SPDN vs. SKRE

Last updated Jul 14, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while SKRE tracks the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, SPDN returned -12.68% vs -40.68% for SKRE. At a 0.48 correlation, their price movements are largely independent. SPDN charges 0.50%/yr vs 0.75%/yr for SKRE.

Performance

SPDN vs. SKRE - 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 Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDN achieves a -6.85% return, which is significantly higher than SKRE's -31.48% return.

SPDN

• 1D: 0.93%
• 1M: -0.80%
• 6M: -5.24%
• YTD: -6.85%
• 1Y: -12.68%
• 3Y*: -11.24%
• 5Y*: -8.03%
• 10Y*: -12.22%

SKRE

• 1D: 0.15%
• 1M: -6.10%
• 6M: -27.31%
• YTD: -31.48%
• 1Y: -40.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPDN vs. SKRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.85%	-11.09%	-14.17%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-31.48%	-31.29%	-44.47%

Correlation

The correlation between SPDN and SKRE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	0.48

Return for Risk

SPDN vs. SKRE — Risk / Return Rank

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

SPDN

SPDN Risk / Return Rank: 2
SPDN Sharpe Ratio Rank: 1
SPDN Sortino Ratio Rank: 2
SPDN Omega Ratio Rank: 2
SPDN Calmar Ratio Rank: 3
SPDN Martin Ratio Rank: 1

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 3
SKRE Omega Ratio Rank: 3
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 1

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. SKRE - 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 Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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	SKRE	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-0.88	-0.12
Sortino ratio: Return per unit of downside risk	-1.41	-1.25	-0.16
Omega ratio: Gain probability vs. loss probability	0.85	0.86	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.83	+0.03
Martin ratio: Return relative to average drawdown	-1.53	-1.44	-0.10

SPDN vs. SKRE - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.00, which is comparable to the SKRE Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of SPDN and SKRE, 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. SKRE - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum SKRE drawdown of -78.32%. Use the drawdown chart below to compare losses from any high point for SPDN and SKRE.

Drawdown Indicators

	SPDN	SKRE	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-78.32%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.93%	-49.07%	+33.14%
Max Drawdown (3Y) Largest decline over 3 years	-38.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.97%	—	—
Current Drawdown Current decline from peak	-74.91%	-77.77%	+2.86%
Average Drawdown Average peak-to-trough decline	-48.79%	-48.39%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.28%	28.32%	-20.04%

Volatility

SPDN vs. SKRE - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a volatility of 11.56%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDN	SKRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	11.56%	-7.38%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	32.34%	-22.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	46.52%	-33.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	55.15%	-38.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	55.15%	-37.14%

SPDN vs. SKRE - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than SKRE's 0.75% expense ratio.

Dividends

SPDN vs. SKRE - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 3.33%, more than SKRE's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.37%	0.26%	3.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.33%	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 SKRE in my portfolio?

SPDN and SKRE have a correlation of 0.43, 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 SKRE?

SKRE has higher volatility (11.56%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SKRE's -78.32%.

Which ETF is better, SPDN or SKRE?

On 1-year performance, SPDN leads with -12.68% vs -40.68% for SKRE. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDN or SKRE?

Over the 1-year period, SPDN has performed better with a -12.68% return vs -40.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or SKRE?

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

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

SPDN has the higher dividend yield at 3.33%, compared with 0.37% for SKRE.

What is the main difference between SPDN and SKRE?

SPDN tracks S&P 500 Index, while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: Direxion and Tuttle. Their fees differ too: 0.50% for SPDN and 0.75% for SKRE.

Which has better risk-adjusted returns?

SKRE currently has the higher Sharpe Ratio (-0.88 vs -1.00), 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.