SPDN vs MSTB

Comparison between DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF) and LHA MARKET STATE TACTICAL BETA ETF (MSTB, ETF).

5-Year PerformanceMSTB has outperformed SPDN, delivering a return of +8.4% compared to -8.8%

SPDN vs MSTB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPDN(ETF)	MSTB(ETF)
Net Assets	$198M	$197M
Expense Ratio	0.48%	1.38%
Max Drawdown	79.61%	26.34%
Sharpe Ratio	-1.51	1.22
5Y Beta	-0.97	0.58
5Y Dividends CAGR	89.77%	0.26%

Net Assets

Winner

SPDN

$198M

MSTB

$197M

Expense Ratio

Winner

SPDN

0.48%

MSTB

1.38%

Max Drawdown

SPDN

79.61%

Winner

MSTB

26.34%

Sharpe Ratio

SPDN

-1.51

Winner

MSTB

1.22

5Y Beta

Winner

SPDN

-0.97

MSTB

0.58

5Y Dividends CAGR

Winner

SPDN

89.77%

MSTB

0.26%

SPDN vs MSTB - Historical Returns

Returns include dividend reinvestment.

Period	SPDN	MSTB
1 month	-1.02%	+0.48%
3 months	-9.94%	+9.58%
6 months	-7.60%	+8.51%
1 year	-15.57%	+18.98%
5 years(CAGR)	-8.77%	+8.45%
10 years(CAGR)	-12.67%	N/A
Max(CAGR)	-12.42%	+11.18%

SPDN

-1.02%

Winner

MSTB

+0.48%

SPDN

-9.94%

Winner

MSTB

+9.58%

SPDN

-7.60%

Winner

MSTB

+8.51%

SPDN

-15.57%

Winner

MSTB

+18.98%

5Y(CAGR)

SPDN

-8.77%

Winner

MSTB

+8.45%

10Y(CAGR)

SPDN

-12.67%

MSTB

N/A

Max(CAGR)

SPDN

-12.42%

Winner

MSTB

+11.18%

SPDN vs MSTB - Annual Returns (2016 - 2026)

Returns include dividend reinvestment.

Year	SPDN	MSTB
2026	-7.17%	+7.87%
2025	-11.32%	+18.86%
2024	-13.44%	+19.29%
2023	-15.40%	+16.84%
2022	+19.39%	-23.20%
2021	-24.71%	+22.88%
2020	-23.87%	+9.44%
2019	-21.99%	N/A
2018	+6.21%	N/A
2017	-16.49%	N/A
2016	-6.92%	N/A

SPDN vs MSTB Drawdown Comparison

The maximum drawdown for SPDN was -75.30%, occurring on Jun 2, 2026. This drawdown has not yet recovered.

The maximum drawdown for MSTB was -25.64%, occurring on Sep 30, 2022. Recovery took 613 trading sessions.

The current SPDN drawdown is -74.99%. The current MSTB drawdown is -1.41%.

Rank	SPDN	MSTB
#1	-75.30% Jun 27, 2016 - Jun 2, 2026	-25.64% Jan 3, 2022 - Jun 12, 2024
#2	-2.37% Jun 16, 2016 - Jun 24, 2016	-10.81% Jan 23, 2025 - May 12, 2025
#3	N/A	-8.31% Oct 29, 2025 - Apr 16, 2026
#4	N/A	-6.18% Aug 30, 2021 - Nov 3, 2021
#5	N/A	-5.83% Nov 18, 2021 - Dec 23, 2021
#6	N/A	-5.60% Jul 16, 2024 - Sep 19, 2024
#7	N/A	-5.16% Oct 12, 2020 - Nov 9, 2020
#8	N/A	-5.03% Feb 12, 2021 - Apr 1, 2021
#9	N/A	-4.26% Dec 6, 2024 - Jan 23, 2025
#10	N/A	-4.09% Jun 2, 2026 - Jun 10, 2026
#11	N/A	-3.39% Jul 12, 2021 - Jul 23, 2021
#12	N/A	-3.20% May 7, 2021 - Jun 30, 2021
#13	N/A	-2.88% Oct 18, 2024 - Nov 7, 2024
#14	N/A	-2.80% Oct 8, 2025 - Oct 21, 2025
#15	N/A	-2.62% May 19, 2025 - Jun 3, 2025

Correlation

Correlation between SPDN and MSTB is -0.90 which considered as a very strong negative correlation - the stocks move almost identically in opposite directions.

-0.90

-101