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 -11.95%/yr vs -5.66%/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 -6.10% return, which is significantly higher than SVIX's -8.30% 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%
SVIX
- 1D
- -4.80%
- 1M
- 7.92%
- YTD
- -8.30%
- 6M
- -6.56%
- 1Y
- 56.04%
- 3Y*
- -5.66%
- 5Y*
- —
- 10Y*
- —
SPDN vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 17.05% |
SVIX -1x Short VIX Futures ETF | -8.30% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between SPDN and SVIX is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
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 -0.75 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 | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.21 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.32 | -2.25 |
| Martin ratioReturn relative to average drawdown | -1.75 | 3.76 | -5.52 |
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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 | -16.05% | -42.69% | +26.64% |
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 | -75.31% | — | — |
Current DrawdownCurrent decline from peak | -74.71% | -56.20% | -18.51% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -31.87% | -16.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 14.93% | -5.49% |
Volatility
SPDN vs. SVIX - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while -1x Short VIX Futures ETF (SVIX) has a volatility of 16.67%. 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 | 4.51% | 16.67% | -12.16% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 43.44% | -33.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 55.33% | -42.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 66.26% | -49.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 66.26% | -48.22% |
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 4.02%, 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 | 4.02% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (16.67%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -5.66% vs -11.95% for SPDN. On fees, SPDN is cheaper at 0.50% 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 3-year period, SVIX has performed better with a -5.66% return vs -11.95%. 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 4.02%, 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 (1.02 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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