IFED vs. SPXL
IFED (ETRACS IFED Invest with the Fed TR Index ETN) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross while SPXL tracks the S&P 500. Both are passively managed. Over the past 3 years, IFED returned 18.28%/yr vs 46.76%/yr for SPXL. Their 0.80 correlation means they have sometimes moved together and sometimes differently. IFED charges 0.45%/yr vs 0.84%/yr for SPXL.
Performance
IFED vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, IFED achieves a 6.57% return, which is significantly lower than SPXL's 27.32% return.
IFED
- 1D
- -3.14%
- 1M
- 10.34%
- 6M
- 10.05%
- YTD
- 6.57%
- 1Y
- 11.16%
- 3Y*
- 18.28%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.62%
SPXL
- 1D
- 4.28%
- 1M
- 4.04%
- 6M
- 21.44%
- YTD
- 27.32%
- 1Y
- 61.16%
- 3Y*
- 46.76%
- 5Y*
- 20.51%
- 10Y*
- 28.68%
- ALL TIME*
- 27.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.39K | $84.48K | $45.67K | |
| $489.09M | $455.54M | $538.26M |
IFED vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 6.57% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 27.32% | 31.94% | 63.61% | 69.49% | -56.55% | 21.71% |
Correlation
The correlation between IFED and SPXL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.80 |
Over the past year, the correlation between IFED and SPXL has dropped to 0.55 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
IFED vs. SPXL — Risk / Return Rank
IFED
SPXL
IFED vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.
| IFED | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.27 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 2.30 | -1.74 |
| Martin ratioReturn relative to average drawdown | 1.73 | 8.79 | -7.06 |
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Drawdowns
IFED vs. SPXL - Drawdown Comparison
The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for IFED and SPXL.
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Drawdown Indicators
| IFED | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.36% | -76.86% | +54.50% |
Max Drawdown (1Y)Largest decline over 1 year | -20.18% | -26.77% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -22.36% | -48.95% | +26.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -10.51% | -2.71% | -7.80% |
Average DrawdownAverage peak-to-trough decline | -5.85% | -16.04% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.47% | 6.98% | -0.51% |
Volatility
IFED vs. SPXL - Volatility Comparison
ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 24.37% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.53%. This indicates that IFED'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.
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Volatility by Period
| IFED | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.37% | 11.53% | +12.84% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 30.70% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.53% | 38.54% | -9.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 50.67% | -28.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.60% | 53.49% | -30.89% |
IFED vs. SPXL - Expense Ratio Comparison
IFED has a 0.45% expense ratio, which is lower than SPXL's 0.84% expense ratio.
Dividends
IFED vs. SPXL - Dividend Comparison
IFED has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 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 | 0.51% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
IFED and SPXL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.37%) compared to SPXL (11.53%). In terms of maximum drawdown, IFED dropped -22.36% vs SPXL's -76.86%.
On 3-year performance, SPXL leads with 46.76% vs 18.28% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, SPXL has been the lower-risk option at 11.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPXL has performed better with a 46.76% return vs 18.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.84% for SPXL.
SPXL has the higher dividend yield at 0.51%, compared with 0.00% for IFED.
IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while SPXL tracks S&P 500. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.45% for IFED and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.60 vs 0.38), 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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