IGM vs. SPXL

Last updated Jun 18, 2026

IGM (iShares Expanded Tech Sector ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - IGM is a Technology Equities fund tracking the S&P North American Expanded Technology Sector Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, IGM returned 24.72%/yr vs 29.92%/yr for SPXL. Their correlation of 0.89 suggests significant overlap in exposure. IGM charges 0.39%/yr vs 0.84%/yr for SPXL.

Performance

IGM vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Expanded Tech Sector ETF (IGM) 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, IGM achieves a 23.93% return, which is significantly higher than SPXL's 20.38% return. Over the past 10 years, IGM has underperformed SPXL with an annualized return of 24.72%, while SPXL has yielded a comparatively higher 29.92% annualized return.

IGM

• 1D: -0.68%
• 1M: 4.68%
• YTD: 23.93%
• 6M: 27.90%
• 1Y: 49.62%
• 3Y*: 35.04%
• 5Y*: 20.05%
• 10Y*: 24.72%

SPXL

• 1D: -3.76%
• 1M: -0.35%
• YTD: 20.38%
• 6M: 26.72%
• 1Y: 70.31%
• 3Y*: 45.50%
• 5Y*: 23.10%
• 10Y*: 29.92%

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

IGM vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGM iShares Expanded Tech Sector ETF	23.93%	26.76%	36.99%	60.68%	-35.83%	25.72%	45.11%	41.81%	2.26%	37.20%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.38%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between IGM and SPXL is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.89

The correlation between IGM and SPXL has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

IGM vs. SPXL - Sectors Allocation Comparison

Sectors	IGM	SPXL
Technology	85.2%	39.0%
Communication Services	13.9%	10.6%
Industrials	0.3%	7.8%
Financial Services	0.3%	11.1%
Energy	0.2%	3.1%
Consumer Cyclical	0.0%	9.9%
Basic Materials	-	1.7%
Consumer Defensive	-	4.5%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

IGM vs. SPXL — Risk / Return Rank

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

IGM

IGM Risk / Return Rank: 67
IGM Sharpe Ratio Rank: 76
IGM Sortino Ratio Rank: 66
IGM Omega Ratio Rank: 68
IGM Calmar Ratio Rank: 65
IGM Martin Ratio Rank: 61

SPXL

SPXL Risk / Return Rank: 57
SPXL Sharpe Ratio Rank: 61
SPXL Sortino Ratio Rank: 51
SPXL Omega Ratio Rank: 54
SPXL Calmar Ratio Rank: 56
SPXL 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.

IGM vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Expanded Tech Sector ETF (IGM) 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.

	IGM	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.91	+0.33
Sortino ratio: Return per unit of downside risk	2.81	2.37	+0.44
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.03	2.64	+0.39
Martin ratio: Return relative to average drawdown	10.21	10.84	-0.64

IGM vs. SPXL - Sharpe Ratio Comparison

The current IGM Sharpe Ratio is 2.24, which is comparable to the SPXL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of IGM 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

IGM vs. SPXL - Drawdown Comparison

The maximum IGM drawdown since its inception was -65.59%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for IGM and SPXL.

Drawdown Indicators

	IGM	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-65.59%	-76.86%	+11.27%
Max Drawdown (1Y) Largest decline over 1 year	-16.44%	-26.77%	+10.33%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-48.95%	+22.56%
Max Drawdown (5Y) Largest decline over 5 years	-40.68%	-63.80%	+23.12%
Max Drawdown (10Y) Largest decline over 10 years	-40.68%	-76.86%	+36.18%
Current Drawdown Current decline from peak	-6.42%	-8.01%	+1.59%
Average Drawdown Average peak-to-trough decline	-15.21%	-16.10%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	6.50%	-1.62%

Volatility

IGM vs. SPXL - Volatility Comparison

The current volatility for iShares Expanded Tech Sector ETF (IGM) is 10.71%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.13%. This indicates that IGM experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGM	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	14.13%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	18.29%	29.34%	-11.05%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	37.14%	-14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.98%	50.54%	-24.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.70%	53.55%	-28.85%

IGM vs. SPXL - Expense Ratio Comparison

IGM has a 0.39% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

IGM vs. SPXL - Dividend Comparison

IGM's dividend yield for the trailing twelve months is around 0.14%, less than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGM iShares Expanded Tech Sector ETF	0.14%	0.17%	0.22%	0.33%	0.66%	0.16%	0.32%	0.50%	0.57%	0.57%	0.90%	0.79%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IGM and SPXL in my portfolio?

IGM and SPXL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGM or SPXL?

SPXL has higher volatility (14.13%) compared to IGM (10.71%). In terms of maximum drawdown, IGM dropped -65.59% vs SPXL's -76.86%.

Which ETF is better, IGM or SPXL?

On 10-year performance, SPXL leads with 29.92% vs 24.72% for IGM. On fees, IGM is cheaper at 0.39% per year. On volatility, IGM has been the lower-risk option at 10.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGM or SPXL?

Over the 10-year period, SPXL has performed better with a 29.92% return vs 24.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGM or SPXL?

IGM is cheaper with a 0.39% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.56%, compared with 0.14% for IGM.

What is the main difference between IGM and SPXL?

IGM is categorized as Technology Equities, while SPXL is Leveraged Equities. IGM tracks S&P North American Expanded Technology Sector Index, while SPXL tracks S&P 500. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.39% for IGM and 0.84% for SPXL.

Which has better risk-adjusted returns?

IGM currently has the higher Sharpe Ratio (2.24 vs 1.91), 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.