SPXI.TO vs. CFOD.TO
SPXI.TO (BetaPro S&P 500 Daily Inverse ETF) and CFOD.TO (BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, SPXI.TO returned -13.73%/yr vs -29.60%/yr for CFOD.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
SPXI.TO vs. CFOD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, SPXI.TO achieves a -8.32% return, which is significantly higher than CFOD.TO's -34.29% return. Over the past 10 years, SPXI.TO has outperformed CFOD.TO with an annualized return of -13.73%, while CFOD.TO has yielded a comparatively lower -29.60% annualized return.
SPXI.TO
- 1D
- -1.36%
- 1M
- 1.04%
- YTD
- -8.32%
- 6M
- -7.64%
- 1Y
- -15.85%
- 3Y*
- -13.50%
- 5Y*
- -9.78%
- 10Y*
- -13.73%
CFOD.TO
- 1D
- -1.41%
- 1M
- -16.18%
- YTD
- -34.29%
- 6M
- -33.59%
- 1Y
- -55.77%
- 3Y*
- -41.80%
- 5Y*
- -29.47%
- 10Y*
- -29.60%
SPXI.TO vs. CFOD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXI.TO BetaPro S&P 500 Daily Inverse ETF | -8.32% | -13.79% | -14.77% | -15.60% | 19.13% | -24.53% | -24.80% | -23.55% | 4.26% | -18.72% |
CFOD.TO BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF | -34.29% | -45.59% | -36.06% | -16.40% | 15.26% | -49.30% | -39.93% | -31.53% | 20.83% | -23.17% |
Correlation
The correlation between SPXI.TO and CFOD.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.58 |
The correlation between SPXI.TO and CFOD.TO has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.
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Return for Risk
SPXI.TO vs. CFOD.TO — Risk / Return Rank
SPXI.TO
CFOD.TO
SPXI.TO vs. CFOD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P 500 Daily Inverse ETF (SPXI.TO) and BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF (CFOD.TO). 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.
| SPXI.TO | CFOD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.59 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -1.00 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.80 | +0.01 |
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Drawdowns
SPXI.TO vs. CFOD.TO - Drawdown Comparison
The maximum SPXI.TO drawdown since its inception was -92.06%, smaller than the maximum CFOD.TO drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for SPXI.TO and CFOD.TO.
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Drawdown Indicators
| SPXI.TO | CFOD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.06% | -99.88% | +7.82% |
Max Drawdown (1Y)Largest decline over 1 year | -17.10% | -55.77% | +38.67% |
Max Drawdown (3Y)Largest decline over 3 years | -42.22% | -84.12% | +41.90% |
Max Drawdown (5Y)Largest decline over 5 years | -47.81% | -84.12% | +36.31% |
Max Drawdown (10Y)Largest decline over 10 years | -77.60% | -97.06% | +19.46% |
Current DrawdownCurrent decline from peak | -91.94% | -99.88% | +7.94% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -86.99% | +19.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.91% | 30.94% | -22.03% |
Volatility
SPXI.TO vs. CFOD.TO - Volatility Comparison
BetaPro S&P 500 Daily Inverse ETF (SPXI.TO) and BetaPro S&P/TSX Capped Financials -2x Daily Bear ETF (CFOD.TO) have volatilities of 5.04% and 4.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXI.TO | CFOD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 4.97% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.18% | 20.82% | -10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 24.70% | -11.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 27.64% | -10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 33.56% | -15.43% |
Dividends
SPXI.TO vs. CFOD.TO - Dividend Comparison
Neither SPXI.TO nor CFOD.TO has paid dividends to shareholders.
Frequently Asked Questions
SPXI.TO and CFOD.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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