SPDN vs OVL

Comparison between DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF) and OVERLAY SHARES LARGE CAP EQUITY ETF (OVL, ETF).

5-Year PerformanceOVL has outperformed SPDN, delivering a return of +13.7% compared to -8.5%

SPDN vs OVL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPDN(ETF)	OVL(ETF)
Net Assets	$220M	$221M
Expense Ratio	0.48%	0.79%
Max Drawdown	79.61%	35.49%
Sharpe Ratio	-1.56	1.65
5Y Beta	-0.97	1.12
5Y Dividends CAGR	89.77%	28.91%

Net Assets

SPDN

$220M

Winner

OVL

$221M

Expense Ratio

Winner

SPDN

0.48%

OVL

0.79%

Max Drawdown

SPDN

79.61%

Winner

OVL

35.49%

Sharpe Ratio

SPDN

-1.56

Winner

OVL

1.65

5Y Beta

Winner

SPDN

-0.97

OVL

1.12

5Y Dividends CAGR

Winner

SPDN

89.77%

OVL

28.91%

SPDN vs OVL - Historical Returns

Returns include dividend reinvestment.

Period	SPDN	OVL
1 month	-1.56%	+1.74%
3 months	-6.77%	+9.29%
6 months	-5.22%	+10.03%
1 year	-15.66%	+30.63%
5 years(CAGR)	-8.47%	+13.68%
10 years(CAGR)	-12.33%	N/A
Max(CAGR)	-12.33%	+17.41%

SPDN

-1.56%

Winner

OVL

+1.74%

SPDN

-6.77%

Winner

OVL

+9.29%

SPDN

-5.22%

Winner

OVL

+10.03%

SPDN

-15.66%

Winner

OVL

+30.63%

5Y(CAGR)

SPDN

-8.47%

Winner

OVL

+13.68%

10Y(CAGR)

SPDN

-12.33%

OVL

N/A

Max(CAGR)

SPDN

-12.33%

Winner

OVL

+17.41%

SPDN vs OVL - Annual Returns (2016 - 2026)

Returns include dividend reinvestment.

Year	SPDN	OVL
2026	-5.78%	+9.97%
2025	-11.32%	+18.52%
2024	-13.44%	+28.94%
2023	-15.40%	+28.57%
2022	+19.39%	-23.37%
2021	-24.71%	+34.48%
2020	-23.87%	+18.56%
2019	-21.99%	+10.84%
2018	+6.21%	N/A
2017	-16.49%	N/A
2016	-6.92%	N/A

SPDN vs OVL 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 OVL was -35.49%, occurring on Mar 20, 2020. Recovery took 118 trading sessions.

The current SPDN drawdown is -74.61%. The current OVL drawdown is -3.47%.

Rank	SPDN	OVL
#1	-75.30% Jun 27, 2016 - Jun 2, 2026	-35.49% Feb 19, 2020 - Aug 6, 2020
#2	-2.37% Jun 16, 2016 - Jun 24, 2016	-29.24% Jan 3, 2022 - Jan 19, 2024
#3	N/A	-21.69% Feb 19, 2025 - Jul 3, 2025
#4	N/A	-10.29% Sep 2, 2020 - Nov 13, 2020
#5	N/A	-10.10% Jul 16, 2024 - Sep 19, 2024
#6	N/A	-8.73% Jan 28, 2026 - Apr 14, 2026
#7	N/A	-7.39% Mar 28, 2024 - May 15, 2024
#8	N/A	-6.38% Oct 29, 2025 - Dec 10, 2025
#9	N/A	-6.28% Sep 3, 2021 - Oct 21, 2021
#10	N/A	-5.47% Dec 6, 2024 - Jan 23, 2025
#11	N/A	-4.72% Feb 17, 2021 - Mar 11, 2021
#12	N/A	-4.25% Jan 17, 2020 - Feb 6, 2020
#13	N/A	-4.15% May 7, 2021 - Jun 4, 2021
#14	N/A	-3.98% Jan 21, 2021 - Feb 4, 2021
#15	N/A	-3.82% Nov 18, 2021 - Dec 8, 2021