SPDN vs. PSQ
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and PSQ (ProShares Short QQQ) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 5 years, SPDN returned -8.88%/yr vs -14.55%/yr for PSQ. Their correlation of 0.90 suggests significant overlap in exposure. SPDN charges 0.50%/yr vs 0.95%/yr for PSQ.
Performance
SPDN vs. PSQ - 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 PSQ's -16.45% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
PSQ
- 1D
- 0.28%
- 1M
- -9.35%
- YTD
- -16.45%
- 6M
- -14.96%
- 1Y
- -26.29%
- 3Y*
- -18.98%
- 5Y*
- -14.55%
- 10Y*
- -19.23%
SPDN vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
PSQ ProShares Short QQQ | -16.45% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
Correlation
The correlation between SPDN and PSQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.90 |
The correlation between SPDN and PSQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SPDN vs. PSQ — Risk / Return Rank
SPDN
PSQ
SPDN vs. PSQ - 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 ProShares Short QQQ (PSQ). 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 | PSQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.41 | -1.65 | +0.24 |
Sortino ratioReturn per unit of downside risk | -2.02 | -2.46 | +0.44 |
Omega ratioGain probability vs. loss probability | 0.78 | 0.74 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.98 | +0.03 |
Martin ratioReturn relative to average drawdown | -1.74 | -2.12 | +0.39 |
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 | PSQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -1.65 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | -0.65 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.76 | +0.07 |
Drawdowns
SPDN vs. PSQ - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for SPDN and PSQ.
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Drawdown Indicators
| SPDN | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -98.26% | +22.95% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -26.93% | +8.98% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -49.65% | +11.41% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -60.91% | +17.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.98% | — |
Current DrawdownCurrent decline from peak | -75.17% | -98.25% | +23.08% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -73.97% | +25.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 12.41% | -2.63% |
Volatility
SPDN vs. PSQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while ProShares Short QQQ (PSQ) has a volatility of 4.50%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 4.50% | -1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 12.14% | -3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 16.01% | -3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 22.43% | -5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 22.25% | -4.21% |
SPDN vs. PSQ - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than PSQ's 0.95% expense ratio.
Dividends
SPDN vs. PSQ - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.09%, less than PSQ's 5.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.24% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
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
With a correlation of 0.94, SPDN and PSQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PSQ has higher volatility (4.50%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs PSQ's -98.26%.
On 5-year performance, SPDN leads with -8.88% vs -14.55% for PSQ. 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 5-year period, SPDN has performed better with a -8.88% return vs -14.55%. 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 PSQ.
PSQ has the higher dividend yield at 5.24%, compared with 4.09% for SPDN.
SPDN tracks S&P 500 Index, while PSQ tracks NASDAQ-100 Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.95% for PSQ.
SPDN currently has the higher Sharpe Ratio (-1.41 vs -1.65), 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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