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 -12.79% vs -5.69% for YQQQ. Their correlation of 0.89 means they have usually moved in the same direction. SPDN charges 0.50%/yr vs 0.99%/yr for YQQQ.
Performance
SPDN vs. YQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly lower than YQQQ's -2.27% return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
YQQQ
- 1D
- -0.25%
- 1M
- 3.85%
- 6M
- -3.32%
- YTD
- -2.27%
- 1Y
- -5.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -8.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $672.47K | $456.85K | $596.52K |
SPDN vs. YQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -4.86% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | -2.27% | -9.97% | -5.17% |
Correlation
The correlation between SPDN and YQQQ is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 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.
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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.
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 | YQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.96 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.20 | -0.51 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.44 | -0.83 |
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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 -29.10%. Use the drawdown chart below to compare losses from any high point for SPDN and YQQQ.
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Drawdown Indicators
| SPDN | YQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -29.10% | -46.21% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -21.80% | +5.87% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.80% | -22.91% | -51.89% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -15.15% | -33.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 10.05% | -1.15% |
Volatility
SPDN vs. YQQQ - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 4.48%. 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.
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Volatility by Period
| SPDN | YQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 4.48% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 11.99% | -1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 14.30% | -1.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 16.54% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 16.54% | +1.49% |
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 3.32%, less than YQQQ's 28.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 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 | 28.92% | 31.71% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, SPDN and YQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
YQQQ has higher volatility (4.48%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs YQQQ's -29.10%.
On 1-year performance, YQQQ leads with -5.69% vs -12.79% for SPDN. On fees, SPDN is cheaper at 0.50% 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 1-year period, YQQQ has performed better with a -5.69% return vs -12.79%. 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 28.92%, compared with 3.32% 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 (-0.31 vs -0.88), 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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