SPDN vs. QQQ
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs 22.07%/yr for QQQ. At a correlation of -0.90, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.18%/yr for QQQ.
Performance
SPDN vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than QQQ's 16.45% return. Over the past 10 years, SPDN has underperformed QQQ with an annualized return of -12.66%, while QQQ has yielded a comparatively higher 22.07% annualized return.
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
QQQ
- 1D
- -3.29%
- 1M
- -0.43%
- YTD
- 16.45%
- 6M
- 14.99%
- 1Y
- 34.88%
- 3Y*
- 26.05%
- 5Y*
- 16.01%
- 10Y*
- 22.07%
SPDN vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
QQQ Invesco QQQ ETF | 16.45% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between SPDN and QQQ is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.90 |
The correlation between SPDN and QQQ has been stable across timeframes, ranging from -0.94 to -0.90 - a consistent structural relationship.
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Return for Risk
SPDN vs. QQQ — Risk / Return Rank
SPDN
QQQ
SPDN vs. QQQ - 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 Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.15 | ||
| Sortino ratioReturn per unit of downside risk | -4.27 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.93 | -3.86 |
| Martin ratioReturn relative to average drawdown | -1.75 | 10.86 | -12.62 |
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Drawdowns
SPDN vs. QQQ - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPDN and QQQ.
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Drawdown Indicators
| SPDN | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -82.97% | +7.66% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -11.96% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -22.77% | -15.47% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -35.12% | -8.73% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -35.12% | -40.19% |
Current DrawdownCurrent decline from peak | -74.71% | -4.25% | -70.46% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -32.73% | -15.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 3.22% | +6.22% |
Volatility
SPDN vs. QQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 9.17% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 14.57% | -4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 17.96% | -5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 22.69% | -5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 22.42% | -4.38% |
SPDN vs. QQQ - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
SPDN vs. QQQ - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than QQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 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
SPDN and QQQ have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (9.17%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.07% vs -12.66% for SPDN. On fees, QQQ is cheaper at 0.18% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.07% return vs -12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 0.43% for QQQ.
SPDN is categorized as Inverse Equities, while QQQ is Nasdaq-100. SPDN tracks S&P 500 Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.50% for SPDN and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.95 vs -1.19), 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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