SPDN vs PIE

Comparison between DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF) and INVESCO DORSEY WRIGHT EMERGING MARKETS MOMENTUM ETF (PIE, ETF).

5-Year PerformancePIE has outperformed SPDN, delivering a return of +8.3% compared to -7.8%

SPDN vs PIE - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPDN(ETF)	PIE(ETF)
Net Assets	$229M	$228M
Expense Ratio	0.48%	0.90%
Max Drawdown	80.11%	73.06%
Sharpe Ratio	-1.22	1.37
5Y Beta	-0.97	0.93
5Y Dividends CAGR	N/A	18.17%

Net Assets

Winner

SPDN

$229M

PIE

$228M

Expense Ratio

Winner

SPDN

0.48%

PIE

0.90%

Max Drawdown

SPDN

80.11%

Winner

PIE

73.06%

Sharpe Ratio

SPDN

-1.22

Winner

PIE

1.37

5Y Beta

Winner

SPDN

-0.97

PIE

0.93

5Y Dividends CAGR

SPDN

N/A

PIE

18.17%

SPDN vs PIE - Historical Returns

Returns include dividend reinvestment.

Period	SPDN	PIE
1 month	-3.18%	+8.36%
3 months	-1.06%	+0.88%
6 months	-7.79%	+18.40%
1 year	-12.32%	+46.95%
5 years(CAGR)	-7.81%	+8.29%
10 years(CAGR)	-12.30%	+9.72%
Max(CAGR)	-12.33%	+3.04%

SPDN

-3.18%

Winner

PIE

+8.36%

SPDN

-1.06%

Winner

PIE

+0.88%

SPDN

-7.79%

Winner

PIE

+18.40%

SPDN

-12.32%

Winner

PIE

+46.95%

5Y(CAGR)

SPDN

-7.81%

Winner

PIE

+8.29%

10Y(CAGR)

SPDN

-12.30%

Winner

PIE

+9.72%

Max(CAGR)

SPDN

-12.33%

Winner

PIE

+3.04%

SPDN vs PIE - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	SPDN	PIE
2026	-8.47%	+39.89%
2025	-11.32%	+25.76%
2024	-13.44%	+1.38%
2023	-15.40%	+12.56%
2022	+19.39%	-28.77%
2021	-24.71%	+12.85%
2020	-23.87%	+18.03%
2019	-21.99%	+25.13%
2018	+6.21%	-22.83%
2017	-16.49%	+41.02%
2016	-6.92%	+2.26%
2015	N/A	-13.21%
2014	N/A	-0.27%
2013	N/A	-2.46%
2012	N/A	+14.98%
2011	N/A	-13.39%
2010	N/A	+21.08%
2009	N/A	+53.15%
2008	N/A	-62.20%
2007	N/A	+0.56%

SPDN vs PIE Drawdown Comparison

The maximum drawdown for SPDN was -75.72%, occurring on Aug 13, 2026. This drawdown has not yet recovered.

The maximum drawdown for PIE was -72.98%, occurring on Mar 2, 2009. Recovery took 3259 trading sessions.

The current SPDN drawdown is -75.34%. The current PIE drawdown is -2.85%.

Rank	SPDN	PIE
#1	-75.72% Jun 27, 2016 - Aug 13, 2026	-72.98% Jan 10, 2008 - Dec 18, 2020
#2	-2.37% Jun 16, 2016 - Jun 24, 2016	-40.31% Jul 15, 2021 - Jan 6, 2026
#3	N/A	-17.26% Jun 22, 2026 - Jul 29, 2026
#4	N/A	-12.87% Feb 17, 2021 - Jun 1, 2021
#5	N/A	-9.87% Feb 27, 2026 - Apr 10, 2026
#6	N/A	-7.85% May 26, 2026 - Jun 15, 2026
#7	N/A	-6.90% May 11, 2026 - May 26, 2026
#8	N/A	-5.39% Jan 25, 2021 - Feb 2, 2021
#9	N/A	-4.89% Jan 28, 2026 - Feb 11, 2026
#10	N/A	-2.98% Jun 15, 2026 - Jun 18, 2026
#11	N/A	-2.18% Apr 22, 2026 - Apr 24, 2026
#12	N/A	-1.92% Jun 1, 2021 - Jun 21, 2021
#13	N/A	-1.86% Jan 14, 2021 - Jan 19, 2021
#14	N/A	-1.85% Jul 7, 2021 - Jul 15, 2021
#15	N/A	-1.46% Dec 31, 2007 - Jan 7, 2008

Correlation

Correlation between SPDN and PIE is -0.75 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.75

-101

Dividend Comparison (2008 - 2026)

SPDN vs PIE dividend yield comparison.

Year	SPDN	PIE
2026	1.41%	0.73%
2025	4.06%	2.28%
2024	5.32%	2.33%
2023	5.84%	2.59%
2022	0.96%	3.45%
2021	0.00%	1.28%
2020	0.10%	1.32%
2019	1.89%	2.29%
2018	1.24%	3.32%
2017	0.42%	1.63%
2016	0.00%	1.48%
2015	0.00%	0.80%
2014	0.00%	0.53%
2013	0.00%	1.23%
2012	0.00%	0.68%
2011	0.00%	0.80%
2010	0.00%	0.34%
2009	0.00%	0.71%
2008	0.00%	0.67%