SPDN vs. GSUS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and GSUS (Goldman Sachs MarketBeta U.S. Equity ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while GSUS is a Large Cap Growth Equities fund tracking the Solactive GBS United States Large & Mid Cap Index. Both are passively managed. Over the past 5 years, SPDN returned -7.84%/yr vs 12.43%/yr for GSUS. Their -0.98 correlation means they have often moved in opposite directions in the past. SPDN charges 0.50%/yr vs 0.07%/yr for GSUS.
Performance
SPDN vs. GSUS - 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 GSUS's 9.77% 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%
GSUS
- 1D
- 0.69%
- 1M
- 0.11%
- 6M
- 8.54%
- YTD
- 9.77%
- 1Y
- 21.05%
- 3Y*
- 19.57%
- 5Y*
- 12.43%
- 10Y*
- —
- ALL TIME*
- 18.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.79M | $8.31M | $8.91M | |
| $433.42M | $387.95M | $422.31M |
SPDN vs. GSUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -26.61% |
GSUS Goldman Sachs MarketBeta U.S. Equity ETF | 9.77% | 18.11% | 25.25% | 27.74% | -19.82% | 27.13% | 34.82% |
Correlation
The correlation between SPDN and GSUS is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 15, 2020 | -0.98 |
The correlation between SPDN and GSUS has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
SPDN vs. GSUS — Risk / Return Rank
SPDN
GSUS
SPDN vs. GSUS - 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 Goldman Sachs MarketBeta U.S. Equity ETF (GSUS). 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 | GSUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.26 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.08 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.27 | 8.70 | -9.97 |
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Drawdowns
SPDN vs. GSUS - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than GSUS's maximum drawdown of -25.62%. Use the drawdown chart below to compare losses from any high point for SPDN and GSUS.
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Drawdown Indicators
| SPDN | GSUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -25.62% | -49.69% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -9.24% | -6.69% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -19.07% | -19.17% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -25.62% | -18.23% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.80% | -1.55% | -73.25% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -5.19% | -43.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 2.20% | +6.70% |
Volatility
SPDN vs. GSUS - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Goldman Sachs MarketBeta U.S. Equity ETF (GSUS) have volatilities of 3.55% and 3.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | GSUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 3.57% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 10.25% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 13.04% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 17.17% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 17.02% | +1.01% |
SPDN vs. GSUS - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than GSUS's 0.07% expense ratio.
Dividends
SPDN vs. GSUS - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, more than GSUS's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GSUS Goldman Sachs MarketBeta U.S. Equity ETF | 1.00% | 1.04% | 1.19% | 1.32% | 1.51% | 1.13% | 0.78% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
SPDN and GSUS have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSUS has higher volatility (3.57%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs GSUS's -25.62%.
On 5-year performance, GSUS leads with 12.43% vs -7.84% for SPDN. On fees, GSUS is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSUS has performed better with a 12.43% return vs -7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSUS is cheaper with a 0.07% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 3.32%, compared with 1.00% for GSUS.
SPDN is categorized as Inverse Equities, while GSUS is Large Cap Growth Equities. SPDN tracks S&P 500 Index, while GSUS tracks Solactive GBS United States Large & Mid Cap Index. They also come from different issuers: Direxion and Goldman Sachs. Their fees differ too: 0.50% for SPDN and 0.07% for GSUS.
GSUS currently has the higher Sharpe Ratio (1.47 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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