CSCL vs. SPXL

Last updated Aug 2, 2026

CSCL (Direxion Daily CSCO Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - CSCL tracks the Cisco Systems, Inc. (CSCO) while SPXL tracks the S&P 500. Both are passively managed. Over the past year, CSCL returned 151.43% vs 54.55% for SPXL. Their 0.43 correlation means their historical movements had little consistent relationship. CSCL charges 1.07%/yr vs 0.84%/yr for SPXL.

Performance

CSCL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSCO Bull 2X ETF (CSCL) 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, CSCL achieves a 101.65% return, which is significantly higher than SPXL's 22.10% return.

CSCL

• 1D: 4.05%
• 1M: 4.91%
• 6M: 95.60%
• YTD: 101.65%
• 1Y: 151.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 124.88%

SPXL

• 1D: 2.01%
• 1M: -0.23%
• 6M: 18.15%
• YTD: 22.10%
• 1Y: 54.55%
• 3Y*: 41.56%
• 5Y*: 19.59%
• 10Y*: 28.61%
• ALL TIME*: 27.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSCL Direxion Daily CSCO Bull 2X ETF	$610.32K	$803.47K	$2.68M
SPXL Direxion Daily S&P 500 Bull 3X ETF	$473.70M	$462.79M	$534.56M

CSCL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
CSCL Direxion Daily CSCO Bull 2X ETF	101.65%	20.73%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.10%	34.42%

Correlation

The correlation between CSCL and SPXL is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.43

CSCL vs. SPXL - Sectors Allocation Comparison

Sectors	CSCL	SPXL
Technology	100.0%	9.0%
Basic Materials	-	0.4%
Communication Services	-	2.2%
Consumer Cyclical	-	2.1%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.9%
Healthcare	-	2.1%
Industrials	-	1.8%
Real Estate	-	0.5%
Utilities	-	0.6%

Return for Risk

CSCL vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSCL

CSCL Risk / Return Rank: 85
CSCL Sharpe Ratio Rank: 89
CSCL Sortino Ratio Rank: 77
CSCL Omega Ratio Rank: 84
CSCL Calmar Ratio Rank: 94
CSCL Martin Ratio Rank: 81

SPXL

SPXL Risk / Return Rank: 51
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 48
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSCL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSCO Bull 2X ETF (CSCL) 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.

	CSCL	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.22	+0.99
Sortino ratio: Return per unit of downside risk	2.51	1.72	+0.80
Omega ratio: Gain probability vs. loss probability	1.36	1.22	+0.14
Calmar ratio: Return relative to maximum drawdown	4.74	1.76	+2.98
Martin ratio: Return relative to average drawdown	10.68	6.74	+3.95

CSCL vs. SPXL - Sharpe Ratio Comparison

The current CSCL Sharpe Ratio is 2.21, which is higher than the SPXL Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CSCL 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.

Drawdowns

CSCL vs. SPXL - Drawdown Comparison

The maximum CSCL drawdown since its inception was -30.64%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for CSCL and SPXL.

Drawdown Indicators

	CSCL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-30.64%	-76.86%	+46.22%
Max Drawdown (1Y) Largest decline over 1 year	-30.64%	-26.77%	-3.87%
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	-22.60%	-6.70%	-15.90%
Average Drawdown Average peak-to-trough decline	-10.20%	-16.04%	+5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.57%	6.98%	+6.59%

Volatility

CSCL vs. SPXL - Volatility Comparison

Direxion Daily CSCO Bull 2X ETF (CSCL) has a higher volatility of 20.85% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that CSCL'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

	CSCL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.85%	10.75%	+10.10%
Volatility (6M) Calculated over the trailing 6-month period	58.85%	30.45%	+28.40%
Volatility (1Y) Calculated over the trailing 1-year period	65.73%	38.62%	+27.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.17%	50.62%	+12.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.17%	53.45%	+9.72%

CSCL vs. SPXL - Expense Ratio Comparison

CSCL has a 1.07% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

CSCL vs. SPXL - Dividend Comparison

CSCL's dividend yield for the trailing twelve months is around 1.26%, more than SPXL's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSCL Direxion Daily CSCO Bull 2X ETF	1.26%	1.31%	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	0.53%	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 CSCL and SPXL in my portfolio?

CSCL and SPXL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSCL or SPXL?

CSCL has higher volatility (20.85%) compared to SPXL (10.75%). In terms of maximum drawdown, CSCL dropped -30.64% vs SPXL's -76.86%.

Which ETF is better, CSCL or SPXL?

On 1-year performance, CSCL leads with 151.43% vs 54.55% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSCL or SPXL?

Over the 1-year period, CSCL has performed better with a 151.43% return vs 54.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSCL or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.07% for CSCL.

Which ETF pays a higher dividend yield, CSCL or SPXL?

CSCL has the higher dividend yield at 1.26%, compared with 0.53% for SPXL.

What is the main difference between CSCL and SPXL?

CSCL tracks Cisco Systems, Inc. (CSCO), while SPXL tracks S&P 500. Their fees differ too: 1.07% for CSCL and 0.84% for SPXL.

Which has better risk-adjusted returns?

CSCL currently has the higher Sharpe Ratio (2.21 vs 1.22), 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.