^XNDX vs. DXQLX

Last updated Jun 4, 2026

^XNDX (NASDAQ 100 Total Return Index) is an index, while DXQLX (Direxion Monthly NASDAQ-100 Bull 1.75X Fund) is Leveraged Equities fund managed by Direxion. Over the past 10 years, ^XNDX returned 22.19%/yr vs 35.37%/yr for DXQLX. With a 0.97 correlation, they move nearly in lockstep.

Performance

^XNDX vs. DXQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Total Return Index (^XNDX) and Direxion Monthly NASDAQ-100 Bull 1.75X Fund (DXQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^XNDX achieves a 21.40% return, which is significantly lower than DXQLX's 35.36% return. Over the past 10 years, ^XNDX has underperformed DXQLX with an annualized return of 22.19%, while DXQLX has yielded a comparatively higher 35.37% annualized return.

^XNDX

• 1D: -0.29%
• 1M: 10.64%
• YTD: 21.40%
• 6M: 19.77%
• 1Y: 42.07%
• 3Y*: 29.05%
• 5Y*: 18.20%
• 10Y*: 22.19%

DXQLX

• 1D: 0.81%
• 1M: 18.74%
• YTD: 35.36%
• 6M: 31.80%
• 1Y: 71.91%
• 3Y*: 44.83%
• 5Y*: 23.91%
• 10Y*: 35.37%

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

^XNDX vs. DXQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^XNDX NASDAQ 100 Total Return Index	21.40%	21.02%	25.88%	55.13%	-32.38%	27.51%	48.88%	39.46%	0.04%	32.99%
DXQLX Direxion Monthly NASDAQ-100 Bull 1.75X Fund	35.36%	29.99%	39.26%	97.59%	-57.72%	55.98%	100.94%	79.36%	-81.54%	743.06%

Correlation

The correlation between ^XNDX and DXQLX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006	0.97

The correlation between ^XNDX and DXQLX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

Return for Risk

^XNDX vs. DXQLX — Risk / Return Rank

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

^XNDX

^XNDX Risk / Return Rank: 84
^XNDX Sharpe Ratio Rank: 86
^XNDX Sortino Ratio Rank: 85
^XNDX Omega Ratio Rank: 83
^XNDX Calmar Ratio Rank: 85
^XNDX Martin Ratio Rank: 83

DXQLX

DXQLX Risk / Return Rank: 67
DXQLX Sharpe Ratio Rank: 82
DXQLX Sortino Ratio Rank: 57
DXQLX Omega Ratio Rank: 56
DXQLX Calmar Ratio Rank: 75
DXQLX Martin Ratio Rank: 64

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.

^XNDX vs. DXQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Total Return Index (^XNDX) and Direxion Monthly NASDAQ-100 Bull 1.75X Fund (DXQLX). 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.

	^XNDX	DXQLX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.66	-0.03
Sortino ratio: Return per unit of downside risk	3.44	3.19	+0.25
Omega ratio: Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	3.57	3.41	+0.16
Martin ratio: Return relative to average drawdown	13.80	12.47	+1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XNDX vs. DXQLX - Sharpe Ratio Comparison

The current ^XNDX Sharpe Ratio is 2.63, which is comparable to the DXQLX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of ^XNDX and DXQLX, 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

	^XNDX	DXQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.66	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.57	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	0.26	+0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.11	+0.64

Drawdowns

^XNDX vs. DXQLX - Drawdown Comparison

The maximum ^XNDX drawdown since its inception was -53.42%, smaller than the maximum DXQLX drawdown of -96.04%. Use the drawdown chart below to compare losses from any high point for ^XNDX and DXQLX.

Drawdown Indicators

	^XNDX	DXQLX	Difference
Max Drawdown Largest peak-to-trough decline	-53.42%	-96.04%	+42.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-21.88%	+10.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-37.99%	+15.17%
Max Drawdown (5Y) Largest decline over 5 years	-35.04%	-60.79%	+25.75%
Max Drawdown (10Y) Largest decline over 10 years	-35.04%	-87.23%	+52.19%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-7.67%	-51.61%	+43.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	5.97%	-2.91%

Volatility

^XNDX vs. DXQLX - Volatility Comparison

The current volatility for NASDAQ 100 Total Return Index (^XNDX) is 4.52%, while Direxion Monthly NASDAQ-100 Bull 1.75X Fund (DXQLX) has a volatility of 7.58%. This indicates that ^XNDX experiences smaller price fluctuations and is considered to be less risky than DXQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XNDX	DXQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.58%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	21.24%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	28.08%	-12.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	42.14%	-19.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	138.65%	-116.12%

Frequently Asked Questions

Can I hold both ^XNDX and DXQLX in my portfolio?

With a correlation of 1.00, ^XNDX and DXQLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^XNDX or DXQLX?

DXQLX has higher volatility (7.58%) compared to ^XNDX (4.52%). In terms of maximum drawdown, ^XNDX dropped -53.42% vs DXQLX's -96.04%.

Which has better risk-adjusted returns?

DXQLX currently has the higher Sharpe Ratio (2.66 vs 2.63), 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.