SPDN vs. XLV
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, SPDN returned -12.43%/yr vs 9.65%/yr for XLV. At a correlation of -0.66, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.08%/yr for XLV.
Performance
SPDN vs. XLV - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -5.89% return, which is significantly lower than XLV's -0.98% return. Over the past 10 years, SPDN has underperformed XLV with an annualized return of -12.43%, while XLV has yielded a comparatively higher 9.65% annualized return.
SPDN
- 1D
- -0.11%
- 1M
- 0.11%
- YTD
- -5.89%
- 6M
- -5.63%
- 1Y
- -14.82%
- 3Y*
- -12.12%
- 5Y*
- -8.55%
- 10Y*
- -12.43%
XLV
- 1D
- -0.24%
- 1M
- 6.38%
- YTD
- -0.98%
- 6M
- 1.65%
- 1Y
- 15.62%
- 3Y*
- 7.16%
- 5Y*
- 6.05%
- 10Y*
- 9.65%
SPDN vs. XLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.89% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
XLV State Street Health Care Select Sector SPDR ETF | -0.98% | 14.50% | 2.47% | 2.07% | -2.08% | 26.04% | 13.30% | 20.45% | 6.28% | 21.77% |
Correlation
The correlation between SPDN and XLV is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.66 |
Over the past year, the inverse relationship between SPDN and XLV has weakened: their correlation has moved from -0.66 to -0.32, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SPDN vs. XLV — Risk / Return Rank
SPDN
XLV
SPDN vs. XLV - 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 Health Care Select Sector SPDR ETF (XLV). 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.
| SPDN | XLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.19 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.50 | -2.34 |
| Martin ratioReturn relative to average drawdown | -1.53 | 3.60 | -5.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | XLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.21 | 1.05 | -2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.41 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.69 | 0.58 | -1.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | 0.46 | -1.15 |
Drawdowns
SPDN vs. XLV - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for SPDN and XLV.
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Drawdown Indicators
| SPDN | XLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -39.17% | -36.14% |
Max Drawdown (1Y)Largest decline over 1 year | -17.73% | -10.47% | -7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -17.11% | -21.13% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -17.11% | -26.74% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -28.40% | -46.91% |
Current DrawdownCurrent decline from peak | -74.65% | -4.32% | -70.33% |
Average DrawdownAverage peak-to-trough decline | -48.57% | -7.12% | -41.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 4.35% | +5.36% |
Volatility
SPDN vs. XLV - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 5.02%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | XLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 5.02% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 9.44% | 10.66% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 14.99% | -2.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 14.76% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 16.58% | +1.47% |
SPDN vs. XLV - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is higher than XLV's 0.08% expense ratio.
Dividends
SPDN vs. XLV - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.01%, more than XLV's 1.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.01% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% | 0.00% |
XLV State Street Health Care Select Sector SPDR ETF | 1.64% | 1.60% | 1.67% | 1.59% | 1.47% | 1.33% | 1.49% | 2.17% | 1.57% | 1.47% | 1.60% | 1.43% |
Frequently Asked Questions
SPDN and XLV have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLV has higher volatility (5.02%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs XLV's -39.17%.
On 10-year performance, XLV leads with 9.65% vs -12.43% for SPDN. On fees, XLV is cheaper at 0.08% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLV has performed better with a 9.65% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLV is cheaper with a 0.08% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.01%, compared with 1.64% for XLV.
SPDN is categorized as Inverse Equities, while XLV is Health & Biotech Equities. SPDN tracks S&P 500 Index, while XLV tracks Health Care 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 XLV.
XLV currently has the higher Sharpe Ratio (1.05 vs -1.21), 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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