DXNLX vs. VOO

Last updated Jun 26, 2026

DXNLX (Direxion Monthly NASDAQ-100 Bull 1.25X Fund) and VOO (Vanguard S&P 500 ETF) are both funds - DXNLX is a Leveraged Equities fund managed by Direxion, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, DXNLX returned 16.30%/yr vs 13.02%/yr for VOO. Their correlation of 0.91 suggests significant overlap in exposure. DXNLX charges 1.19%/yr vs 0.03%/yr for VOO.

Performance

DXNLX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Monthly NASDAQ-100 Bull 1.25X Fund (DXNLX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXNLX achieves a 17.96% return, which is significantly higher than VOO's 8.09% return.

DXNLX

• 1D: -0.56%
• 1M: -3.49%
• YTD: 17.96%
• 6M: 15.58%
• 1Y: 36.32%
• 3Y*: 28.64%
• 5Y*: 16.30%
• 10Y*: —

VOO

• 1D: 0.00%
• 1M: -2.07%
• YTD: 8.09%
• 6M: 6.78%
• 1Y: 22.17%
• 3Y*: 20.91%
• 5Y*: 13.02%
• 10Y*: 15.82%

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

DXNLX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXNLX Direxion Monthly NASDAQ-100 Bull 1.25X Fund	17.96%	22.13%	28.56%	66.63%	-40.88%	32.49%	58.90%	46.34%	-3.37%	37.37%
VOO Vanguard S&P 500 ETF	8.09%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DXNLX and VOO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.91

The correlation between DXNLX and VOO has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

DXNLX vs. VOO — Risk / Return Rank

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

DXNLX

DXNLX Risk / Return Rank: 44
DXNLX Sharpe Ratio Rank: 45
DXNLX Sortino Ratio Rank: 39
DXNLX Omega Ratio Rank: 41
DXNLX Calmar Ratio Rank: 48
DXNLX Martin Ratio Rank: 45

VOO

VOO Risk / Return Rank: 63
VOO Sharpe Ratio Rank: 63
VOO Sortino Ratio Rank: 61
VOO Omega Ratio Rank: 62
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 69

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.

DXNLX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Monthly NASDAQ-100 Bull 1.25X Fund (DXNLX) and Vanguard S&P 500 ETF (VOO). 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.

	DXNLX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.80	-0.15
Sortino ratio: Return per unit of downside risk	2.18	2.45	-0.27
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.32	2.50	-0.18
Martin ratio: Return relative to average drawdown	8.27	11.08	-2.81

DXNLX vs. VOO - Sharpe Ratio Comparison

The current DXNLX Sharpe Ratio is 1.64, which is comparable to the VOO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of DXNLX and VOO, 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

DXNLX vs. VOO - Drawdown Comparison

The maximum DXNLX drawdown since its inception was -43.77%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DXNLX and VOO.

Drawdown Indicators

	DXNLX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-33.99%	-9.78%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-8.90%	-7.01%
Max Drawdown (3Y) Largest decline over 3 years	-28.35%	-18.69%	-9.66%
Max Drawdown (5Y) Largest decline over 5 years	-43.77%	-24.52%	-19.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-5.99%	-3.23%	-2.76%
Average Drawdown Average peak-to-trough decline	-8.67%	-3.68%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	2.01%	+2.44%

Volatility

DXNLX vs. VOO - Volatility Comparison

Direxion Monthly NASDAQ-100 Bull 1.25X Fund (DXNLX) has a higher volatility of 11.45% compared to Vanguard S&P 500 ETF (VOO) at 4.75%. This indicates that DXNLX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXNLX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	4.75%	+6.70%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	9.77%	+8.42%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	12.39%	+10.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.62%	16.91%	+11.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.96%	18.02%	+10.94%

DXNLX vs. VOO - Expense Ratio Comparison

DXNLX has a 1.19% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DXNLX vs. VOO - Dividend Comparison

DXNLX's dividend yield for the trailing twelve months is around 0.84%, less than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXNLX Direxion Monthly NASDAQ-100 Bull 1.25X Fund	0.84%	2.31%	0.17%	0.00%	0.00%	7.43%	12.20%	0.00%	8.79%	7.52%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DXNLX and VOO in my portfolio?

With a correlation of 0.94, DXNLX and VOO 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, DXNLX or VOO?

DXNLX has higher volatility (11.45%) compared to VOO (4.75%). In terms of maximum drawdown, DXNLX dropped -43.77% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.80 vs 1.64), 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.