SPDN vs. SPXL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs 30.27%/yr for SPXL. At a correlation of -0.99, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.84%/yr for SPXL.
Performance
SPDN vs. SPXL - 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 SPXL's 17.21% return. Over the past 10 years, SPDN has underperformed SPXL with an annualized return of -12.66%, while SPXL has yielded a comparatively higher 30.27% annualized return.
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%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
SPDN vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.21% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between SPDN and SPXL is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.99 |
The correlation between SPDN and SPXL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
SPDN vs. SPXL — Risk / Return Rank
SPDN
SPXL
SPDN vs. SPXL - 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 Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.35 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.75 | 9.57 | -11.32 |
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Drawdowns
SPDN vs. SPXL - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPDN and SPXL.
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Drawdown Indicators
| SPDN | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -76.86% | +1.55% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -26.77% | +10.72% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -48.95% | +10.71% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -63.80% | +19.95% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -76.86% | +1.55% |
Current DrawdownCurrent decline from peak | -74.71% | -10.44% | -64.27% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -16.09% | -32.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 6.56% | +2.88% |
Volatility
SPDN vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.70%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 14.70% | -10.19% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 29.55% | -19.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 37.43% | -24.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 50.54% | -33.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 53.47% | -35.43% |
SPDN vs. SPXL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SPXL's 0.84% expense ratio.
Dividends
SPDN vs. SPXL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.57% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
SPDN and SPXL have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (14.70%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -12.66% for SPDN. 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.
Over the 10-year period, SPXL has performed better with a 30.27% return vs -12.66%. 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 0.84% for SPXL.
SPDN has the higher dividend yield at 4.02%, compared with 0.57% for SPXL.
SPDN is categorized as Inverse Equities, while SPXL is Leveraged Equities. SPDN tracks S&P 500 Index, while SPXL tracks S&P 500. Their fees differ too: 0.50% for SPDN and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.69 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.
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