SPDN vs. OILD
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). Both are passively managed. Over the past 3 years, SPDN returned -12.80%/yr vs -48.14%/yr for OILD. At a 0.30 correlation, their price movements are largely independent. SPDN charges 0.50%/yr vs 0.95%/yr for OILD.
Performance
SPDN vs. OILD - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly higher than OILD's -61.30% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
OILD
- 1D
- -3.52%
- 1M
- 4.33%
- YTD
- -61.30%
- 6M
- -58.58%
- 1Y
- -72.54%
- 3Y*
- -48.14%
- 5Y*
- —
- 10Y*
- —
SPDN vs. OILD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -2.23% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -61.30% | -41.67% | -14.58% | -19.58% | -90.32% | 5.20% |
Correlation
The correlation between SPDN and OILD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.30 |
The correlation between SPDN and OILD shifts across timeframes, from -0.08 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPDN vs. OILD — Risk / Return Rank
SPDN
OILD
SPDN vs. OILD - 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 MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD). 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 | OILD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.75 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.94 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.74 | -1.56 | -0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | OILD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -1.19 | -0.22 |
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 | -0.75 | +0.06 |
Drawdowns
SPDN vs. OILD - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum OILD drawdown of -98.90%. Use the drawdown chart below to compare losses from any high point for SPDN and OILD.
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Drawdown Indicators
| SPDN | OILD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -98.90% | +23.59% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -77.40% | +59.45% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -88.53% | +50.29% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Current DrawdownCurrent decline from peak | -75.17% | -98.74% | +23.57% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -88.64% | +40.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 46.59% | -36.81% |
Volatility
SPDN vs. OILD - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a volatility of 24.24%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than OILD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | OILD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 24.24% | -21.46% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 48.55% | -39.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 61.12% | -49.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 79.39% | -62.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 79.39% | -61.35% |
SPDN vs. OILD - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than OILD's 0.95% expense ratio.
Dividends
SPDN vs. OILD - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.09%, while OILD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -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 | 4.09% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and OILD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (24.24%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs OILD's -98.90%.
On 3-year performance, SPDN leads with -12.80% vs -48.14% for OILD. 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.
Over the 3-year period, SPDN has performed better with a -12.80% return vs -48.14%. 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 OILD.
SPDN has the higher dividend yield at 4.09%, compared with 0.00% for OILD.
SPDN tracks S&P 500 Index, while OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). They also come from different issuers: Direxion and REX. Their fees differ too: 0.50% for SPDN and 0.95% for OILD.
OILD currently has the higher Sharpe Ratio (-1.19 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.
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