DUSL vs. SPXL

Last updated Jun 3, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - DUSL tracks the Industrials Select Sector Index (300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 5 years, DUSL returned 18.07%/yr vs 24.69%/yr for SPXL. A 0.78 correlation means they provide meaningful diversification when combined. DUSL charges 1.01%/yr vs 0.84%/yr for SPXL.

Performance

DUSL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DUSL having a 30.95% return and SPXL slightly lower at 30.87%.

DUSL

• 1D: 3.03%
• 1M: 0.47%
• YTD: 30.95%
• 6M: 37.32%
• 1Y: 60.48%
• 3Y*: 48.80%
• 5Y*: 18.07%
• 10Y*: —

SPXL

• 1D: 0.41%
• 1M: 15.92%
• YTD: 30.87%
• 6M: 30.90%
• 1Y: 88.59%
• 3Y*: 53.90%
• 5Y*: 24.69%
• 10Y*: 30.47%

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

DUSL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	30.95%	37.50%	34.75%	37.23%	-31.17%	60.72%	-19.77%	90.70%	-46.28%	48.29%
SPXL Direxion Daily S&P 500 Bull 3X ETF	30.87%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	41.58%

Correlation

The correlation between DUSL and SPXL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.78

The correlation between DUSL and SPXL shifts across timeframes, from 0.68 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

DUSL vs. SPXL - Sectors Allocation Comparison

Sectors	DUSL	SPXL
Industrials	20.1%	1.7%
Utilities	1.2%	0.6%
Technology	0.8%	8.5%
Consumer Cyclical	0.1%	2.2%
Basic Materials	-	0.4%
Communication Services	-	2.4%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.6%
Healthcare	-	1.9%
Real Estate	-	0.4%

Return for Risk

DUSL vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DUSL

DUSL Risk / Return Rank: 36
DUSL Sharpe Ratio Rank: 36
DUSL Sortino Ratio Rank: 36
DUSL Omega Ratio Rank: 33
DUSL Calmar Ratio Rank: 35
DUSL Martin Ratio Rank: 37

SPXL

SPXL Risk / Return Rank: 69
SPXL Sharpe Ratio Rank: 77
SPXL Sortino Ratio Rank: 63
SPXL Omega Ratio Rank: 64
SPXL Calmar Ratio Rank: 68
SPXL Martin Ratio Rank: 75

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.

DUSL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.

	DUSL	SPXL	Difference
Sharpe ratio Return per unit of total volatility	1.30	2.52	-1.23
Sortino ratio Return per unit of downside risk	1.90	2.95	-1.05
Omega ratio Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio Return relative to maximum drawdown	1.77	3.43	-1.65
Martin ratio Return relative to average drawdown	5.98	14.51	-8.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUSL vs. SPXL - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 1.30, which is lower than the SPXL Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DUSL 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

	DUSL	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.52	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.49	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.53	-0.24

Drawdowns

DUSL vs. SPXL - Drawdown Comparison

The maximum DUSL drawdown since its inception was -85.74%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for DUSL and SPXL.

Drawdown Indicators

	DUSL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-85.74%	-76.86%	-8.88%
Max Drawdown (1Y) Largest decline over 1 year	-33.68%	-26.77%	-6.91%
Max Drawdown (3Y) Largest decline over 3 years	-50.86%	-48.95%	-1.91%
Max Drawdown (5Y) Largest decline over 5 years	-58.43%	-63.80%	+5.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-12.22%	0.00%	-12.22%
Average Drawdown Average peak-to-trough decline	-22.01%	-15.73%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.98%	6.32%	+3.66%

Volatility

DUSL vs. SPXL - Volatility Comparison

Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 15.02% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.21%. This indicates that DUSL'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

	DUSL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.02%	8.21%	+6.81%
Volatility (6M) Calculated over the trailing 6-month period	39.19%	26.62%	+12.57%
Volatility (1Y) Calculated over the trailing 1-year period	46.90%	35.34%	+11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	50.23%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.56%	53.42%	+8.14%

DUSL vs. SPXL - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

DUSL vs. SPXL - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.75%, more than SPXL's 0.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	8.75%	11.39%	6.61%	1.28%	0.66%	0.07%	0.48%	1.01%	1.46%	0.57%
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

Can I hold both DUSL and SPXL in my portfolio?

DUSL and SPXL have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSL or SPXL?

DUSL has higher volatility (15.02%) compared to SPXL (8.21%). In terms of maximum drawdown, DUSL dropped -85.74% vs SPXL's -76.86%.

Which ETF is better, DUSL or SPXL?

On 5-year performance, SPXL leads with 24.69% vs 18.07% for DUSL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or SPXL?

Over the 5-year period, SPXL has performed better with a 24.69% return vs 18.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.01% for DUSL.

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

DUSL has the higher dividend yield at 8.75%, compared with 0.51% for SPXL.

What is the main difference between DUSL and SPXL?

DUSL tracks Industrials Select Sector Index (300%), while SPXL tracks S&P 500. Their fees differ too: 1.01% for DUSL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.52 vs 1.30), 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.