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 -12.80%/yr vs -30.74%/yr for SARK. A 0.74 correlation means they provide meaningful diversification when combined. 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 -7.81% return, which is significantly lower than SARK's -6.78% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
SPDN vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -2.23% |
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Correlation
The correlation between SPDN and SARK is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.74 |
The correlation between SPDN and SARK has been stable across timeframes, ranging from 0.73 to 0.74 - 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.
| SPDN | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.86 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.83 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.74 | -1.11 | -0.62 |
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 | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -0.95 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.24 | -0.46 |
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 | -17.95% | -40.75% | +22.80% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -74.42% | +36.18% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Current DrawdownCurrent decline from peak | -75.17% | -79.42% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -46.46% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 30.47% | -20.69% |
Volatility
SPDN vs. SARK - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while Tradr Short Innovation Daily ETF (SARK) has a volatility of 9.13%. 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 | 2.78% | 9.13% | -6.35% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 25.05% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 35.91% | -23.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 56.24% | -39.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 56.24% | -38.20% |
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 4.09%, more than SARK's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.02% | 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 | 4.09% | 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 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (9.13%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs SARK's -81.07%.
On 3-year performance, SPDN leads with -12.80% vs -30.74% for SARK. 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 3-year period, SPDN has performed better with a -12.80% return vs -30.74%. 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 4.09%, compared with 3.02% 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 (-0.94 vs -1.41), 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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