SPDN vs. XLI
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 14.15%/yr for XLI. At a correlation of -0.80, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for XLI.
Performance
SPDN vs. XLI - 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 XLI's 13.90% return. Over the past 10 years, SPDN has underperformed XLI with an annualized return of -12.53%, while XLI has yielded a comparatively higher 14.15% 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%
XLI
- 1D
- 0.59%
- 1M
- 2.79%
- YTD
- 13.90%
- 6M
- 13.10%
- 1Y
- 25.17%
- 3Y*
- 20.87%
- 5Y*
- 12.93%
- 10Y*
- 14.15%
SPDN vs. XLI - 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% |
XLI Industrial Select Sector SPDR Fund | 13.90% | 19.35% | 17.31% | 18.13% | -5.57% | 21.08% | 10.91% | 29.08% | -13.25% | 23.98% |
Correlation
The correlation between SPDN and XLI is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.80 |
The correlation between SPDN and XLI shifts across timeframes, from -0.80 (5 years) to -0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPDN vs. XLI — Risk / Return Rank
SPDN
XLI
SPDN vs. XLI - 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 Industrial Select Sector SPDR Fund (XLI). 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 | XLI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.84 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 1.98 | -2.80 |
| Martin ratioReturn relative to average drawdown | -1.46 | 7.82 | -9.28 |
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Drawdowns
SPDN vs. XLI - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than XLI's maximum drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for SPDN and XLI.
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Drawdown Indicators
| SPDN | XLI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -62.26% | -13.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -12.21% | -5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -18.49% | -19.75% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -21.64% | -22.21% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -42.33% | -32.98% |
Current DrawdownCurrent decline from peak | -74.71% | -1.24% | -73.47% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -9.20% | -39.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 3.09% | +6.80% |
Volatility
SPDN vs. XLI - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while Industrial Select Sector SPDR Fund (XLI) has a volatility of 6.22%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | XLI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 6.22% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 13.59% | -3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 16.17% | -3.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 17.55% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 20.04% | -1.99% |
SPDN vs. XLI - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than XLI's 0.08% expense ratio.
Dividends
SPDN vs. XLI - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than XLI's 1.16% 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% |
XLI Industrial Select Sector SPDR Fund | 1.16% | 1.29% | 1.44% | 1.63% | 1.63% | 1.25% | 1.55% | 1.94% | 2.15% | 1.77% | 2.07% | 2.15% |
Frequently Asked Questions
SPDN and XLI have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLI has higher volatility (6.22%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs XLI's -62.26%.
On 10-year performance, XLI leads with 14.15% vs -12.53% for SPDN. On fees, XLI 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, XLI has performed better with a 14.15% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLI 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 1.16% for XLI.
SPDN is categorized as Inverse Equities, while XLI is Industrials Equities. SPDN tracks S&P 500 Index, while XLI tracks Industrial 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 XLI.
XLI currently has the higher Sharpe Ratio (1.50 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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