SPDN vs. XLF
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and XLF (State Street Financial Select Sector SPDR ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 13.33%/yr for XLF. At a correlation of -0.73, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for XLF.
Performance
SPDN vs. XLF - 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 XLF's -2.11% return. Over the past 10 years, SPDN has underperformed XLF with an annualized return of -12.53%, while XLF has yielded a comparatively higher 13.33% annualized return.
SPDN
- 1D
- -0.45%
- 1M
- 0.69%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -14.45%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
XLF
- 1D
- 1.37%
- 1M
- 4.61%
- YTD
- -2.11%
- 6M
- -2.09%
- 1Y
- 6.20%
- 3Y*
- 18.86%
- 5Y*
- 9.15%
- 10Y*
- 13.33%
SPDN vs. XLF - 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% |
XLF State Street Financial Select Sector SPDR ETF | -2.11% | 14.90% | 30.56% | 12.03% | -10.59% | 34.80% | -1.74% | 31.88% | -13.06% | 22.00% |
Correlation
The correlation between SPDN and XLF is -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.73 |
The correlation between SPDN and XLF shifts across timeframes, from -0.73 (5 years) to -0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPDN vs. XLF — Risk / Return Rank
SPDN
XLF
SPDN vs. XLF - 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 Financial Select Sector SPDR ETF (XLF). 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 | XLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.08 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.42 | -1.24 |
| Martin ratioReturn relative to average drawdown | -1.46 | 1.08 | -2.54 |
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Drawdowns
SPDN vs. XLF - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for SPDN and XLF.
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Drawdown Indicators
| SPDN | XLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -82.69% | +7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -14.79% | -2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -15.54% | -22.70% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -25.81% | -18.04% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -42.86% | -32.45% |
Current DrawdownCurrent decline from peak | -74.71% | -4.94% | -69.77% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -20.01% | -28.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 5.76% | +4.13% |
Volatility
SPDN vs. XLF - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) and State Street Financial Select Sector SPDR ETF (XLF) have volatilities of 4.18% and 4.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | XLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 4.23% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 11.26% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 14.69% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 18.66% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 22.17% | -4.12% |
SPDN vs. XLF - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than XLF's 0.08% expense ratio.
Dividends
SPDN vs. XLF - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than XLF's 1.49% 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% |
XLF State Street Financial Select Sector SPDR ETF | 1.49% | 1.31% | 1.42% | 1.71% | 2.04% | 1.63% | 2.03% | 1.87% | 2.08% | 1.48% | 21.10% | 1.95% |
Frequently Asked Questions
SPDN and XLF have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLF has higher volatility (4.23%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs XLF's -82.69%.
On 10-year performance, XLF leads with 13.33% vs -12.53% for SPDN. On fees, XLF is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLF has performed better with a 13.33% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLF 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 1.49% for XLF.
SPDN is categorized as Inverse Equities, while XLF is Financials Equities. SPDN tracks S&P 500 Index, while XLF tracks Financial 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 XLF.
XLF currently has the higher Sharpe Ratio (0.42 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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