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 -10.67%/yr vs -44.86%/yr for OILD. At a 0.28 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 -5.99% return, which is significantly higher than OILD's -60.48% return.
SPDN
- 1D
- 1.16%
- 1M
- 0.12%
- 6M
- -4.98%
- YTD
- -5.99%
- 1Y
- -11.27%
- 3Y*
- -10.67%
- 5Y*
- -8.06%
- 10Y*
- -12.12%
OILD
- 1D
- -4.32%
- 1M
- -17.09%
- 6M
- -52.19%
- YTD
- -60.48%
- 1Y
- -67.80%
- 3Y*
- -44.86%
- 5Y*
- —
- 10Y*
- —
SPDN vs. OILD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.99% | -11.09% | -12.88% | -15.04% | 18.63% | -1.95% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -60.48% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
Correlation
The correlation between SPDN and OILD is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.28 |
The correlation between SPDN and OILD shifts across timeframes, from -0.13 (1 year) to 0.28 (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.
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 | OILD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.79 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.91 | +0.20 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.43 | +0.10 |
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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 | -15.93% | -74.53% | +58.60% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -85.48% | +47.24% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.68% | -98.71% | +24.03% |
Average DrawdownAverage peak-to-trough decline | -48.83% | -88.81% | +39.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.48% | 47.48% | -39.00% |
Volatility
SPDN vs. OILD - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.64%, while MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a volatility of 20.02%. 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 | 3.64% | 20.02% | -16.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.14% | 49.82% | -39.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.77% | 63.06% | -50.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 79.21% | -62.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 79.21% | -61.20% |
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 3.30%, 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 | 3.30% | 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 -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (20.02%) compared to SPDN (3.64%). In terms of maximum drawdown, SPDN dropped -75.31% vs OILD's -98.90%.
On 3-year performance, SPDN leads with -10.67% vs -44.86% for OILD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.64%. 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 -10.67% return vs -44.86%. 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 3.30%, 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.
SPDN currently has the higher Sharpe Ratio (-0.89 vs -1.08), 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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