SPXI.TO vs. CNDD.TO
SPXI.TO (BetaPro S&P 500 Daily Inverse ETF) and CNDD.TO (BetaPro S&P/TSX 60 -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 -23.98%/yr for CNDD.TO. A 0.66 correlation means they provide meaningful diversification when combined.
Performance
SPXI.TO vs. CNDD.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 CNDD.TO's -19.97% return. Over the past 10 years, SPXI.TO has outperformed CNDD.TO with an annualized return of -13.73%, while CNDD.TO has yielded a comparatively lower -23.98% 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%
CNDD.TO
- 1D
- 0.00%
- 1M
- -3.62%
- YTD
- -19.97%
- 6M
- -19.18%
- 1Y
- -41.83%
- 3Y*
- -30.78%
- 5Y*
- -22.16%
- 10Y*
- -23.98%
SPXI.TO vs. CNDD.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% |
CNDD.TO BetaPro S&P/TSX 60 -2x Daily Bear ETF | -19.97% | -39.81% | -25.66% | -12.09% | 8.98% | -42.56% | -36.10% | -31.58% | 15.45% | -17.95% |
Correlation
The correlation between SPXI.TO and CNDD.TO is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.66 |
The correlation between SPXI.TO and CNDD.TO has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
SPXI.TO vs. CNDD.TO — Risk / Return Rank
SPXI.TO
CNDD.TO
SPXI.TO vs. CNDD.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 60 -2x Daily Bear ETF (CNDD.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 | CNDD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.70 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.98 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.52 | -0.28 |
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Drawdowns
SPXI.TO vs. CNDD.TO - Drawdown Comparison
The maximum SPXI.TO drawdown since its inception was -92.06%, smaller than the maximum CNDD.TO drawdown of -99.32%. Use the drawdown chart below to compare losses from any high point for SPXI.TO and CNDD.TO.
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Drawdown Indicators
| SPXI.TO | CNDD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.06% | -99.32% | +7.26% |
Max Drawdown (1Y)Largest decline over 1 year | -17.10% | -42.84% | +25.74% |
Max Drawdown (3Y)Largest decline over 3 years | -42.22% | -72.16% | +29.94% |
Max Drawdown (5Y)Largest decline over 5 years | -47.81% | -72.87% | +25.06% |
Max Drawdown (10Y)Largest decline over 10 years | -77.60% | -93.67% | +16.07% |
Current DrawdownCurrent decline from peak | -91.94% | -99.31% | +7.37% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -82.14% | +14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.91% | 27.72% | -18.81% |
Volatility
SPXI.TO vs. CNDD.TO - Volatility Comparison
The current volatility for BetaPro S&P 500 Daily Inverse ETF (SPXI.TO) is 5.04%, while BetaPro S&P/TSX 60 -2x Daily Bear ETF (CNDD.TO) has a volatility of 6.96%. This indicates that SPXI.TO experiences smaller price fluctuations and is considered to be less risky than CNDD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXI.TO | CNDD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 6.96% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 10.18% | 19.08% | -8.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 24.08% | -11.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 25.71% | -8.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 29.99% | -11.86% |
Dividends
SPXI.TO vs. CNDD.TO - Dividend Comparison
Neither SPXI.TO nor CNDD.TO has paid dividends to shareholders.
Frequently Asked Questions
SPXI.TO and CNDD.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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