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 Leveraged Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, SPDN returned -9.14%/yr vs -35.52%/yr for SPXU. With a 0.99 correlation, they move nearly in lockstep. SPDN charges 0.50%/yr vs 0.93%/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 -8.34% return, which is significantly higher than SPXU's -27.12% return.
SPDN
- 1D
- -0.12%
- 1M
- -4.44%
- YTD
- -8.34%
- 6M
- -8.19%
- 1Y
- -17.88%
- 3Y*
- -12.97%
- 5Y*
- -9.14%
- 10Y*
- —
SPXU
- 1D
- -0.39%
- 1M
- -14.02%
- YTD
- -27.12%
- 6M
- -27.28%
- 1Y
- -50.84%
- 3Y*
- -43.41%
- 5Y*
- -35.52%
- 10Y*
- -42.07%
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 | -8.34% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SPXU ProShares UltraPro Short S&P500 | -27.12% | -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 (All Time) Calculated using the full available price history since Jun 9, 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.
| SPDN | SPXU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.49 | -1.44 | -0.04 |
Sortino ratioReturn per unit of downside risk | -2.14 | -2.47 | +0.33 |
Omega ratioGain probability vs. loss probability | 0.77 | 0.74 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.02 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.89 | -1.73 | -0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | SPXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.49 | -1.44 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | -0.71 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.84 | +0.14 |
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 | -17.95% | -50.82% | +32.87% |
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 | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -75.31% | -99.99% | +24.68% |
Average DrawdownAverage peak-to-trough decline | -48.53% | -93.33% | +44.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 29.93% | -20.22% |
Volatility
SPDN vs. SPXU - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 8.31%. 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 | 2.78% | 8.31% | -5.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 26.80% | -17.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 35.32% | -23.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 50.32% | -33.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 53.38% | -35.34% |
SPDN vs. SPXU - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SPXU's 0.93% expense ratio.
Dividends
SPDN vs. SPXU - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.12%, less than SPXU's 8.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.12% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXU ProShares UltraPro Short S&P500 | 8.05% | 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 (8.31%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPXU's -99.99%.
On 5-year performance, SPDN leads with -9.14% vs -35.52% for SPXU. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDN has performed better with a -9.14% return vs -35.52%. 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 0.93% for SPXU.
SPXU has the higher dividend yield at 8.05%, compared with 4.12% for SPDN.
SPDN is categorized as Inverse Equities, while SPXU is Leveraged Equities. 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 0.93% for SPXU.
SPXU currently has the higher Sharpe Ratio (-1.44 vs -1.49), 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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