SPDN vs. XLE
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 9.91%/yr for XLE. At a correlation of -0.44, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for XLE.
Performance
SPDN vs. XLE - 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 XLE's 29.56% return. Over the past 10 years, SPDN has underperformed XLE with an annualized return of -12.53%, while XLE has yielded a comparatively higher 9.91% 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%
XLE
- 1D
- 0.75%
- 1M
- -3.18%
- YTD
- 29.56%
- 6M
- 28.37%
- 1Y
- 34.84%
- 3Y*
- 16.18%
- 5Y*
- 20.12%
- 10Y*
- 9.91%
SPDN vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 29.56% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between SPDN and XLE is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.44 |
The correlation between SPDN and XLE shifts across timeframes, from -0.44 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPDN vs. XLE — Risk / Return Rank
SPDN
XLE
SPDN vs. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.07 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.30 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.10 | -3.92 |
| Martin ratioReturn relative to average drawdown | -1.46 | 8.63 | -10.10 |
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Drawdowns
SPDN vs. XLE - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for SPDN and XLE.
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Drawdown Indicators
| SPDN | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -71.26% | -4.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -12.05% | -5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -20.14% | -18.10% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -26.04% | -17.81% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -66.81% | -8.50% |
Current DrawdownCurrent decline from peak | -74.71% | -8.01% | -66.70% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -17.97% | -30.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 4.32% | +5.57% |
Volatility
SPDN vs. XLE - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.26%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 7.26% | -3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 16.79% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 20.57% | -8.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 26.05% | -9.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 29.58% | -11.53% |
SPDN vs. XLE - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
SPDN vs. XLE - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than XLE's 2.59% 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.59% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
SPDN and XLE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.26%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs XLE's -71.26%.
On 10-year performance, XLE leads with 9.91% vs -12.53% for SPDN. On fees, XLE is cheaper at 0.08% 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, XLE has performed better with a 9.91% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 2.59% for XLE.
SPDN is categorized as Inverse Equities, while XLE is Energy Equities. SPDN tracks S&P 500 Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.50% for SPDN and 0.08% for XLE.
XLE currently has the higher Sharpe Ratio (1.82 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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