Direxion Daily S&P 500 Bear 1X Shares (SPDN) Performance
SPDN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.0% since Dec 31, 2025
- 1 year
- −7.7% total return
- 5 years
- −7.2% a year
- 10 years
- −12.2% a year
- Since first price
- −12.0% a year since 2016
SPDN trailing returns vs SPY, QQQ, AGG
| Period | SPDN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.6% | −3.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.6% | −6.7% | +7.8% | +8.4% | −1.5% |
| YTD | −7.0% | −9.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.7% | −10.9% | +14.4% | +15.9% | −1.1% |
| 3 years | −35.8%−13.7%/yr | −43.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −31.2%−7.2%/yr | −42.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −72.9%−12.2%/yr | −78.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJun 8, 2016 | −73.5%−12.0%/yr | −78.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPDN vs SPY
From Jun 8, 2016: SPDN grew to $2,652, SPY to $42,334.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPDN returns by calendar year
2 of 9 full years positive. Best 2022 (+18.6%), worst 2020 (−24.6%). 2026 is year to date.
SPDN annual returns table
| Year | SPDN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.0% | −17.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −11.1% | −26.3% | +17.7% | +20.8% | +7.2% |
| 2024 | −12.9% | −17.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −15.0% | −16.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +18.6% | −15.1% | −18.2% | −32.6% | −13.0% |
| 2021 | −23.7% | −25.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −24.6% | −44.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −21.9% | −24.1% | +31.2% | +39.0% | +8.5% |
| 2018 | +5.4% | −12.1% | −4.6% | −0.1% | +0.1% |
| 2017 | −17.2% | −17.0% | +21.7% | +32.7% | +3.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPDN largest drawdowns
Now 74.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 27, 2016 | −75.7% | Aug 13, 2026 | not yet | 10.1 years | 10.3 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPDN risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2016 |
|---|---|---|---|---|
| Annualized return | −13.3% | −8.4% | −12.2% | −12.3% |
| Volatility (annualized) | 12.0% | 15.4% | 14.7% | 14.5% |
| Sharpe ratio | -1.48 | -0.72 | -0.97 | -0.98 |
| Sortino ratio | -1.55 | -0.92 | -1.17 | -1.18 |
| Best month | +6.3% | +10.1% | +10.1% | +10.1% |
| Worst month | −9.2% | −9.2% | −12.6% | −12.6% |
| Best 12 months | −0.3% | +18.6% | +18.6% | +18.6% |
| Worst 12 months | −21.3% | −21.3% | −38.9% | −38.9% |
| Positive months | 36% | 42% | 32% | 32% |
| Beta vs S&P 500 | -0.96 | -0.98 | -0.94 | — |
| Correlation with S&P 500 | -0.99 | -1.00 | -0.99 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPDN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 113 | −38.9% | −12.0% | +18.6% | 12% |
| 3-year (a year) | 89 | −23.4% | −12.0% | −3.5% | 0% |
| 5-year (a year) | 65 | −17.3% | −12.4% | −7.0% | 0% |
| 10-year (a year) | 5 | −12.5% | −12.3% | −12.1% | 0% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
SPDN performance overview
Direxion Daily S&P 500 Bear 1X Shares (SPDN) returned −7.7% over the past year and −12.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2016 it has returned −12.0% a year, turning $10,000 into about $2,652. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −75.7%, from Jun 27, 2016 to Aug 13, 2026; the fund has not yet regained that high. SPDN finished 2 of its 9 full calendar years with a gain; the best year was 2022 (+18.6%) and the worst 2020 (−24.6%). Volatility has been 14.5% a year.
Related: SPDN chart, SPDN dividends. See the SPDN overview for the latest quote and fund facts.
SPDN performance FAQ
What is the SPDN return over the past year?
SPDN returned −7.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 10.9%.
What is the average annual return of SPDN?
SPDN has returned −7.2% a year over 5 years, −12.2% a year over 10 years, −12.0% a year since June 8, 2016 (total return, distributions reinvested).
How much would $10,000 invested in SPDN be worth?
$10,000 invested in SPDN at its first recorded close on June 8, 2016 would be worth about $2,652 on October 23, 2026 with distributions reinvested.
What was the worst year for SPDN?
The worst calendar year was 2020, with a total return of −24.6%. The best was 2022 at +18.6%.
What is the biggest drawdown of SPDN?
The largest peak-to-trough decline was −75.7% between June 27, 2016 and August 13, 2026. It has not yet recovered to that high; it is 74.9% below its peak.
How volatile is SPDN?
Over the past 3 years SPDN had an annualized volatility of 12.0% and a Sharpe ratio of -1.48 (excess return over 1–3 month T-bills per unit of risk).