^DJI vs. SPXL

Last updated Jun 3, 2026

^DJI (Dow Jones Industrial Average) is an index, while SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, ^DJI returned 11.16%/yr vs 30.47%/yr for SPXL. Their correlation of 0.92 suggests significant overlap in exposure.

Performance

^DJI vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dow Jones Industrial Average (^DJI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^DJI achieves a 6.75% return, which is significantly lower than SPXL's 30.87% return. Over the past 10 years, ^DJI has underperformed SPXL with an annualized return of 11.16%, while SPXL has yielded a comparatively higher 30.47% annualized return.

^DJI

• 1D: 0.45%
• 1M: 3.65%
• YTD: 6.75%
• 6M: 8.07%
• 1Y: 21.28%
• 3Y*: 14.97%
• 5Y*: 8.21%
• 10Y*: 11.16%

SPXL

• 1D: 0.41%
• 1M: 15.92%
• YTD: 30.87%
• 6M: 30.90%
• 1Y: 88.59%
• 3Y*: 53.90%
• 5Y*: 24.69%
• 10Y*: 30.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^DJI vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DJI Dow Jones Industrial Average	6.75%	12.97%	12.88%	13.70%	-8.78%	18.73%	7.25%	22.34%	-5.63%	25.08%
SPXL Direxion Daily S&P 500 Bull 3X ETF	30.87%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between ^DJI and SPXL is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 6, 2008	0.92

The correlation between ^DJI and SPXL has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.

Return for Risk

^DJI vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^DJI

^DJI Risk / Return Rank: 58
^DJI Sharpe Ratio Rank: 59
^DJI Sortino Ratio Rank: 63
^DJI Omega Ratio Rank: 60
^DJI Calmar Ratio Rank: 53
^DJI Martin Ratio Rank: 56

SPXL

SPXL Risk / Return Rank: 69
SPXL Sharpe Ratio Rank: 77
SPXL Sortino Ratio Rank: 63
SPXL Omega Ratio Rank: 64
SPXL Calmar Ratio Rank: 68
SPXL Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^DJI vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dow Jones Industrial Average (^DJI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^DJI	SPXL	Difference
Sharpe ratio Return per unit of total volatility	1.77	2.52	-0.75
Sortino ratio Return per unit of downside risk	2.59	2.95	-0.36
Omega ratio Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio Return relative to maximum drawdown	2.14	3.43	-1.29
Martin ratio Return relative to average drawdown	8.14	14.51	-6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^DJI vs. SPXL - Sharpe Ratio Comparison

The current ^DJI Sharpe Ratio is 1.77, which is comparable to the SPXL Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of ^DJI and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^DJI	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.52	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.49	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.57	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.53	-0.08

Drawdowns

^DJI vs. SPXL - Drawdown Comparison

The maximum ^DJI drawdown since its inception was -53.78%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ^DJI and SPXL.

Drawdown Indicators

	^DJI	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-53.78%	-76.86%	+23.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-26.77%	+16.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-48.95%	+32.58%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-63.80%	+41.86%
Max Drawdown (10Y) Largest decline over 10 years	-37.09%	-76.86%	+39.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.40%	-15.73%	+6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	6.32%	-3.69%

Volatility

^DJI vs. SPXL - Volatility Comparison

The current volatility for Dow Jones Industrial Average (^DJI) is 3.02%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 8.21%. This indicates that ^DJI experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^DJI	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	8.21%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	26.62%	-17.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.07%	35.34%	-23.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	50.23%	-35.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	53.42%	-35.82%

Frequently Asked Questions

Can I hold both ^DJI and SPXL in my portfolio?

^DJI and SPXL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^DJI or SPXL?

SPXL has higher volatility (8.21%) compared to ^DJI (3.02%). In terms of maximum drawdown, ^DJI dropped -53.78% vs SPXL's -76.86%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.52 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.