SPDN vs SPXU
Direxion Daily S&P 500 Bear 1X ETF vs ProShares UltraPro Short S&P500
Which is better, SPDN or SPXU?
Nearly the same fund. SPDN costs less.
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.98.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPDN | SPXU |
|---|---|---|
| Expense Ratio | 0.48%Best | 0.90% |
| AUM | $261M | $416M |
| Dividend Yield | 3.39% | 7.32% |
| Holdings | 10 | 19 |
| YTD Return | -9.15%Best | -31.57% |
| 1Y Return | -10.70%Best | -36.95% |
| 3Y Return (annualized) | -13.99%Best | -44.63% |
| 5Y Return (annualized) | -8.71%Best | -34.42% |
| Volatility (annualized) | 14.4%Best | 41.9% |
| Max Drawdown | -76.8% | - |
| $10,000 over 5 years | $6,340Best | $1,213 |
| Fund Family | Direxion Shares ETF Trust | ProShares |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jun 8, 2016 | Jun 23, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 8, 2016 to Oct 12, 2026 (10.3 years).
SPDN vs SPXU growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 10.3 years both funds cover.
SPDN vs SPXU Performance
Direxion Daily S&P 500 Bear 1X ETF (SPDN) is an ETF from Direxion Shares ETF Trust and ProShares UltraPro Short S&P500 (SPXU) is an ETF from ProShares. Over the past year SPDN returned -10.70% while SPXU returned -36.95%. Year to date, SPDN is down 9.15% versus a loss of 31.57% for SPXU.
Over three years, SPDN compounded at -13.99% per year against -44.63% for SPXU; over five years the annualized figures are -8.71% and -34.42% respectively. Across the full 10-year window we track, SPDN has the edge at -12.65% annualized vs -41.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXU has been the more volatile fund, with annualized monthly volatility of 41.9% compared with 14.4% for SPDN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPDN charges 0.48% per year while SPXU charges 0.90%. On a $10,000 position that is $48 vs $90 annually, a gap of $42 per year that compounds over a long holding period. On income, SPDN currently yields 3.39% against 7.32% for SPXU.
Holdings Overlap
We hold position weights for 2 holdings in SPDN and 1 in SPXU, totalling 103.1% and 74.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in SPDN and 1 in SPXU, against full books of 10 and 19.
You are not choosing between two funds in isolation.
Whichever of SPDN and SPXU you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPDN or SPXU?
SPDN has an expense ratio of 0.48% while SPXU charges 0.90%. SPDN is the cheaper option, by $42 a year on a $10,000 investment.
Which performed better, SPDN or SPXU?
Over the past year SPDN returned -10.70% vs -36.95% for SPXU, so SPDN leads on 1-year performance. Over the longest common window we track (10 years), SPDN annualized -12.65% vs -41.43% for SPXU. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDN or SPXU?
SPXU has been the more volatile fund at 41.9% annualized versus 14.4% for SPDN.
Should I hold both SPDN and SPXU?
SPDN and SPXU have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SPDN or SPXU?
SPDN yields 3.39% while SPXU yields 7.32%, so SPXU currently pays the higher dividend yield.
Is SPXU better than SPDN?
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.