SPDN vs. SMH
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 37.49%/yr for SMH. At a correlation of -0.77, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.35%/yr for SMH.
Performance
SPDN vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, SPDN has underperformed SMH with an annualized return of -12.53%, while SMH has yielded a comparatively higher 37.49% annualized return.
SPDN
- 1D
- -0.45%
- 1M
- 0.69%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -14.45%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
SMH
- 1D
- 1.72%
- 1M
- 8.30%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 136.32%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
SPDN vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between SPDN and SMH is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.77 |
The correlation between SPDN and SMH has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
SPDN vs. SMH — Risk / Return Rank
SPDN
SMH
SPDN vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.29 | ||
| Sortino ratioReturn per unit of downside risk | -5.93 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.60 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 9.18 | -10.00 |
| Martin ratioReturn relative to average drawdown | -1.46 | 33.74 | -35.20 |
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Drawdowns
SPDN vs. SMH - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SPDN and SMH.
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Drawdown Indicators
| SPDN | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -84.96% | +9.65% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -14.93% | -2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -35.74% | -2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -45.30% | +1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -45.30% | -30.01% |
Current DrawdownCurrent decline from peak | -74.71% | -2.81% | -71.90% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -41.04% | -7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 4.06% | +5.83% |
Volatility
SPDN vs. SMH - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 16.25% | -12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 27.73% | -18.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 33.20% | -20.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 35.47% | -18.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 32.82% | -14.77% |
SPDN vs. SMH - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
SPDN vs. SMH - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than SMH's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
SPDN and SMH have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SMH's -84.96%.
On 10-year performance, SMH leads with 37.49% vs -12.53% for SPDN. On fees, SMH is cheaper at 0.35% 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.
Over the 10-year period, SMH has performed better with a 37.49% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 0.18% for SMH.
SPDN is categorized as Inverse Equities, while SMH is Semiconductors. SPDN tracks S&P 500 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 0.50% for SPDN and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.13 vs -1.16), 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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