BIRK vs. SPXL

Last updated Jun 4, 2026

BIRK (Birkenstock Holding plc) is a stock, while SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500. Over the past year, BIRK returned -23.53% vs 81.54% for SPXL. At a 0.42 correlation, their price movements are largely independent.

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 ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIRK achieves a 3.20% return, which is significantly lower than SPXL's 28.14% return.

BIRK

• 1D: -2.76%
• 1M: 14.33%
• YTD: 3.20%
• 6M: -3.54%
• 1Y: -23.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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

BIRK vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BIRK Birkenstock Holding plc	3.20%	-27.82%	16.27%	21.22%
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	25.97%

Correlation

The correlation between BIRK and SPXL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.42

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: 20
BIRK Sharpe Ratio Rank: 19
BIRK Sortino Ratio Rank: 19
BIRK Omega Ratio Rank: 20
BIRK Calmar Ratio Rank: 22
BIRK Martin Ratio Rank: 22

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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 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.

	BIRK	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	2.32	-2.82
Sortino ratio: Return per unit of downside risk	-0.51	2.78	-3.28
Omega ratio: Gain probability vs. loss probability	0.94	1.37	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.53	3.06	-3.59
Martin ratio: Return relative to average drawdown	-0.95	12.94	-13.89
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 -0.51, which is lower than the SPXL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of BIRK 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

	BIRK	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	2.32	-2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.53	-0.48

Drawdowns

BIRK vs. SPXL - Drawdown Comparison

The maximum BIRK drawdown since its inception was -50.94%, 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	-50.94%	-76.86%	+25.92%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-26.77%	-17.63%
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 Drawdown Current decline from peak	-33.60%	-2.08%	-31.52%
Average Drawdown Average peak-to-trough decline	-19.88%	-15.72%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.76%	6.32%	+18.44%

Volatility

BIRK vs. SPXL - Volatility Comparison

Birkenstock Holding plc (BIRK) has a higher volatility of 27.66% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that BIRK'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.

Volatility by Period

	BIRK	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.66%	8.49%	+19.17%
Volatility (6M) Calculated over the trailing 6-month period	41.60%	26.67%	+14.93%
Volatility (1Y) Calculated over the trailing 1-year period	46.76%	35.39%	+11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.36%	50.24%	-6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.36%	53.42%	-10.06%

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 0.52%.

Position	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 ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both BIRK and SPXL in my portfolio?

BIRK and SPXL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIRK or SPXL?

BIRK has higher volatility (27.66%) compared to SPXL (8.49%). In terms of maximum drawdown, BIRK dropped -50.94% vs SPXL's -76.86%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 vs -0.51), 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.