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 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 -41.98%/yr vs -12.66%/yr for SPDN. With a 0.99 correlation, they move nearly in lockstep. SPXU charges 0.90%/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 -20.19% return, which is significantly lower than SPDN's -6.10% return. Over the past 10 years, SPXU has underperformed SPDN with an annualized return of -41.98%, while SPDN has yielded a comparatively higher -12.66% annualized return.
SPXU
- 1D
- 4.24%
- 1M
- 3.93%
- YTD
- -20.19%
- 6M
- -17.81%
- 1Y
- -43.92%
- 3Y*
- -40.85%
- 5Y*
- -33.55%
- 10Y*
- -41.98%
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
SPXU vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -20.19% | -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 | -6.10% | -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 (10Y) Calculated over the trailing 10-year period | 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 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.
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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.93 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.75 | +0.14 |
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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 -75.31%. 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 | -47.11% | -16.05% | -31.06% |
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% | -75.31% | -24.32% |
Current DrawdownCurrent decline from peak | -99.99% | -74.71% | -25.28% |
Average DrawdownAverage peak-to-trough decline | -93.33% | -48.66% | -44.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.37% | 9.44% | +19.93% |
Volatility
SPXU vs. SPDN - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 14.32% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.51%. 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 | 14.32% | 4.51% | +9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 29.53% | 9.82% | +19.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.35% | 12.59% | +24.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.62% | 16.95% | +33.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.43% | 18.04% | +35.39% |
SPXU vs. SPDN - Expense Ratio Comparison
SPXU has a 0.90% 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 7.35%, more than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
SPXU ProShares UltraPro Short S&P500 | 7.35% | 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 (14.32%) compared to SPDN (4.51%). In terms of maximum drawdown, SPXU dropped -99.99% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.66% vs -41.98% for SPXU. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. 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 -12.66% return vs -41.98%. 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 0.90% for SPXU.
SPXU has the higher dividend yield at 7.35%, compared with 4.02% 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 0.50% for SPDN.
SPXU currently has the higher Sharpe Ratio (-1.18 vs -1.19), 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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