SPDN vs. SVIX
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SVIX (-1x Short VIX Futures ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SVIX is a Volatility fund tracking the Short VIX Futures Index. Both are passively managed. Over the past 3 years, SPDN returned -11.24%/yr vs -5.98%/yr for SVIX. At a correlation of -0.74, they often move in opposite directions. SPDN charges 0.50%/yr vs 1.47%/yr for SVIX.
Performance
SPDN vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.85% return, which is significantly lower than SVIX's -0.70% 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%
SVIX
- 1D
- -3.26%
- 1M
- 9.07%
- 6M
- -3.30%
- YTD
- -0.70%
- 1Y
- 46.26%
- 3Y*
- -5.98%
- 5Y*
- —
- 10Y*
- —
SPDN vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.85% | -11.09% | -12.88% | -15.04% | 17.05% |
SVIX -1x Short VIX Futures ETF | -0.70% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between SPDN and SVIX is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.74 |
The correlation between SPDN and SVIX has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
SPDN vs. SVIX — Risk / Return Rank
SPDN
SVIX
SPDN vs. SVIX - 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 -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.09 | -1.89 |
| Martin ratioReturn relative to average drawdown | -1.53 | 3.10 | -4.63 |
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Drawdowns
SPDN vs. SVIX - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SVIX drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for SPDN and SVIX.
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Drawdown Indicators
| SPDN | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -79.30% | +3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -42.69% | +26.76% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -79.30% | +41.06% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.91% | -52.57% | -22.34% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -32.13% | -16.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 14.99% | -6.71% |
Volatility
SPDN vs. SVIX - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while -1x Short VIX Futures ETF (SVIX) has a volatility of 13.65%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 13.65% | -9.47% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 43.65% | -33.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 55.42% | -42.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 65.95% | -48.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 65.95% | -47.94% |
SPDN vs. SVIX - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
SPDN vs. SVIX - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.33%, while SVIX has not paid dividends to shareholders.
| 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% |
SVIX -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPDN and SVIX have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (13.65%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -5.98% vs -11.24% for SPDN. 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 3-year period, SVIX has performed better with a -5.98% return vs -11.24%. 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 1.47% for SVIX.
SPDN has the higher dividend yield at 3.33%, compared with 0.00% for SVIX.
SPDN is categorized as Inverse Equities, while SVIX is Volatility. SPDN tracks S&P 500 Index, while SVIX tracks Short VIX Futures Index. They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 0.50% for SPDN and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.84 vs -1.00), 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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