PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZIVB vs. SPDN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZIVB vs. SPDN

Last updated Jun 5, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. ZIVB is actively managed, while SPDN is passively managed. ZIVB charges 1.35%/yr vs 0.50%/yr for SPDN.

Performance

ZIVB vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

ZIVB

1D
0.00%
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

SPDN

1D
-0.35%
1M
-4.01%
YTD
-8.13%
6M
-7.68%
1Y
-17.23%
3Y*
-12.98%
5Y*
-8.94%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZIVB vs. SPDN - Yearly Performance Comparison

2026 (YTD)
ZIVB
-1x Short VIX Mid-Term Futures Strategy ETF		0.00%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		-0.23%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

-1x Short VIX Mid-Term Futures Strategy ETF

Direxion Daily S&P 500 Bear 1x Shares

Often compared with ZIVB:
ZIVB vs. YMAXZIVB vs. SVXYZIVB vs. DXYZZIVB vs. RISRZIVB vs. SVOLZIVB vs. UVXYZIVB vs. SVIX
Often compared with SPDN:
SPDN vs. SHSPDN vs. SPYSPDN vs. SPXUSPDN vs. SDSSPDN vs. VXZSPDN vs. QQQSPDN vs. SQQQ

Return for Risk

ZIVB vs. SPDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZIVB
SPDN
SPDN Risk / Return Rank: 11
Overall Rank
SPDN Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPDN Sortino Ratio Rank: 11
Sortino Ratio Rank
SPDN Omega Ratio Rank: 11
Omega Ratio Rank
SPDN Calmar Ratio Rank: 11
Calmar Ratio Rank
SPDN Martin Ratio Rank: 00
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZIVB vs. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZIVB vs. SPDN - Sharpe Ratio Comparison

Loading charts...

Sharpe Ratios by Period

ZIVBSPDNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

-1.43

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

-0.53

—

Sharpe Ratio (All Time)

Calculated using the full available price history

—

-0.70

—

Drawdowns

ZIVB vs. SPDN - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for ZIVB and SPDN.

Loading charts...

Drawdown Indicators

ZIVBSPDNDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-75.31%

+75.31%

Max Drawdown (1Y)

Largest decline over 1 year

—

-17.95%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-38.24%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-43.85%

—

Current Drawdown

Current decline from peak

0.00%

-75.26%

+75.26%

Average Drawdown

Average peak-to-trough decline

0.00%

-48.55%

+48.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

9.84%

—

Volatility

ZIVB vs. SPDN - Volatility Comparison

Loading charts...

Volatility by Period

ZIVBSPDNDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

2.72%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

9.09%

—

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

12.09%

-12.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

16.86%

-16.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

18.03%

-18.03%

ZIVB vs. SPDN - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

ZIVB vs. SPDN - Dividend Comparison

ZIVB has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.11%.

PositionTTM202520242023202220212020201920182017
SPDN
Direxion Daily S&P 500 Bear 1x Shares		4.11%4.06%5.32%5.84%0.96%0.00%0.10%1.89%1.24%0.42%
ZIVB
-1x Short VIX Mid-Term Futures Strategy ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

On fees, SPDN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPDN is cheaper with a 0.50% expense ratio, compared with 1.35% for ZIVB.

SPDN has the higher dividend yield at 4.11%, compared with 0.00% for ZIVB.

They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 1.35% for ZIVB and 0.50% for SPDN.

Portfolio Optimizer

Find the right allocation for ZIVB 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