SPXU vs. SPDN
SPXU (ProShares UltraPro Short S&P500) and SPDN (Direxion Daily S&P 500 Bear 1X ETF) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXU returned -41.50%/yr vs -12.35%/yr for SPDN. Their 0.99 correlation means they have historically moved very closely together. SPXU charges 0.90%/yr vs 0.48%/yr for SPDN.
Performance
SPXU vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -30.45% return, which is significantly lower than SPDN's -9.21% return. Over the past 10 years, SPXU has underperformed SPDN with an annualized return of -41.50%, while SPDN has yielded a comparatively higher -12.35% annualized return.
SPXU
- 1D
- 0.65%
- 1M
- -6.80%
- 6M
- -29.62%
- YTD
- -30.45%
- 1Y
- -44.77%
- 3Y*
- -42.04%
- 5Y*
- -33.66%
- 10Y*
- -41.50%
- ALL TIME*
- -42.79%
SPDN
- 1D
- 0.12%
- 1M
- -1.97%
- 6M
- -9.31%
- YTD
- -9.21%
- 1Y
- -14.57%
- 3Y*
- -12.29%
- 5Y*
- -8.22%
- 10Y*
- -12.35%
- ALL TIME*
- -12.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $473.51M | $394.94M | $428.91M | |
| $347.12M | $308.29M | $360.15M |
SPXU vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -30.45% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
SPDN Direxion Daily S&P 500 Bear 1X ETF | -9.21% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SPXU and SPDN is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SPXU and SPDN has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPXU vs. SPDN — Risk / Return Rank
SPXU
SPDN
SPXU vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and Direxion Daily S&P 500 Bear 1X ETF (SPDN). 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.
| SPXU | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.87 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.81 | -1.70 | -0.11 |
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Drawdowns
SPXU vs. SPDN - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, which is greater than SPDN's maximum drawdown of -75.58%. Use the drawdown chart below to compare losses from any high point for SPXU and SPDN.
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Drawdown Indicators
| SPXU | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -75.58% | -24.41% |
Max Drawdown (1Y)Largest decline over 1 year | -45.07% | -16.83% | -28.24% |
Max Drawdown (3Y)Largest decline over 3 years | -85.17% | -38.90% | -46.27% |
Max Drawdown (5Y)Largest decline over 5 years | -90.73% | -44.45% | -46.28% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | -74.25% | -25.33% |
Current DrawdownCurrent decline from peak | -99.99% | -75.55% | -24.44% |
Average DrawdownAverage peak-to-trough decline | -93.38% | -48.96% | -44.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.44% | 8.74% | +16.70% |
Volatility
SPXU vs. SPDN - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 12.32% compared to Direxion Daily S&P 500 Bear 1X ETF (SPDN) at 3.99%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXU | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.32% | 3.99% | +8.33% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 10.33% | +20.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.41% | 12.97% | +25.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.77% | 17.00% | +33.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.45% | 18.04% | +35.41% |
SPXU vs. SPDN - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is higher than SPDN's 0.48% expense ratio.
Dividends
SPXU vs. SPDN - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 7.46%, more than SPDN's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1X ETF | 3.42% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXU ProShares UltraPro Short S&P500 | 7.46% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
With a correlation of 0.99, SPXU and SPDN 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.
SPXU has higher volatility (12.32%) compared to SPDN (3.99%). In terms of maximum drawdown, SPXU dropped -99.99% vs SPDN's -75.58%.
On 10-year performance, SPDN leads with -12.35% vs -41.50% for SPXU. On fees, SPDN is cheaper at 0.48% per year. On volatility, SPDN has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.35% return vs -41.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.48% expense ratio, compared with 0.90% for SPXU.
SPXU has the higher dividend yield at 7.46%, compared with 3.42% for SPDN.
SPXU is categorized as S&P 500, while SPDN is Inverse Equities. SPXU tracks S&P 500 Index (-300%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SPXU and 0.48% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.13 vs -1.17), 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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