DXSLX vs. SPY

Last updated Jun 24, 2026

DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - DXSLX is a Leveraged Equities fund tracking the S&P 500 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DXSLX returned 27.72%/yr vs 15.53%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. DXSLX charges 1.35%/yr vs 0.09%/yr for SPY.

Performance

DXSLX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXSLX achieves a 13.76% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, DXSLX has outperformed SPY with an annualized return of 27.72%, while SPY has yielded a comparatively lower 15.53% annualized return.

DXSLX

• 1D: -0.63%
• 1M: -0.32%
• YTD: 13.76%
• 6M: 11.85%
• 1Y: 39.46%
• 3Y*: 30.86%
• 5Y*: 16.54%
• 10Y*: 27.72%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

DXSLX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	13.76%	25.05%	37.66%	39.91%	-37.35%	59.07%	27.52%	61.52%	-14.82%	98.50%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DXSLX and SPY 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 3, 2006	0.99

The correlation between DXSLX and SPY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

DXSLX vs. SPY — Risk / Return Rank

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

DXSLX

DXSLX Risk / Return Rank: 49
DXSLX Sharpe Ratio Rank: 50
DXSLX Sortino Ratio Rank: 42
DXSLX Omega Ratio Rank: 45
DXSLX Calmar Ratio Rank: 50
DXSLX Martin Ratio Rank: 60

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

DXSLX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) and State Street SPDR S&P 500 ETF (SPY). 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.

	DXSLX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.90	+0.02
Sortino ratio: Return per unit of downside risk	2.50	2.58	-0.08
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.58	2.67	-0.09
Martin ratio: Return relative to average drawdown	11.29	11.92	-0.63

DXSLX vs. SPY - Sharpe Ratio Comparison

The current DXSLX Sharpe Ratio is 1.92, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DXSLX and SPY, 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

DXSLX vs. SPY - Drawdown Comparison

The maximum DXSLX drawdown since its inception was -91.80%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DXSLX and SPY.

Drawdown Indicators

	DXSLX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-91.80%	-55.19%	-36.61%
Max Drawdown (1Y) Largest decline over 1 year	-16.30%	-8.88%	-7.42%
Max Drawdown (3Y) Largest decline over 3 years	-31.90%	-18.76%	-13.14%
Max Drawdown (5Y) Largest decline over 5 years	-44.67%	-24.50%	-20.17%
Max Drawdown (10Y) Largest decline over 10 years	-61.09%	-33.72%	-27.37%
Current Drawdown Current decline from peak	-3.30%	-3.17%	-0.13%
Average Drawdown Average peak-to-trough decline	-21.50%	-9.04%	-12.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	1.98%	+1.74%

Volatility

DXSLX vs. SPY - Volatility Comparison

Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) has a higher volatility of 8.28% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that DXSLX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXSLX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.28%	4.87%	+3.41%
Volatility (6M) Calculated over the trailing 6-month period	17.31%	9.85%	+7.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	12.50%	+9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.44%	17.15%	+14.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.66%	17.95%	+20.71%

DXSLX vs. SPY - Expense Ratio Comparison

DXSLX has a 1.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DXSLX vs. SPY - Dividend Comparison

DXSLX's dividend yield for the trailing twelve months is around 6.70%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.70%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DXSLX and SPY in my portfolio?

With a correlation of 1.00, DXSLX and SPY 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, DXSLX or SPY?

DXSLX has higher volatility (8.28%) compared to SPY (4.87%). In terms of maximum drawdown, DXSLX dropped -91.80% vs SPY's -55.19%.

Which has better risk-adjusted returns?

DXSLX currently has the higher Sharpe Ratio (1.92 vs 1.90), 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.