WTID vs. SPDN
WTID (MicroSectors Energy -3X Inverse Leveraged ETN) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - WTID tracks the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, WTID returned -45.26%/yr vs -11.65%/yr for SPDN. At a 0.18 correlation, their price movements are largely independent. WTID charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
WTID vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, WTID achieves a -51.19% return, which is significantly lower than SPDN's -5.13% return.
WTID
- 1D
- 5.01%
- 1M
- 26.91%
- YTD
- -51.19%
- 6M
- -52.60%
- 1Y
- -61.21%
- 3Y*
- -45.26%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.07%
- 3Y*
- -11.65%
- 5Y*
- -8.13%
- 10Y*
- -12.57%
WTID vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
WTID MicroSectors Energy -3X Inverse Leveraged ETN | -51.19% | -44.50% | -7.93% | -16.93% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -8.92% |
Correlation
The correlation between WTID and SPDN is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023 | 0.18 |
The correlation between WTID and SPDN shifts across timeframes, from -0.12 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WTID vs. SPDN — Risk / Return Rank
WTID
SPDN
WTID vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Energy -3X Inverse Leveraged ETN (WTID) 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.
| WTID | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.84 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.82 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.53 | +0.14 |
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Drawdowns
WTID vs. SPDN - Drawdown Comparison
The maximum WTID drawdown since its inception was -90.35%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for WTID and SPDN.
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Drawdown Indicators
| WTID | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.35% | -75.31% | -15.04% |
Max Drawdown (1Y)Largest decline over 1 year | -74.87% | -16.05% | -58.82% |
Max Drawdown (3Y)Largest decline over 3 years | -88.44% | -38.24% | -50.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.31% | — |
Current DrawdownCurrent decline from peak | -85.62% | -74.45% | -11.17% |
Average DrawdownAverage peak-to-trough decline | -54.92% | -48.67% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.18% | 8.58% | +35.60% |
Volatility
WTID vs. SPDN - Volatility Comparison
MicroSectors Energy -3X Inverse Leveraged ETN (WTID) has a higher volatility of 22.23% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.68%. This indicates that WTID'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
| WTID | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.23% | 4.68% | +17.55% |
Volatility (6M)Calculated over the trailing 6-month period | 54.62% | 9.90% | +44.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.44% | 12.64% | +54.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.50% | 16.95% | +53.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.50% | 18.04% | +52.46% |
WTID vs. SPDN - Expense Ratio Comparison
WTID has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
WTID vs. SPDN - Dividend Comparison
WTID has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
WTID MicroSectors Energy -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
WTID and SPDN have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTID has higher volatility (22.23%) compared to SPDN (4.68%). In terms of maximum drawdown, WTID dropped -90.35% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.65% vs -45.26% for WTID. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.65% return vs -45.26%. 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 0.95% for WTID.
SPDN has the higher dividend yield at 3.27%, compared with 0.00% for WTID.
WTID tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%), while SPDN tracks S&P 500 Index. They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for WTID and 0.50% for SPDN.
WTID currently has the higher Sharpe Ratio (-0.91 vs -1.04), 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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