SPXU vs. SPDN
SPXU (ProShares UltraPro Short S&P500) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - SPXU is a Leveraged Equities 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 5 years, SPXU returned -34.89%/yr vs -8.88%/yr for SPDN. With a 0.99 correlation, they move nearly in lockstep. SPXU charges 0.93%/yr vs 0.50%/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 -25.62% return, which is significantly lower than SPDN's -7.81% return.
SPXU
- 1D
- 2.06%
- 1M
- -13.20%
- YTD
- -25.62%
- 6M
- -25.04%
- 1Y
- -48.96%
- 3Y*
- -43.02%
- 5Y*
- -34.89%
- 10Y*
- -41.95%
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
SPXU vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -25.62% | -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 Shares | -7.81% | -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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 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 Shares (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.
| SPXU | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.78 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.95 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.63 | -1.74 | +0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXU | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.39 | -1.41 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.53 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.84 | -0.70 | -0.14 |
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 -75.31%. 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% | -75.31% | -24.68% |
Max Drawdown (1Y)Largest decline over 1 year | -50.82% | -17.95% | -32.87% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -38.24% | -46.12% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -43.85% | -46.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -75.17% | -24.82% |
Average DrawdownAverage peak-to-trough decline | -93.33% | -48.54% | -44.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.06% | 9.78% | +20.28% |
Volatility
SPXU vs. SPDN - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 8.58% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.78%. 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 | 8.58% | 2.78% | +5.80% |
Volatility (6M)Calculated over the trailing 6-month period | 26.85% | 9.08% | +17.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.37% | 12.10% | +23.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.33% | 16.86% | +33.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.38% | 18.04% | +35.34% |
SPXU vs. SPDN - Expense Ratio Comparison
SPXU has a 0.93% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SPXU vs. SPDN - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 7.89%, more than SPDN's 4.09% 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% |
SPXU ProShares UltraPro Short S&P500 | 7.89% | 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 (8.58%) compared to SPDN (2.78%). In terms of maximum drawdown, SPXU dropped -99.99% vs SPDN's -75.31%.
On 5-year performance, SPDN leads with -8.88% vs -34.89% for SPXU. 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 5-year period, SPDN has performed better with a -8.88% return vs -34.89%. 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 0.93% for SPXU.
SPXU has the higher dividend yield at 7.89%, compared with 4.09% for SPDN.
SPXU is categorized as Leveraged Equities, 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: 0.93% for SPXU and 0.50% for SPDN.
SPXU currently has the higher Sharpe Ratio (-1.39 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.
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