SPDN vs. SPY
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs 15.53%/yr for SPY. At a correlation of -0.99, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
SPDN vs. SPY - 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 SPY's 8.15% return. Over the past 10 years, SPDN has underperformed SPY with an annualized return of -12.66%, while SPY has yielded a comparatively higher 15.53% 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%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
SPDN vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SPDN and SPY 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 SPY 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. SPY — Risk / Return Rank
SPDN
SPY
SPDN vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.29 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.34 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.67 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.75 | 11.92 | -13.67 |
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Drawdowns
SPDN vs. SPY - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPDN and SPY.
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Drawdown Indicators
| SPDN | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -55.19% | -20.12% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -8.88% | -7.17% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -18.76% | -19.48% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -24.50% | -19.35% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -33.72% | -41.59% |
Current DrawdownCurrent decline from peak | -74.71% | -3.17% | -71.54% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -9.04% | -39.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 1.98% | +7.46% |
Volatility
SPDN vs. SPY - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 4.87% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 9.85% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 12.50% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 17.15% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 17.95% | +0.09% |
SPDN vs. SPY - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
SPDN vs. SPY - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPDN and SPY 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.
SPY has higher volatility (4.87%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -12.66% for SPDN. On fees, SPY is cheaper at 0.09% 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, SPY has performed better with a 15.53% return vs -12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 1.03% for SPY.
SPDN is categorized as Inverse Equities, while SPY is S&P 500. Both ETFs track S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.50% for SPDN and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 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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