SPDN vs. XLP
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and XLP (State Street Consumer Staples Select Sector SPDR ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while XLP is a Consumer Staples Equities fund tracking the Consumer Staples Select Sector Index. Both are passively managed. Over the past 10 years, SPDN returned -12.53%/yr vs 7.60%/yr for XLP. At a correlation of -0.50, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for XLP.
Performance
SPDN vs. XLP - 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 XLP's 11.10% return. Over the past 10 years, SPDN has underperformed XLP with an annualized return of -12.53%, while XLP has yielded a comparatively higher 7.60% 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%
XLP
- 1D
- 0.65%
- 1M
- 1.39%
- YTD
- 11.10%
- 6M
- 9.54%
- 1Y
- 8.93%
- 3Y*
- 8.26%
- 5Y*
- 6.65%
- 10Y*
- 7.60%
SPDN vs. XLP - 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% |
XLP State Street Consumer Staples Select Sector SPDR ETF | 11.10% | 1.52% | 12.20% | -0.82% | -0.81% | 17.20% | 10.11% | 27.43% | -8.07% | 12.98% |
Correlation
The correlation between SPDN and XLP is -0.00, 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 | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.50 |
Over the past year, the inverse relationship between SPDN and XLP has weakened: their correlation has moved from -0.50 to -0.00, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SPDN vs. XLP — Risk / Return Rank
SPDN
XLP
SPDN vs. XLP - 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 Consumer Staples Select Sector SPDR ETF (XLP). 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 | XLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.11 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.79 | -1.61 |
| Martin ratioReturn relative to average drawdown | -1.46 | 1.52 | -2.99 |
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Drawdowns
SPDN vs. XLP - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than XLP's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for SPDN and XLP.
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Drawdown Indicators
| SPDN | XLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -35.90% | -39.41% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -9.69% | -8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -12.39% | -25.85% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -16.30% | -27.55% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -24.51% | -50.80% |
Current DrawdownCurrent decline from peak | -74.71% | -4.12% | -70.59% |
Average DrawdownAverage peak-to-trough decline | -48.59% | -7.06% | -41.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 5.01% | +4.88% |
Volatility
SPDN vs. XLP - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while State Street Consumer Staples Select Sector SPDR ETF (XLP) has a volatility of 4.53%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than XLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | XLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 4.53% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 10.14% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 12.90% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 13.34% | +3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 14.75% | +3.30% |
SPDN vs. XLP - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than XLP's 0.08% expense ratio.
Dividends
SPDN vs. XLP - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than XLP's 2.53% 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% |
XLP State Street Consumer Staples Select Sector SPDR ETF | 2.53% | 2.75% | 2.77% | 2.63% | 2.47% | 2.28% | 2.50% | 2.57% | 3.04% | 2.62% | 2.53% | 2.52% |
Frequently Asked Questions
SPDN and XLP have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLP has higher volatility (4.53%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs XLP's -35.90%.
On 10-year performance, XLP leads with 7.60% vs -12.53% for SPDN. On fees, XLP 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, XLP has performed better with a 7.60% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLP 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 2.53% for XLP.
SPDN is categorized as Inverse Equities, while XLP is Consumer Staples Equities. SPDN tracks S&P 500 Index, while XLP tracks Consumer Staples 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 XLP.
XLP currently has the higher Sharpe Ratio (0.59 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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