BIRK vs. SPXL

Last updated Apr 2, 2026

Compare and contrast key facts about Birkenstock Holding plc (BIRK) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).

SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008.

Performance

BIRK vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Birkenstock Holding plc (BIRK) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). The values are adjusted to include any dividend payments, if applicable.

BIRK vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BIRK Birkenstock Holding plc	-12.69%	-27.82%	16.27%	21.22%
SPXL Direxion Daily S&P 500 Bull 3X Shares	-14.06%	31.94%	63.61%	25.97%

Returns By Period

In the year-to-date period, BIRK achieves a -12.69% return, which is significantly higher than SPXL's -14.06% return.

BIRK

• 1D: -0.33%
• 1M: -16.02%
• YTD: -12.69%
• 6M: -22.74%
• 1Y: -22.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: 2.30%
• 1M: -13.75%
• YTD: -14.06%
• 6M: -11.40%
• 1Y: 34.55%
• 3Y*: 38.52%
• 5Y*: 17.51%
• 10Y*: 25.61%

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

Return for Risk

BIRK vs. SPXL — Risk / Return Rank

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

BIRK

BIRK Risk / Return Rank: 19
BIRK Sharpe Ratio Rank: 15
BIRK Sortino Ratio Rank: 16
BIRK Omega Ratio Rank: 17
BIRK Calmar Ratio Rank: 24
BIRK Martin Ratio Rank: 23

SPXL

SPXL Risk / Return Rank: 40
SPXL Sharpe Ratio Rank: 32
SPXL Sortino Ratio Rank: 41
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 40
SPXL Martin Ratio Rank: 44

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.

BIRK vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Birkenstock Holding plc (BIRK) and Direxion Daily S&P 500 Bull 3X Shares (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.

	BIRK	SPXL	Difference
Sharpe ratio Return per unit of total volatility	-0.58	0.64	-1.22
Sortino ratio Return per unit of downside risk	-0.67	1.22	-1.88
Omega ratio Gain probability vs. loss probability	0.92	1.18	-0.26
Calmar ratio Return relative to maximum drawdown	-0.52	1.07	-1.60
Martin ratio Return relative to average drawdown	-0.97	4.25	-5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIRK vs. SPXL - Sharpe Ratio Comparison

The current BIRK Sharpe Ratio is -0.58, which is lower than the SPXL Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of BIRK and SPXL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIRK	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	0.64	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.48	-0.60

Correlation

The correlation between BIRK and SPXL is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BIRK vs. SPXL - Dividend Comparison

BIRK has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.78%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIRK Birkenstock Holding plc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X Shares	0.78%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Drawdowns

BIRK vs. SPXL - Drawdown Comparison

The maximum BIRK drawdown since its inception was -47.55%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for BIRK and SPXL.

Drawdown Indicators

	BIRK	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-47.55%	-76.86%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-42.22%	-33.42%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-43.83%	-18.62%	-25.21%
Average Drawdown Average peak-to-trough decline	-18.54%	-15.85%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.80%	8.42%	+14.38%

Volatility

BIRK vs. SPXL - Volatility Comparison

The current volatility for Birkenstock Holding plc (BIRK) is 14.39%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 16.04%. This indicates that BIRK 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

	BIRK	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.39%	16.04%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	29.86%	28.52%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	39.64%	54.32%	-14.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.03%	50.26%	-10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.03%	53.36%	-13.33%