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 -42.95%/yr vs 30.20%/yr for SPXL. At a correlation of -0.44, they often move in opposite directions. 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 -50.45% return, which is significantly lower than SPXL's 28.14% return. Over the past 10 years, DRIP has underperformed SPXL with an annualized return of -42.95%, while SPXL has yielded a comparatively higher 30.20% annualized return.
DRIP
- 1D
- -3.05%
- 1M
- 9.61%
- YTD
- -50.45%
- 6M
- -43.03%
- 1Y
- -56.10%
- 3Y*
- -30.92%
- 5Y*
- -41.62%
- 10Y*
- -42.95%
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%
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 | -50.45% | -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 | 28.14% | 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 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.44 |
The correlation between DRIP and SPXL shifts across timeframes, from -0.44 (all time) to 0.09 (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.
| DRIP | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.33 | ||
| Sortino ratioReturn per unit of downside risk | -4.48 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.37 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.06 | -3.94 |
| Martin ratioReturn relative to average drawdown | -1.64 | 12.94 | -14.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DRIP | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.01 | 2.32 | -3.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.61 | 0.47 | -1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.45 | 0.57 | -1.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.42 | 0.53 | -0.94 |
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 | -63.84% | -26.77% | -37.07% |
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% | -2.08% | -97.86% |
Average DrawdownAverage peak-to-trough decline | -90.45% | -15.72% | -74.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.12% | 6.32% | +27.80% |
Volatility
DRIP vs. SPXL - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 19.66% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. 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 | 19.66% | 8.49% | +11.17% |
Volatility (6M)Calculated over the trailing 6-month period | 43.05% | 26.67% | +16.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.64% | 35.39% | +20.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.36% | 50.24% | +18.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.59% | 53.42% | +43.17% |
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 3.99%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.99% | 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 | 0.52% | 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 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (19.66%) compared to SPXL (8.49%). In terms of maximum drawdown, DRIP dropped -99.95% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.20% vs -42.95% for DRIP. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. 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 30.20% return vs -42.95%. 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 3.99%, compared with 0.52% 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 (2.32 vs -1.01), 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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