ELIL vs. SPXL

Last updated Jun 25, 2026

ELIL (Direxion Daily LLY Bull 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. ELIL is actively managed, while SPXL is passively managed. Over the past year, ELIL returned 62.76% vs 57.34% for SPXL. At a 0.26 correlation, their price movements are largely independent. ELIL charges 0.97%/yr vs 0.84%/yr for SPXL.

Performance

ELIL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bull 2X Shares (ELIL) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ELIL achieves a -3.44% return, which is significantly lower than SPXL's 17.05% return.

ELIL

• 1D: 1.12%
• 1M: 8.05%
• YTD: -3.44%
• 6M: -3.95%
• 1Y: 62.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -0.33%
• 1M: -5.66%
• YTD: 17.05%
• 6M: 12.58%
• 1Y: 57.34%
• 3Y*: 46.32%
• 5Y*: 20.43%
• 10Y*: 30.25%

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

ELIL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
ELIL Direxion Daily LLY Bull 2X Shares	-3.44%	36.32%
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.05%	44.52%

Correlation

The correlation between ELIL and SPXL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.26

The correlation between ELIL and SPXL shifts across timeframes, from 0.16 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

ELIL vs. SPXL - Sectors Allocation Comparison

Sectors	ELIL	SPXL
Healthcare	100.0%	8.3%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

ELIL vs. SPXL — Risk / Return Rank

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

ELIL

ELIL Risk / Return Rank: 29
ELIL Sharpe Ratio Rank: 25
ELIL Sortino Ratio Rank: 31
ELIL Omega Ratio Rank: 34
ELIL Calmar Ratio Rank: 30
ELIL Martin Ratio Rank: 25

SPXL

SPXL Risk / Return Rank: 48
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 44
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 48
SPXL Martin Ratio Rank: 55

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.

ELIL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LLY Bull 2X Shares (ELIL) 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.

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.

	ELIL	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.55	-0.71
Sortino ratio: Return per unit of downside risk	1.54	2.03	-0.49
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.36	2.15	-0.79
Martin ratio: Return relative to average drawdown	3.05	8.73	-5.68

ELIL vs. SPXL - Sharpe Ratio Comparison

The current ELIL Sharpe Ratio is 0.84, which is lower than the SPXL Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ELIL 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.

Drawdowns

ELIL vs. SPXL - Drawdown Comparison

The maximum ELIL drawdown since its inception was -56.03%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ELIL and SPXL.

Drawdown Indicators

	ELIL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-76.86%	+20.83%
Max Drawdown (1Y) Largest decline over 1 year	-46.28%	-26.77%	-19.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-10.69%	-10.56%	-0.13%
Average Drawdown Average peak-to-trough decline	-23.56%	-16.09%	-7.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.64%	6.59%	+14.05%

Volatility

ELIL vs. SPXL - Volatility Comparison

Direxion Daily LLY Bull 2X Shares (ELIL) has a higher volatility of 15.82% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.59%. This indicates that ELIL'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

	ELIL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.82%	14.59%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	52.97%	29.42%	+23.55%
Volatility (1Y) Calculated over the trailing 1-year period	75.10%	37.29%	+37.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.86%	50.53%	+31.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.86%	53.46%	+28.40%

ELIL vs. SPXL - Expense Ratio Comparison

ELIL has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

ELIL vs. SPXL - Dividend Comparison

ELIL's dividend yield for the trailing twelve months is around 11.68%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELIL Direxion Daily LLY Bull 2X Shares	11.68%	10.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	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 ELIL and SPXL in my portfolio?

ELIL and SPXL have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELIL or SPXL?

ELIL has higher volatility (15.82%) compared to SPXL (14.59%). In terms of maximum drawdown, ELIL dropped -56.03% vs SPXL's -76.86%.

Which ETF is better, ELIL or SPXL?

On 1-year performance, ELIL leads with 62.76% vs 57.34% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ELIL or SPXL?

Over the 1-year period, ELIL has performed better with a 62.76% return vs 57.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELIL or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for ELIL.

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

ELIL has the higher dividend yield at 11.68%, compared with 0.56% for SPXL.

What is the main difference between ELIL and SPXL?

Their fees differ too: 0.97% for ELIL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.55 vs 0.84), 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.