DXSLX vs. SPYQ

Last updated Jun 4, 2026

DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) and SPYQ (Tradr 2X Long SPY Quarterly ETF) are both Leveraged Equities funds. DXSLX is passively managed, while SPYQ is actively managed. Over the past year, DXSLX returned 46.29% vs 48.01% for SPYQ. With a 0.98 correlation, they move nearly in lockstep. DXSLX charges 1.35%/yr vs 1.30%/yr for SPYQ.

Performance

DXSLX vs. SPYQ - 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 Tradr 2X Long SPY Quarterly ETF (SPYQ). 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 DXSLX having a 17.64% return and SPYQ slightly lower at 17.27%.

DXSLX

• 1D: 0.22%
• 1M: 9.76%
• YTD: 17.64%
• 6M: 17.31%
• 1Y: 46.29%
• 3Y*: 33.41%
• 5Y*: 17.87%
• 10Y*: 27.39%

SPYQ

• 1D: -1.31%
• 1M: 8.90%
• YTD: 17.27%
• 6M: 16.66%
• 1Y: 48.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DXSLX vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	17.64%	25.05%	4.14%
SPYQ Tradr 2X Long SPY Quarterly ETF	17.27%	26.22%	4.76%

Correlation

The correlation between DXSLX and SPYQ is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.98

The correlation between DXSLX and SPYQ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

DXSLX vs. SPYQ — Risk / Return Rank

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

DXSLX

DXSLX Risk / Return Rank: 58
DXSLX Sharpe Ratio Rank: 62
DXSLX Sortino Ratio Rank: 50
DXSLX Omega Ratio Rank: 51
DXSLX Calmar Ratio Rank: 59
DXSLX Martin Ratio Rank: 69

SPYQ

SPYQ Risk / Return Rank: 57
SPYQ Sharpe Ratio Rank: 59
SPYQ Sortino Ratio Rank: 54
SPYQ Omega Ratio Rank: 56
SPYQ Calmar Ratio Rank: 52
SPYQ Martin Ratio Rank: 64

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. SPYQ - 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 Tradr 2X Long SPY Quarterly ETF (SPYQ). 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.

	DXSLX	SPYQ	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.03	+0.28
Sortino ratio: Return per unit of downside risk	2.97	2.64	+0.33
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	2.94	2.58	+0.36
Martin ratio: Return relative to average drawdown	13.30	11.57	+1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXSLX vs. SPYQ - Sharpe Ratio Comparison

The current DXSLX Sharpe Ratio is 2.31, which is comparable to the SPYQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DXSLX and SPYQ, 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

	DXSLX	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.03	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.88	-0.40

Drawdowns

DXSLX vs. SPYQ - Drawdown Comparison

The maximum DXSLX drawdown since its inception was -91.80%, which is greater than SPYQ's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for DXSLX and SPYQ.

Drawdown Indicators

	DXSLX	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-91.80%	-35.88%	-55.92%
Max Drawdown (1Y) Largest decline over 1 year	-16.30%	-18.70%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-31.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.09%	—	—
Current Drawdown Current decline from peak	0.00%	-1.31%	+1.31%
Average Drawdown Average peak-to-trough decline	-21.55%	-4.89%	-16.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	4.16%	-0.56%

Volatility

DXSLX vs. SPYQ - Volatility Comparison

The current volatility for Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) is 4.83%, while Tradr 2X Long SPY Quarterly ETF (SPYQ) has a volatility of 5.24%. This indicates that DXSLX experiences smaller price fluctuations and is considered to be less risky than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXSLX	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	5.24%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	15.76%	18.11%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	20.80%	23.77%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	34.61%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.60%	34.61%	+3.99%

DXSLX vs. SPYQ - Expense Ratio Comparison

DXSLX has a 1.35% expense ratio, which is higher than SPYQ's 1.30% expense ratio.

Dividends

DXSLX vs. SPYQ - Dividend Comparison

DXSLX's dividend yield for the trailing twelve months is around 6.48%, more than SPYQ's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.48%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXSLX and SPYQ in my portfolio?

With a correlation of 0.99, DXSLX and SPYQ 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 SPYQ?

SPYQ has higher volatility (5.24%) compared to DXSLX (4.83%). In terms of maximum drawdown, DXSLX dropped -91.80% vs SPYQ's -35.88%.

Which has better risk-adjusted returns?

DXSLX currently has the higher Sharpe Ratio (2.31 vs 2.03), 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.