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 -12.66%/yr vs -41.98%/yr for SPXU. With a 0.99 correlation, they move nearly in lockstep. 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 -6.10% return, which is significantly higher than SPXU's -20.19% return. Over the past 10 years, SPDN has outperformed SPXU with an annualized return of -12.66%, while SPXU has yielded a comparatively lower -41.98% 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%
SPXU
- 1D
- 4.24%
- 1M
- 3.93%
- YTD
- -20.19%
- 6M
- -17.81%
- 1Y
- -43.92%
- 3Y*
- -40.85%
- 5Y*
- -33.55%
- 10Y*
- -41.98%
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 | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SPXU ProShares UltraPro Short S&P500 | -20.19% | -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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 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 | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.79 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.94 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.61 | -0.14 |
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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 | -16.05% | -47.11% | +31.06% |
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 | -75.31% | -99.63% | +24.32% |
Current DrawdownCurrent decline from peak | -74.71% | -99.99% | +25.28% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -93.33% | +44.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 29.37% | -19.93% |
Volatility
SPDN vs. SPXU - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 14.32%. 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 | 4.51% | 14.32% | -9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 29.53% | -19.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 37.35% | -24.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 50.62% | -33.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 53.43% | -35.39% |
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 4.02%, less than SPXU's 7.35% 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% |
SPXU ProShares UltraPro Short S&P500 | 7.35% | 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 (14.32%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPXU's -99.99%.
On 10-year performance, SPDN leads with -12.66% vs -41.98% for SPXU. 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, SPDN has performed better with a -12.66% return vs -41.98%. 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 7.35%, compared with 4.02% 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.
SPXU currently has the higher Sharpe Ratio (-1.18 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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