SPDN vs. QQQE
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, SPDN returned -12.21%/yr vs 14.91%/yr for QQQE. At a correlation of -0.90, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.35%/yr for QQQE.
Performance
SPDN vs. QQQE - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -7.06% return, which is significantly lower than QQQE's 16.12% return. Over the past 10 years, SPDN has underperformed QQQE with an annualized return of -12.21%, while QQQE has yielded a comparatively higher 14.91% annualized return.
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
QQQE
- 1D
- -0.26%
- 1M
- -1.61%
- 6M
- 13.70%
- YTD
- 16.12%
- 1Y
- 21.29%
- 3Y*
- 14.88%
- 5Y*
- 9.06%
- 10Y*
- 14.91%
SPDN vs. QQQE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 16.12% | 14.58% | 6.98% | 33.76% | -24.47% | 17.93% | 37.85% | 36.43% | -5.40% | 26.53% |
Correlation
The correlation between SPDN and QQQE is -0.87, 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 | -0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
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 QQQE has been stable across timeframes, ranging from -0.92 to -0.87 - a consistent structural relationship.
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Return for Risk
SPDN vs. QQQE — Risk / Return Rank
SPDN
QQQE
SPDN vs. QQQE - 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 Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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 | QQQE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.24 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.27 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.53 | 7.47 | -9.00 |
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Drawdowns
SPDN vs. QQQE - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for SPDN and QQQE.
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Drawdown Indicators
| SPDN | QQQE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -32.14% | -43.17% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -9.41% | -6.52% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -21.38% | -16.86% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -32.14% | -11.71% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -32.14% | -41.83% |
Current DrawdownCurrent decline from peak | -74.97% | -3.35% | -71.62% |
Average DrawdownAverage peak-to-trough decline | -48.82% | -5.14% | -43.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 2.86% | +5.58% |
Volatility
SPDN vs. QQQE - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.50%, while Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) has a volatility of 4.96%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | QQQE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 4.96% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.09% | 12.91% | -2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 15.82% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 20.58% | -3.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 20.74% | -2.74% |
SPDN vs. QQQE - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than QQQE's 0.35% expense ratio.
Dividends
SPDN vs. QQQE - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.34%, more than QQQE's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.57% | 0.52% | 0.86% | 0.79% | 0.98% | 3.83% | 0.54% | 0.74% | 0.80% | 0.65% | 1.17% | 0.57% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.34% | 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 QQQE have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQE has higher volatility (4.96%) compared to SPDN (3.50%). In terms of maximum drawdown, SPDN dropped -75.31% vs QQQE's -32.14%.
On 10-year performance, QQQE leads with 14.91% vs -12.21% for SPDN. On fees, QQQE is cheaper at 0.35% per year. On volatility, SPDN has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQE has performed better with a 14.91% return vs -12.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQE is cheaper with a 0.35% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 3.34%, compared with 0.57% for QQQE.
SPDN is categorized as Inverse Equities, while QQQE is Nasdaq-100. SPDN tracks S&P 500 Index, while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 0.50% for SPDN and 0.35% for QQQE.
QQQE currently has the higher Sharpe Ratio (1.35 vs -1.02), 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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