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 -12.18%/yr vs 20.44%/yr for QQQ. Their -0.90 correlation means they have often moved in opposite directions in the past. 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 -6.42% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, SPDN has underperformed QQQ with an annualized return of -12.18%, while QQQ has yielded a comparatively higher 20.44% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.32B | $28.40B | $31.45B | |
| $433.42M | $387.95M | $422.31M |
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 | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
QQQ Invesco QQQ ETF | 12.26% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.93 |
Correlation (3Y) Balances recent behavior with more history. | -0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.21 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.88 | -2.59 |
| Martin ratioReturn relative to average drawdown | -1.27 | 6.00 | -7.27 |
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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 | -15.93% | -11.96% | -3.97% |
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 | -73.97% | -35.12% | -38.85% |
Current DrawdownCurrent decline from peak | -74.80% | -7.69% | -67.11% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -32.62% | -16.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 3.74% | +5.16% |
Volatility
SPDN vs. QQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. 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 | 3.55% | 6.87% | -3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 16.08% | -5.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 19.38% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 22.90% | -5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 22.50% | -4.47% |
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 3.32%, more than QQQ's 0.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.44% | 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 | 3.32% | 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 (6.87%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs -12.18% for SPDN. On fees, QQQ is cheaper at 0.18% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 20.44% return vs -12.18%. 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 3.32%, compared with 0.44% 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 (1.16 vs -0.88), 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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