SPDN vs. YQQQ
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while YQQQ is a Derivative Income fund actively managed by YieldMax. SPDN is passively managed, while YQQQ is actively managed. Over the past year, SPDN returned -16.94% vs -14.25% for YQQQ. Their correlation of 0.89 suggests significant overlap in exposure. SPDN charges 0.50%/yr vs 0.99%/yr for YQQQ.
Performance
SPDN vs. YQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly higher than YQQQ's -8.94% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
YQQQ
- 1D
- 0.06%
- 1M
- -7.64%
- YTD
- -8.94%
- 6M
- -6.62%
- 1Y
- -14.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPDN vs. YQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -3.31% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | -8.94% | -9.97% | -4.06% |
Correlation
The correlation between SPDN and YQQQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024 | 0.89 |
The correlation between SPDN and YQQQ has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. YQQQ — Risk / Return Rank
SPDN
YQQQ
SPDN vs. YQQQ - 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 YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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 | YQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.83 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.69 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.74 | -1.68 | -0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPDN | YQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -1.14 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.77 | +0.08 |
Drawdowns
SPDN vs. YQQQ - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than YQQQ's maximum drawdown of -28.21%. Use the drawdown chart below to compare losses from any high point for SPDN and YQQQ.
Loading charts...
Drawdown Indicators
| SPDN | YQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -28.21% | -47.10% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -20.82% | +2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Current DrawdownCurrent decline from peak | -75.17% | -28.17% | -47.00% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -14.22% | -34.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 8.52% | +1.26% |
Volatility
SPDN vs. YQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 3.90%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPDN | YQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 3.90% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 9.87% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 12.51% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 16.26% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 16.26% | +1.78% |
SPDN vs. YQQQ - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than YQQQ's 0.99% expense ratio.
Dividends
SPDN vs. YQQQ - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.09%, less than YQQQ's 31.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.09% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | 31.75% | 31.71% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPDN and YQQQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YQQQ has higher volatility (3.90%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs YQQQ's -28.21%.
On 1-year performance, YQQQ leads with -14.25% vs -16.94% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, YQQQ has performed better with a -14.25% return vs -16.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.99% for YQQQ.
YQQQ has the higher dividend yield at 31.75%, compared with 4.09% for SPDN.
SPDN is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.50% for SPDN and 0.99% for YQQQ.
YQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.41), 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.
Find the right allocation for SPDN and YQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer