CONX vs. SPXL
CONX (Direxion Daily COIN Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. CONX is actively managed, while SPXL is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. CONX charges 0.97%/yr vs 0.84%/yr for SPXL.
Performance
CONX vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, CONX achieves a -68.76% return, which is significantly lower than SPXL's 17.05% return.
CONX
- 1D
- -10.35%
- 1M
- -37.41%
- YTD
- -68.76%
- 6M
- -72.31%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -0.33%
- 1M
- -5.66%
- YTD
- 17.05%
- 6M
- 12.58%
- 1Y
- 57.34%
- 3Y*
- 46.32%
- 5Y*
- 20.43%
- 10Y*
- 30.25%
CONX vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CONX Direxion Daily COIN Bull 2X ETF | -68.76% | -21.90% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.05% | 9.33% |
Correlation
The correlation between CONX and SPXL is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025 | 0.57 |
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Return for Risk
CONX vs. SPXL — Risk / Return Rank
CONX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPXL
CONX vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily COIN Bull 2X ETF (CONX) 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.
| CONX | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.15 | — |
| Martin ratioReturn relative to average drawdown | — | 8.73 | — |
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Drawdowns
CONX vs. SPXL - Drawdown Comparison
The maximum CONX drawdown since its inception was -79.64%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for CONX and SPXL.
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Drawdown Indicators
| CONX | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.64% | -76.86% | -2.78% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.77% | — |
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 | -79.64% | -10.56% | -69.08% |
Average DrawdownAverage peak-to-trough decline | -51.13% | -16.09% | -35.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.59% | — |
Volatility
CONX vs. SPXL - Volatility Comparison
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Volatility by Period
| CONX | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 14.59% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 29.42% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 143.95% | 37.29% | +106.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 143.95% | 50.53% | +93.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 143.95% | 53.46% | +90.49% |
CONX vs. SPXL - Expense Ratio Comparison
CONX has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
CONX vs. SPXL - Dividend Comparison
CONX's dividend yield for the trailing twelve months is around 3.19%, more than SPXL's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CONX Direxion Daily COIN Bull 2X ETF | 3.19% | 0.42% | 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 | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
CONX and SPXL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXL is cheaper at 0.84% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for CONX.
CONX has the higher dividend yield at 3.19%, compared with 0.56% for SPXL.
Their fees differ too: 0.97% for CONX and 0.84% for SPXL.
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