SPDN vs. SQQQ
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, SPDN returned -9.14%/yr vs -49.79%/yr for SQQQ. Their correlation of 0.90 suggests significant overlap in exposure. SPDN charges 0.50%/yr vs 0.95%/yr for SQQQ.
Performance
SPDN vs. SQQQ - 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 SQQQ's -45.68% return.
SPDN
- 1D
- -0.12%
- 1M
- -4.44%
- YTD
- -8.34%
- 6M
- -8.19%
- 1Y
- -17.88%
- 3Y*
- -12.97%
- 5Y*
- -9.14%
- 10Y*
- —
SQQQ
- 1D
- -1.36%
- 1M
- -26.50%
- YTD
- -45.68%
- 6M
- -43.61%
- 1Y
- -66.23%
- 3Y*
- -56.30%
- 5Y*
- -49.79%
- 10Y*
- -56.04%
SPDN vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -45.68% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SPDN and SQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.90 |
The correlation between SPDN and SQQQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SPDN vs. SQQQ — Risk / Return Rank
SPDN
SQQQ
SPDN vs. SQQQ - 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 QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.49 | -1.39 | -0.10 |
Sortino ratioReturn per unit of downside risk | -2.14 | -2.71 | +0.57 |
Omega ratioGain probability vs. loss probability | 0.77 | 0.72 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.01 | -0.01 |
Martin ratioReturn relative to average drawdown | -1.89 | -1.86 | -0.02 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.49 | -1.39 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | -0.75 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.88 | +0.18 |
Drawdowns
SPDN vs. SQQQ - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPDN and SQQQ.
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Drawdown Indicators
| SPDN | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -100.00% | +24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -65.95% | +48.00% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -92.38% | +54.14% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -97.23% | +53.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -75.31% | -100.00% | +24.69% |
Average DrawdownAverage peak-to-trough decline | -48.53% | -92.40% | +43.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 35.95% | -26.24% |
Volatility
SPDN vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.72%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 13.72% | -10.94% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 36.46% | -27.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 47.82% | -35.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 66.66% | -49.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 66.12% | -48.08% |
SPDN vs. SQQQ - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
SPDN vs. SQQQ - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.12%, less than SQQQ's 12.57% 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% |
SQQQ ProShares UltraPro Short QQQ | 12.57% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
With a correlation of 0.94, SPDN and SQQQ 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.
SQQQ has higher volatility (13.72%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs SQQQ's -100.00%.
On 5-year performance, SPDN leads with -9.14% vs -49.79% for SQQQ. 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 -49.79%. 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 0.95% for SQQQ.
SQQQ has the higher dividend yield at 12.57%, compared with 4.12% for SPDN.
SPDN is categorized as Inverse Equities, while SQQQ is Leveraged Equities. SPDN tracks S&P 500 Index, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.95% for SQQQ.
SQQQ currently has the higher Sharpe Ratio (-1.39 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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