SPDN vs. SARK
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SARK (Tradr Short Innovation Daily ETF) are both Inverse Equities funds. SPDN is passively managed, while SARK is actively managed. Over the past 3 years, SPDN returned -10.75%/yr vs -24.59%/yr for SARK. Their 0.74 correlation means they have sometimes moved together and sometimes differently. SPDN charges 0.50%/yr vs 0.75%/yr for SARK.
Performance
SPDN vs. SARK - 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 SARK's 0.17% 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%
SARK
- 1D
- 2.38%
- 1M
- 13.13%
- 6M
- -1.40%
- YTD
- 0.17%
- 1Y
- -10.99%
- 3Y*
- -24.59%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.94M | $4.74M | $6.45M | |
| $433.42M | $387.95M | $422.31M |
SPDN vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -1.95% |
SARK Tradr Short Innovation Daily ETF | 0.17% | -25.93% | -36.90% | -46.32% | 83.35% | 24.05% |
Correlation
The correlation between SPDN and SARK is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.74 |
The correlation between SPDN and SARK has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.
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Return for Risk
SPDN vs. SARK — Risk / Return Rank
SPDN
SARK
SPDN vs. SARK - 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 Tradr Short Innovation Daily ETF (SARK). 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 | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.00 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.23 | -0.49 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.38 | -0.89 |
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Drawdowns
SPDN vs. SARK - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SARK drawdown of -81.07%. Use the drawdown chart below to compare losses from any high point for SPDN and SARK.
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Drawdown Indicators
| SPDN | SARK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -81.07% | +5.76% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -26.34% | +10.41% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -74.42% | +36.18% |
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 | -74.80% | -77.89% | +3.09% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -47.53% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 15.44% | -6.54% |
Volatility
SPDN vs. SARK - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Tradr Short Innovation Daily ETF (SARK) has a volatility of 10.43%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SARK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SARK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 10.43% | -6.88% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 27.70% | -17.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 36.55% | -23.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 55.75% | -38.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 55.75% | -37.72% |
SPDN vs. SARK - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SARK's 0.75% expense ratio.
Dividends
SPDN vs. SARK - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, more than SARK's 2.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 2.81% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
SPDN and SARK have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (10.43%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs SARK's -81.07%.
On 3-year performance, SPDN leads with -10.75% vs -24.59% for SARK. On fees, SPDN is cheaper at 0.50% 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 3-year period, SPDN has performed better with a -10.75% return vs -24.59%. 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 0.75% for SARK.
SPDN has the higher dividend yield at 3.32%, compared with 2.81% for SARK.
They also come from different issuers: Direxion and AXS. Their fees differ too: 0.50% for SPDN and 0.75% for SARK.
SARK currently has the higher Sharpe Ratio (-0.16 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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