SPDN vs. NVDA

Last updated Jun 9, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) is Inverse Equities fund tracking the S&P 500 Index, while NVDA (NVIDIA Corporation) is a stock. Over the past 10 years, SPDN returned -12.43%/yr vs 68.47%/yr for NVDA. At a correlation of -0.63, they often move in opposite directions.

Performance

SPDN vs. NVDA - 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 NVIDIA Corporation (NVDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDN achieves a -5.89% return, which is significantly lower than NVDA's 12.01% return. Over the past 10 years, SPDN has underperformed NVDA with an annualized return of -12.43%, while NVDA has yielded a comparatively higher 68.47% 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%

NVDA

• 1D: 1.73%
• 1M: -2.94%
• YTD: 12.01%
• 6M: 12.58%
• 1Y: 47.43%
• 3Y*: 75.35%
• 5Y*: 64.54%
• 10Y*: 68.47%

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

SPDN vs. NVDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NVDA NVIDIA Corporation	12.01%	38.92%	171.25%	239.02%	-50.26%	125.48%	122.30%	76.94%	-30.82%	81.99%

Correlation

The correlation between SPDN and NVDA is -0.57, 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	-0.57
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (5Y) Calculated over the trailing 5-year period	-0.69
Correlation (10Y) Calculated over the trailing 10-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016	-0.63

The correlation between SPDN and NVDA shifts across timeframes, from -0.69 (5 years) to -0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPDN vs. NVDA — 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: 2
SPDN Martin Ratio Rank: 1

NVDA

NVDA Risk / Return Rank: 77
NVDA Sharpe Ratio Rank: 80
NVDA Sortino Ratio Rank: 75
NVDA Omega Ratio Rank: 73
NVDA Calmar Ratio Rank: 79
NVDA Martin Ratio Rank: 79

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. NVDA - 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 NVIDIA Corporation (NVDA). 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	NVDA	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.37	-2.58
Sortino ratio: Return per unit of downside risk	-1.74	1.94	-3.69
Omega ratio: Gain probability vs. loss probability	0.81	1.24	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.84	2.36	-3.20
Martin ratio: Return relative to average drawdown	-1.53	5.73	-7.26
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. NVDA - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.21, which is lower than the NVDA Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SPDN and NVDA, 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	NVDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.21	1.37	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.51	1.25	-1.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.69	1.38	-2.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	0.63	-1.31

Drawdowns

SPDN vs. NVDA - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum NVDA drawdown of -89.72%. Use the drawdown chart below to compare losses from any high point for SPDN and NVDA.

Drawdown Indicators

	SPDN	NVDA	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-89.72%	+14.41%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-20.21%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-38.24%	-36.88%	-1.36%
Max Drawdown (5Y) Largest decline over 5 years	-43.85%	-66.34%	+22.49%
Max Drawdown (10Y) Largest decline over 10 years	-75.31%	-66.34%	-8.97%
Current Drawdown Current decline from peak	-74.65%	-11.39%	-63.26%
Average Drawdown Average peak-to-trough decline	-48.57%	-36.20%	-12.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.71%	8.30%	+1.41%

Volatility

SPDN vs. NVDA - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while NVIDIA Corporation (NVDA) has a volatility of 13.14%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than NVDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDN	NVDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	13.14%	-9.59%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	26.37%	-16.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.33%	34.81%	-22.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	51.75%	-34.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	49.85%	-31.80%

Dividends

SPDN vs. NVDA - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 4.01%, more than NVDA's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDA NVIDIA Corporation	0.14%	0.02%	0.03%	0.03%	0.11%	0.05%	0.12%	0.27%	0.46%	0.29%	0.45%	1.20%
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

Can I hold both SPDN and NVDA in my portfolio?

SPDN and NVDA have a correlation of -0.57, 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 NVDA?

NVDA has higher volatility (13.14%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs NVDA's -89.72%.

Which has better risk-adjusted returns?

NVDA currently has the higher Sharpe Ratio (1.37 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.