GGLL vs. SPXS
GGLL (Direxion Daily GOOGL Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - GGLL is a Leveraged Equities fund tracking the Alphabet Inc. Class A (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, GGLL returned 62.72%/yr vs -39.60%/yr for SPXS. At a correlation of -0.62, they often move in opposite directions. GGLL charges 0.96%/yr vs 1.08%/yr for SPXS.
Performance
GGLL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, GGLL achieves a 15.18% return, which is significantly higher than SPXS's -24.50% return.
GGLL
- 1D
- -2.49%
- 1M
- -5.54%
- 6M
- 2.83%
- YTD
- 15.18%
- 1Y
- 220.67%
- 3Y*
- 62.72%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
GGLL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GGLL Direxion Daily GOOGL Bull 2X Shares | 15.18% | 123.07% | 48.88% | 81.20% | -30.35% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | -4.50% |
Correlation
The correlation between GGLL and SPXS is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.62 |
The correlation between GGLL and SPXS has been stable across timeframes, ranging from -0.62 to -0.60 - a consistent structural relationship.
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Return for Risk
GGLL vs. SPXS — Risk / Return Rank
GGLL
SPXS
GGLL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily GOOGL Bull 2X Shares (GGLL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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.
| GGLL | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.81 | ||
| Sortino ratioReturn per unit of downside risk | +5.80 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.82 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 5.79 | -0.94 | +6.73 |
| Martin ratioReturn relative to average drawdown | 16.91 | -1.64 | +18.55 |
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Drawdowns
GGLL vs. SPXS - Drawdown Comparison
The maximum GGLL drawdown since its inception was -52.81%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GGLL and SPXS.
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Drawdown Indicators
| GGLL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.81% | -100.00% | +47.19% |
Max Drawdown (1Y)Largest decline over 1 year | -38.39% | -43.64% | +5.25% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | -84.13% | +31.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -25.58% | -100.00% | +74.42% |
Average DrawdownAverage peak-to-trough decline | -15.34% | -96.30% | +80.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 24.98% | -11.87% |
Volatility
GGLL vs. SPXS - Volatility Comparison
Direxion Daily GOOGL Bull 2X Shares (GGLL) has a higher volatility of 18.82% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that GGLL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGLL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.82% | 12.80% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 30.04% | +13.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.88% | 37.71% | +22.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.23% | 50.75% | +5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.23% | 53.52% | +2.71% |
GGLL vs. SPXS - Expense Ratio Comparison
GGLL has a 0.96% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
GGLL vs. SPXS - Dividend Comparison
GGLL's dividend yield for the trailing twelve months is around 4.28%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GGLL Direxion Daily GOOGL Bull 2X Shares | 4.28% | 4.16% | 3.29% | 2.05% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
GGLL and SPXS have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLL has higher volatility (18.82%) compared to SPXS (12.80%). In terms of maximum drawdown, GGLL dropped -52.81% vs SPXS's -100.00%.
On 3-year performance, GGLL leads with 62.72% vs -39.60% for SPXS. On fees, GGLL is cheaper at 0.96% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GGLL has performed better with a 62.72% return vs -39.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GGLL is cheaper with a 0.96% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 4.28% for GGLL.
GGLL is categorized as Leveraged Equities, while SPXS is Inverse Equities. GGLL tracks Alphabet Inc. Class A (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.96% for GGLL and 1.08% for SPXS.
GGLL currently has the higher Sharpe Ratio (3.72 vs -1.09), 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.
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