SPDN vs. SPXU
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPDN returned -12.18%/yr vs -41.16%/yr for SPXU. Their 0.99 correlation means they have historically moved very closely together. SPDN charges 0.50%/yr vs 0.90%/yr for SPXU.
Performance
SPDN vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly higher than SPXU's -23.69% return. Over the past 10 years, SPDN has outperformed SPXU with an annualized return of -12.18%, while SPXU has yielded a comparatively lower -41.16% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
SPXU
- 1D
- -1.95%
- 1M
- -0.35%
- 6M
- -20.84%
- YTD
- -23.69%
- 1Y
- -41.18%
- 3Y*
- -38.93%
- 5Y*
- -32.80%
- 10Y*
- -41.16%
- ALL TIME*
- -42.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $315.61M | $306.13M | $365.79M |
SPDN vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SPXU ProShares UltraPro Short S&P500 | -23.69% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between SPDN and SPXU is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SPDN and SPXU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPDN vs. SPXU — Risk / Return Rank
SPDN
SPXU
SPDN vs. SPXU - 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 ProShares UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.84 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.88 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.42 | +0.15 |
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Drawdowns
SPDN vs. SPXU - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SPDN and SPXU.
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Drawdown Indicators
| SPDN | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -99.99% | +24.68% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -43.83% | +27.90% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -84.36% | +46.12% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -90.23% | +46.38% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -99.56% | +25.59% |
Current DrawdownCurrent decline from peak | -74.80% | -99.99% | +25.19% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -93.38% | +44.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 26.91% | -18.01% |
Volatility
SPDN vs. SPXU - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 10.60%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 10.60% | -7.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 30.38% | -20.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 38.43% | -25.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 50.68% | -33.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 53.40% | -35.37% |
SPDN vs. SPXU - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SPXU's 0.90% expense ratio.
Dividends
SPDN vs. SPXU - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, less than SPXU's 6.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXU ProShares UltraPro Short S&P500 | 6.80% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
With a correlation of 0.99, SPDN and SPXU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPXU has higher volatility (10.60%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPXU's -99.99%.
On 10-year performance, SPDN leads with -12.18% vs -41.16% for SPXU. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.18% return vs -41.16%. 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 0.90% for SPXU.
SPXU has the higher dividend yield at 6.80%, compared with 3.32% for SPDN.
SPDN is categorized as Inverse Equities, while SPXU is S&P 500. SPDN tracks S&P 500 Index, while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.90% for SPXU.
SPDN 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.
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