XLU vs. SPDN
XLU (State Street Utilities Select Sector SPDR ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - XLU is a Utilities Equities fund tracking the Utilities Select Sector Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLU returned 9.20%/yr vs -12.53%/yr for SPDN. At a correlation of -0.36, they often move in opposite directions. XLU charges 0.08%/yr vs 0.50%/yr for SPDN.
Performance
XLU vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XLU achieves a 5.04% return, which is significantly higher than SPDN's -6.10% return. Over the past 10 years, XLU has outperformed SPDN with an annualized return of 9.20%, while SPDN has yielded a comparatively lower -12.53% annualized return.
XLU
- 1D
- 1.09%
- 1M
- -0.31%
- YTD
- 5.04%
- 6M
- 5.48%
- 1Y
- 11.85%
- 3Y*
- 13.79%
- 5Y*
- 9.41%
- 10Y*
- 9.20%
SPDN
- 1D
- -0.45%
- 1M
- 0.69%
- YTD
- -6.10%
- 6M
- -6.14%
- 1Y
- -14.45%
- 3Y*
- -11.73%
- 5Y*
- -8.47%
- 10Y*
- -12.53%
XLU vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLU State Street Utilities Select Sector SPDR ETF | 5.04% | 16.03% | 23.31% | -7.18% | 1.44% | 17.70% | 0.51% | 25.93% | 3.94% | 12.05% |
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 XLU and SPDN is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.36 |
The correlation between XLU and SPDN shifts across timeframes, from -0.37 (5 years) to -0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XLU vs. SPDN — Risk / Return Rank
XLU
SPDN
XLU vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Utilities Select Sector SPDR ETF (XLU) 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.
| XLU | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.82 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -0.82 | +2.11 |
| Martin ratioReturn relative to average drawdown | 2.80 | -1.46 | +4.26 |
Loading charts...
Drawdowns
XLU vs. SPDN - Drawdown Comparison
The maximum XLU drawdown since its inception was -51.98%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for XLU and SPDN.
Loading charts...
Drawdown Indicators
| XLU | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.98% | -75.31% | +23.33% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -17.73% | +8.55% |
Max Drawdown (3Y)Largest decline over 3 years | -17.26% | -38.24% | +20.98% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -43.85% | +18.59% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -75.31% | +39.24% |
Current DrawdownCurrent decline from peak | -6.05% | -74.71% | +68.66% |
Average DrawdownAverage peak-to-trough decline | -10.22% | -48.59% | +38.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 9.89% | -5.64% |
Volatility
XLU vs. SPDN - Volatility Comparison
State Street Utilities Select Sector SPDR ETF (XLU) has a higher volatility of 5.59% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.18%. This indicates that XLU'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.
Loading charts...
Volatility by Period
| XLU | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 4.18% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 11.68% | 9.71% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.66% | 12.52% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.34% | 16.92% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.27% | 18.05% | +1.22% |
XLU vs. SPDN - Expense Ratio Comparison
XLU has a 0.08% expense ratio, which is lower than SPDN's 0.50% expense ratio.
Dividends
XLU vs. SPDN - Dividend Comparison
XLU's dividend yield for the trailing twelve months is around 2.67%, less than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XLU State Street Utilities Select Sector SPDR ETF | 2.67% | 2.71% | 2.96% | 3.39% | 2.92% | 2.79% | 3.14% | 2.95% | 3.33% | 3.33% | 3.41% | 3.67% |
Frequently Asked Questions
XLU and SPDN have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLU has higher volatility (5.59%) compared to SPDN (4.18%). In terms of maximum drawdown, XLU dropped -51.98% vs SPDN's -75.31%.
On 10-year performance, XLU leads with 9.20% vs -12.53% for SPDN. On fees, XLU is cheaper at 0.08% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLU has performed better with a 9.20% return vs -12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLU is cheaper with a 0.08% expense ratio, compared with 0.50% for SPDN.
SPDN has the higher dividend yield at 4.02%, compared with 2.67% for XLU.
XLU is categorized as Utilities Equities, while SPDN is Inverse Equities. XLU tracks Utilities Select Sector Index, while SPDN tracks S&P 500 Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.08% for XLU and 0.50% for SPDN.
XLU currently has the higher Sharpe Ratio (0.81 vs -1.16), 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.
Find the right allocation for XLU and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer