DUSL vs. XLI

Last updated Jun 3, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - DUSL is a Leveraged Equities fund tracking the Industrials Select Sector Index (300%), while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 5 years, DUSL returned 18.07%/yr vs 12.35%/yr for XLI. With a 0.98 correlation, they move nearly in lockstep. DUSL charges 1.01%/yr vs 0.13%/yr for XLI.

Performance

DUSL vs. XLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) and Industrial Select Sector SPDR Fund (XLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUSL achieves a 30.95% return, which is significantly higher than XLI's 12.61% return.

DUSL

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

XLI

• 1D: 1.04%
• 1M: 0.71%
• YTD: 12.61%
• 6M: 14.74%
• 1Y: 23.76%
• 3Y*: 21.75%
• 5Y*: 12.35%
• 10Y*: 14.00%

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

DUSL vs. XLI - 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%
XLI Industrial Select Sector SPDR Fund	12.61%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	15.46%

Correlation

The correlation between DUSL and XLI is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.98

The correlation between DUSL and XLI has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

DUSL vs. XLI - Sectors Allocation Comparison

Sectors	DUSL	XLI
Industrials	20.1%	90.3%
Utilities	1.2%	5.2%
Technology	0.8%	3.8%
Consumer Cyclical	0.1%	0.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

DUSL vs. XLI — 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

XLI

XLI Risk / Return Rank: 43
XLI Sharpe Ratio Rank: 44
XLI Sortino Ratio Rank: 45
XLI Omega Ratio Rank: 41
XLI Calmar Ratio Rank: 39
XLI Martin Ratio Rank: 46

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. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) and Industrial Select Sector SPDR Fund (XLI). 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	XLI	Difference
Sharpe ratio Return per unit of total volatility	1.30	1.55	-0.26
Sortino ratio Return per unit of downside risk	1.90	2.27	-0.37
Omega ratio Gain probability vs. loss probability	1.22	1.27	-0.04
Calmar ratio Return relative to maximum drawdown	1.77	1.93	-0.16
Martin ratio Return relative to average drawdown	5.98	7.70	-1.72
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. XLI - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 1.30, which is comparable to the XLI Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DUSL and XLI, 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	XLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.55	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.71	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.45	-0.16

Drawdowns

DUSL vs. XLI - Drawdown Comparison

The maximum DUSL drawdown since its inception was -85.74%, which is greater than XLI's maximum drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for DUSL and XLI.

Drawdown Indicators

	DUSL	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-85.74%	-62.26%	-23.48%
Max Drawdown (1Y) Largest decline over 1 year	-33.68%	-12.21%	-21.47%
Max Drawdown (3Y) Largest decline over 3 years	-50.86%	-18.49%	-32.37%
Max Drawdown (5Y) Largest decline over 5 years	-58.43%	-21.64%	-36.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.33%	—
Current Drawdown Current decline from peak	-12.22%	-2.36%	-9.86%
Average Drawdown Average peak-to-trough decline	-22.01%	-9.21%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.98%	3.07%	+6.91%

Volatility

DUSL vs. XLI - Volatility Comparison

Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 15.02% compared to Industrial Select Sector SPDR Fund (XLI) at 4.96%. This indicates that DUSL's price experiences larger fluctuations and is considered to be riskier than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUSL	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.02%	4.96%	+10.06%
Volatility (6M) Calculated over the trailing 6-month period	39.19%	12.88%	+26.31%
Volatility (1Y) Calculated over the trailing 1-year period	46.90%	15.38%	+31.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	17.42%	+35.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.56%	19.99%	+41.57%

DUSL vs. XLI - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is higher than XLI's 0.13% expense ratio.

Dividends

DUSL vs. XLI - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.75%, more than XLI's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
XLI Industrial Select Sector SPDR Fund	1.17%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both DUSL and XLI in my portfolio?

With a correlation of 1.00, DUSL and XLI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DUSL or XLI?

DUSL has higher volatility (15.02%) compared to XLI (4.96%). In terms of maximum drawdown, DUSL dropped -85.74% vs XLI's -62.26%.

Which ETF is better, DUSL or XLI?

On 5-year performance, DUSL leads with 18.07% vs 12.35% for XLI. On fees, XLI is cheaper at 0.13% per year. On volatility, XLI has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or XLI?

Over the 5-year period, DUSL has performed better with a 18.07% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or XLI?

XLI is cheaper with a 0.13% expense ratio, compared with 1.01% for DUSL.

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

DUSL has the higher dividend yield at 8.75%, compared with 1.17% for XLI.

What is the main difference between DUSL and XLI?

DUSL is categorized as Leveraged Equities, while XLI is Industrials Equities. DUSL tracks Industrials Select Sector Index (300%), while XLI tracks Industrial Select Sector Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.01% for DUSL and 0.13% for XLI.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.55 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.