts across timeframes, from -0.35 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily S&P 500 Bear 1x Shares

VanEck Gold Miners ETF

Often compared with SPDN:
SPDN vs. SHSPDN vs. SPYSPDN vs. SPXUSPDN vs. SDSSPDN vs. VXZSPDN vs. QQQSPDN vs. SQQQ
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

Return for Risk

SPDN vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPDN
SPDN Risk / Return Rank: 11
Overall Rank
SPDN Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPDN Sortino Ratio Rank: 11
Sortino Ratio Rank
SPDN Omega Ratio Rank: 11
Omega Ratio Rank
SPDN Calmar Ratio Rank: 22
Calmar Ratio Rank
SPDN Martin Ratio Rank: 11
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 3535
Overall Rank
GDX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3232
Sortino Ratio Rank
GDX Omega Ratio Rank: 3737
Omega Ratio Rank
GDX Calmar Ratio Rank: 3737
Calmar Ratio Rank
GDX Martin Ratio Rank: 3232
Martin Ratio Rank
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. GDX - 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 VanEck Gold Miners ETF (GDX). 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.

SPDNGDXDifference
Sharpe ratioReturn per unit of total volatility
-1.21
1.16

-2.37

Sortino ratioReturn per unit of downside risk
-1.74
1.58

-3.32

Omega ratioGain probability vs. loss probability

0.81

1.22

-0.41

Calmar ratioReturn relative to maximum drawdown

-0.84

1.68

-2.51

Martin ratioReturn relative to average drawdown

-1.53

4.32

-5.85

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. GDX - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.21, which is lower than the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of SPDN and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPDNGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.21

1.16

-2.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.51

0.47

-0.98

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.69

0.35

-1.04

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.69

0.12

-0.80

Drawdowns

SPDN vs. GDX - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SPDN and GDX.

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Drawdown Indicators

SPDNGDXDifference

Max Drawdown

Largest peak-to-trough decline

-75.31%

-80.34%

+5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-17.73%

-32.09%

+14.36%

Max Drawdown (3Y)

Largest decline over 3 years

-38.24%

-32.09%

-6.15%

Max Drawdown (5Y)

Largest decline over 5 years

-43.85%

-46.51%

+2.66%

Max Drawdown (10Y)

Largest decline over 10 years

-75.31%

-49.79%

-25.52%

Current Drawdown

Current decline from peak

-74.65%

-32.09%

-42.56%

Average Drawdown

Average peak-to-trough decline

-48.57%

-40.43%

-8.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.71%

12.42%

-2.71%

Volatility

SPDN vs. GDX - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.05%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPDNGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

16.05%

-12.50%

Volatility (6M)

Calculated over the trailing 6-month period

9.44%

38.61%

-29.17%

Volatility (1Y)

Calculated over the trailing 1-year period

12.33%

46.36%

-34.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.90%

36.61%

-19.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.05%

37.27%

-19.22%

SPDN vs. GDX - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

SPDN vs. GDX - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 4.01%, more than GDX's 0.80% yield.

PositionTTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.80%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		4.01%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 GDX have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX has higher volatility (16.05%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs GDX's -80.34%.

On 10-year performance, GDX leads with 12.82% vs -12.43% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDX has performed better with a 12.82% return vs -12.43%. 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 0.51% for GDX.

SPDN has the higher dividend yield at 4.01%, compared with 0.80% for GDX.

SPDN is categorized as Inverse Equities, while GDX is Gold. SPDN tracks S&P 500 Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 0.50% for SPDN and 0.51% for GDX.

GDX currently has the higher Sharpe Ratio (1.16 vs -1.21), 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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