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 10 years, SPDN returned -12.22%/yr vs -55.28%/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 -6.85% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, SPDN has outperformed SQQQ with an annualized return of -12.22%, while SQQQ has yielded a comparatively lower -55.28% annualized return.
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
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 | -6.85% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -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 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.92 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.71 | +0.18 |
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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 | -15.93% | -61.03% | +45.10% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -92.51% | +54.27% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -97.27% | +53.42% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -99.97% | +26.00% |
Current DrawdownCurrent decline from peak | -74.91% | -100.00% | +25.09% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -92.75% | +43.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 32.78% | -24.50% |
Volatility
SPDN vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. 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 | 4.18% | 26.05% | -21.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 45.88% | -35.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 55.64% | -42.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 67.87% | -50.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 66.56% | -48.55% |
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 3.33%, less than SQQQ's 10.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.33% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SQQQ ProShares UltraPro Short QQQ | 10.00% | 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 0.93, 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 (26.05%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SQQQ's -100.00%.
On 10-year performance, SPDN leads with -12.22% vs -55.28% for SQQQ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. 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 -12.22% return vs -55.28%. 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 10.00%, compared with 3.33% 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.
SPDN currently has the higher Sharpe Ratio (-1.00 vs -1.01), 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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