DRIP vs. SPXL
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - DRIP tracks the S&P Oil & Gas Exploration & Production Select Industry Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, DRIP returned -42.61%/yr vs 28.68%/yr for SPXL. Their -0.43 correlation means they have often moved in opposite directions in the past. DRIP charges 1.07%/yr vs 0.84%/yr for SPXL.
Performance
DRIP vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -53.72% return, which is significantly lower than SPXL's 27.32% return. Over the past 10 years, DRIP has underperformed SPXL with an annualized return of -42.61%, while SPXL has yielded a comparatively higher 28.68% annualized return.
DRIP
- 1D
- 3.59%
- 1M
- -22.42%
- 6M
- -46.02%
- YTD
- -53.72%
- 1Y
- -57.86%
- 3Y*
- -24.65%
- 5Y*
- -45.76%
- 10Y*
- -42.61%
- ALL TIME*
- -41.99%
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) |
|---|---|---|---|
| $16.92M | $63.12M | $132.02M | |
| $489.09M | $455.54M | $538.26M |
DRIP vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -53.72% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 27.32% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between DRIP and SPXL is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.33 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.41 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.43 |
The correlation between DRIP and SPXL shifts across timeframes, from -0.43 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DRIP vs. SPXL — Risk / Return Rank
DRIP
SPXL
DRIP vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
| DRIP | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.84 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.30 | -3.23 |
| Martin ratioReturn relative to average drawdown | -1.52 | 8.79 | -10.31 |
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Drawdowns
DRIP vs. SPXL - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for DRIP and SPXL.
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Drawdown Indicators
| DRIP | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -76.86% | -23.09% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -26.77% | -35.41% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -48.95% | -27.07% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -63.80% | -32.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -76.86% | -23.06% |
Current DrawdownCurrent decline from peak | -99.94% | -2.71% | -97.23% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -16.04% | -74.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.17% | 6.98% | +31.19% |
Volatility
DRIP vs. SPXL - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 17.47% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.53%. This indicates that DRIP'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
| DRIP | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.47% | 11.53% | +5.94% |
Volatility (6M)Calculated over the trailing 6-month period | 44.98% | 30.70% | +14.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 38.54% | +18.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 50.67% | +16.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.72% | 53.49% | +42.23% |
DRIP vs. SPXL - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
DRIP vs. SPXL - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.84%, more than SPXL's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.84% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 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
DRIP and SPXL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (17.47%) compared to SPXL (11.53%). In terms of maximum drawdown, DRIP dropped -99.95% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.68% vs -42.61% for DRIP. 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 10-year period, SPXL has performed better with a 28.68% return vs -42.61%. 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 1.07% for DRIP.
DRIP has the higher dividend yield at 3.84%, compared with 0.51% for SPXL.
DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.07% for DRIP and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.60 vs -1.02), 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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