AMDD vs. SPXL
AMDD (Direxion Daily AMD Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - AMDD is a Inverse Equities fund actively managed by Direxion, while SPXL is a Leveraged Equities fund tracking the S&P 500. AMDD is actively managed, while SPXL is passively managed. Over the past year, AMDD returned -77.50% vs 61.16% for SPXL. Their -0.61 correlation means they have often moved in opposite directions in the past. AMDD charges 0.97%/yr vs 0.84%/yr for SPXL.
Performance
AMDD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, AMDD achieves a -67.52% return, which is significantly lower than SPXL's 27.32% return.
AMDD
- 1D
- -1.64%
- 1M
- 1.07%
- 6M
- -61.99%
- YTD
- -67.52%
- 1Y
- -77.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -75.52%
SPXL
- 1D
- 4.28%
- 1M
- 4.04%
- 6M
- 21.44%
- YTD
- 27.32%
- 1Y
- 61.16%
- 3Y*
- 46.76%
- 5Y*
- 20.51%
- 10Y*
- 28.68%
- ALL TIME*
- 27.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.29M | $38.66M | $56.16M | |
| $489.09M | $455.54M | $538.26M |
AMDD vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AMDD Direxion Daily AMD Bear 1X Shares | -67.52% | -61.12% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 27.32% | 22.09% |
Correlation
The correlation between AMDD and SPXL is -0.60, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025 | -0.61 |
The correlation between AMDD and SPXL has been stable across timeframes, ranging from -0.61 to -0.60 - a consistent structural relationship.
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Return for Risk
AMDD vs. SPXL — Risk / Return Rank
AMDD
SPXL
AMDD vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMD Bear 1X Shares (AMDD) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AMDD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.27 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.30 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.52 | 8.79 | -10.31 |
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Drawdowns
AMDD vs. SPXL - Drawdown Comparison
The maximum AMDD drawdown since its inception was -91.84%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for AMDD and SPXL.
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Drawdown Indicators
| AMDD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.84% | -76.86% | -14.98% |
Max Drawdown (1Y)Largest decline over 1 year | -82.18% | -26.77% | -55.41% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -90.79% | -2.71% | -88.08% |
Average DrawdownAverage peak-to-trough decline | -59.97% | -16.04% | -43.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.11% | 6.98% | +44.13% |
Volatility
AMDD vs. SPXL - Volatility Comparison
Direxion Daily AMD Bear 1X Shares (AMDD) has a higher volatility of 25.42% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.53%. This indicates that AMDD's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMDD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.42% | 11.53% | +13.89% |
Volatility (6M)Calculated over the trailing 6-month period | 57.49% | 30.70% | +26.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.65% | 38.54% | +33.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.16% | 50.67% | +17.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.16% | 53.49% | +14.67% |
AMDD vs. SPXL - Expense Ratio Comparison
AMDD has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
AMDD vs. SPXL - Dividend Comparison
AMDD's dividend yield for the trailing twelve months is around 13.33%, more than SPXL's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AMDD Direxion Daily AMD Bear 1X Shares | 13.33% | 5.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.51% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
AMDD and SPXL have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMDD has higher volatility (25.42%) compared to SPXL (11.53%). In terms of maximum drawdown, AMDD dropped -91.84% vs SPXL's -76.86%.
On 1-year performance, SPXL leads with 61.16% vs -77.50% for AMDD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXL has performed better with a 61.16% return vs -77.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for AMDD.
AMDD has the higher dividend yield at 13.33%, compared with 0.51% for SPXL.
AMDD is categorized as Inverse Equities, while SPXL is Leveraged Equities. Their fees differ too: 0.97% for AMDD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.60 vs -1.09), 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.
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