SPDN vs. UPRO
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPDN returned -12.21%/yr vs 28.60%/yr for UPRO. At a correlation of -0.99, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.89%/yr for UPRO.
Performance
SPDN vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -7.06% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, SPDN has underperformed UPRO with an annualized return of -12.21%, while UPRO has yielded a comparatively higher 28.60% annualized return.
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
UPRO
- 1D
- -1.55%
- 1M
- -0.15%
- 6M
- 19.67%
- YTD
- 24.61%
- 1Y
- 54.64%
- 3Y*
- 43.89%
- 5Y*
- 20.84%
- 10Y*
- 28.60%
SPDN vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
UPRO ProShares UltraPro S&P 500 | 24.61% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SPDN and UPRO 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 UPRO 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. UPRO — Risk / Return Rank
SPDN
UPRO
SPDN vs. UPRO - 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 S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.05 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.08 | -9.61 |
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Drawdowns
SPDN vs. UPRO - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SPDN and UPRO.
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Drawdown Indicators
| SPDN | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -76.82% | +1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -26.78% | +10.85% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -48.87% | +10.63% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -63.94% | +20.09% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -76.82% | +2.85% |
Current DrawdownCurrent decline from peak | -74.97% | -4.60% | -70.37% |
Average DrawdownAverage peak-to-trough decline | -48.82% | -14.36% | -34.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 6.78% | +1.66% |
Volatility
SPDN vs. UPRO - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.50%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 10.61% | -7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 10.09% | 30.01% | -19.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 37.59% | -24.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 50.67% | -33.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 53.71% | -35.71% |
SPDN vs. UPRO - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
SPDN vs. UPRO - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.34%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.34% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SPDN and UPRO 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.
UPRO has higher volatility (10.61%) compared to SPDN (3.50%). In terms of maximum drawdown, SPDN dropped -75.31% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.60% vs -12.21% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.60% return vs -12.21%. 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 0.89% for UPRO.
SPDN has the higher dividend yield at 3.34%, compared with 0.75% for UPRO.
SPDN is categorized as Inverse Equities, while UPRO is Leveraged Equities. SPDN tracks S&P 500 Index, while UPRO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.46 vs -1.02), 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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