BOED vs SPY
Direxion Daily BA Bear 1X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BOED | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.01% | 0.09% | |
| AUM | $1M | $821.1B | |
| Dividend Yield | 3.08% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +2.35% | +13.17% | |
| 1Y Return | -23.58% | +21.53% | |
| 3Y Return (annualized) | - | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | 30.3% | 15.3% | |
| Max Drawdown | -32.8% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 23, 2025 | Jan 22, 1993 |
BOED vs SPY Performance
Direxion Daily BA Bear 1X ETF (BOED) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BOED returned -23.58% while SPY returned +21.53%. Year to date, BOED is up 2.35% versus a gain of 13.17% for SPY.
Risk: Volatility and Drawdowns
BOED has been the more volatile fund, with annualized monthly volatility of 30.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.8% for BOED and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BOED charges 1.01% per year while SPY charges 0.09%. On a $10,000 position that is $101 vs $9 annually, a gap of $92 per year that compounds over a long holding period. On income, BOED currently yields 3.08% against 1.01% for SPY.
Holdings Overlap
BOED and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BOED or SPY?
BOED has an expense ratio of 1.01% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $92 per year of difference.
Which performed better, BOED or SPY?
Over the past year BOED returned -23.58% vs +21.53% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
Which is riskier, BOED or SPY?
BOED has been the more volatile fund at 30.3% annualized versus 15.3% for SPY. Worst drawdown: BOED -32.8% vs SPY -56.5%.
Should I hold both BOED and SPY?
BOED and SPY have a monthly-return correlation of -0.49, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BOED and SPY?
BOED and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, BOED or SPY?
BOED yields 3.08% while SPY yields 1.01%, so BOED currently pays the higher dividend yield.
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