SPDN vs. VCSH
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 2.70%/yr for VCSH. At a correlation of -0.16, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.04%/yr for VCSH.
Performance
SPDN vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than VCSH's 0.80% return. Over the past 10 years, SPDN has underperformed VCSH with an annualized return of -12.53%, while VCSH has yielded a comparatively higher 2.70% annualized return.
SPDN
- 1D
- -0.45%
- 1M
- 0.11%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -15.56%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
VCSH
- 1D
- -0.03%
- 1M
- 0.53%
- YTD
- 0.80%
- 6M
- 1.22%
- 1Y
- 4.60%
- 3Y*
- 5.69%
- 5Y*
- 2.33%
- 10Y*
- 2.70%
SPDN vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.80% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between SPDN and VCSH is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.16 |
Over the past year, the inverse relationship between SPDN and VCSH has strengthened: their correlation has moved from -0.16 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPDN vs. VCSH — Risk / Return Rank
SPDN
VCSH
SPDN vs. VCSH - 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 Vanguard Short-Term Corporate Bond ETF (VCSH). 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 | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.53 | ||
| Sortino ratioReturn per unit of downside risk | -5.38 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.47 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.18 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.46 | 12.95 | -14.41 |
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Drawdowns
SPDN vs. VCSH - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for SPDN and VCSH.
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Drawdown Indicators
| SPDN | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -12.86% | -62.45% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -1.40% | -16.33% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -1.40% | -36.84% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -9.48% | -34.37% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -12.86% | -62.45% |
Current DrawdownCurrent decline from peak | -74.71% | -0.17% | -74.54% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -0.97% | -47.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 0.34% | +9.55% |
Volatility
SPDN vs. VCSH - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 4.18% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.66%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 0.66% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 1.42% | +8.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 1.88% | +10.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 2.88% | +14.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 3.35% | +14.70% |
SPDN vs. VCSH - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
SPDN vs. VCSH - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, less than VCSH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.45% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
SPDN and VCSH have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.18%) compared to VCSH (0.66%). In terms of maximum drawdown, SPDN dropped -75.31% vs VCSH's -12.86%.
On 10-year performance, VCSH leads with 2.70% vs -12.53% for SPDN. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCSH has performed better with a 2.70% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.50% for SPDN.
VCSH has the higher dividend yield at 4.45%, compared with 4.02% for SPDN.
SPDN is categorized as Inverse Equities, while VCSH is Corporate Bonds. SPDN tracks S&P 500 Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 0.50% for SPDN and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.37 vs -1.16), 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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