SPDN vs. SARK

Last updated Jun 24, 2026

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 -11.95%/yr vs -30.30%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Tradr Short Innovation Daily ETF (SARK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPDN having a -6.10% return and SARK slightly lower at -6.20%.

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%

SARK

• 1D: 2.03%
• 1M: -1.78%
• YTD: -6.20%
• 6M: -1.73%
• 1Y: -19.94%
• 3Y*: -30.30%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDN vs. SARK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.10%	-11.09%	-12.88%	-15.04%	18.63%	-1.95%
SARK Tradr Short Innovation Daily ETF	-6.20%	-25.93%	-36.90%	-46.32%	83.35%	24.05%

Correlation

The correlation between SPDN and SARK is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	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.

Return for Risk

SPDN vs. SARK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 0

SARK

SARK Risk / Return Rank: 4
SARK Sharpe Ratio Rank: 4
SARK Sortino Ratio Rank: 4
SARK Omega Ratio Rank: 5
SARK Calmar Ratio Rank: 3
SARK Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	-1.19	-0.56	-0.63
Sortino ratio: Return per unit of downside risk	-1.71	-0.62	-1.09
Omega ratio: Gain probability vs. loss probability	0.81	0.93	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.75	-0.18
Martin ratio: Return relative to average drawdown	-1.75	-1.26	-0.49

SPDN vs. SARK - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.19, which is lower than the SARK Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of SPDN and SARK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	SPDN	SARK	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-81.07%	+5.76%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-26.61%	+10.56%
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	-75.31%	—	—
Current Drawdown Current decline from peak	-74.71%	-79.29%	+4.58%
Average Drawdown Average peak-to-trough decline	-48.66%	-46.79%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.44%	15.99%	-6.55%

Volatility

SPDN vs. SARK - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while Tradr Short Innovation Daily ETF (SARK) has a volatility of 12.56%. 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.

Volatility by Period

	SPDN	SARK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	12.56%	-8.05%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	26.66%	-16.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	35.83%	-23.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	56.15%	-39.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	56.15%	-38.11%

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 4.02%, more than SARK's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SARK Tradr Short Innovation Daily ETF	3.00%	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	4.02%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both SPDN and SARK in my portfolio?

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.

Which is riskier, SPDN or SARK?

SARK has higher volatility (12.56%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SARK's -81.07%.

Which ETF is better, SPDN or SARK?

On 3-year performance, SPDN leads with -11.95% vs -30.30% for SARK. On fees, SPDN is cheaper at 0.50% 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.

Which ETF has performed better, SPDN or SARK?

Over the 3-year period, SPDN has performed better with a -11.95% return vs -30.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or SARK?

SPDN is cheaper with a 0.50% expense ratio, compared with 0.75% for SARK.

Which ETF pays a higher dividend yield, SPDN or SARK?

SPDN has the higher dividend yield at 4.02%, compared with 3.00% for SARK.

What is the main difference between SPDN and SARK?

They also come from different issuers: Direxion and AXS. Their fees differ too: 0.50% for SPDN and 0.75% for SARK.

Which has better risk-adjusted returns?

SARK currently has the higher Sharpe Ratio (-0.56 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.