INDEX vs. DXSLX

Last updated Jun 24, 2026

INDEX (CYBER HORNET S&P 500) and DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) are both mutual funds - INDEX is a S&P 500 fund tracking the S&P 500 Index, while DXSLX is a Leveraged Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, INDEX returned 13.29%/yr vs 27.72%/yr for DXSLX. Their correlation of 0.94 suggests significant overlap in exposure. INDEX charges 0.25%/yr vs 1.35%/yr for DXSLX.

Performance

INDEX vs. DXSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CYBER HORNET S&P 500 (INDEX) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDEX achieves a 9.65% return, which is significantly lower than DXSLX's 13.76% return. Over the past 10 years, INDEX has underperformed DXSLX with an annualized return of 13.29%, while DXSLX has yielded a comparatively higher 27.72% annualized return.

INDEX

• 1D: -0.37%
• 1M: 0.11%
• YTD: 9.65%
• 6M: 8.70%
• 1Y: 25.41%
• 3Y*: 19.79%
• 5Y*: 11.53%
• 10Y*: 13.29%

DXSLX

• 1D: -0.63%
• 1M: -0.32%
• YTD: 13.76%
• 6M: 11.85%
• 1Y: 39.46%
• 3Y*: 30.86%
• 5Y*: 16.54%
• 10Y*: 27.72%

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

INDEX vs. DXSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDEX CYBER HORNET S&P 500	9.65%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	13.76%	25.05%	37.66%	39.91%	-37.35%	59.07%	27.52%	61.52%	-14.82%	98.50%

Correlation

The correlation between INDEX and DXSLX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.94

The correlation between INDEX and DXSLX has been stable across timeframes, ranging from 0.94 to 1.00 - a consistent structural relationship.

Return for Risk

INDEX vs. DXSLX — Risk / Return Rank

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

INDEX

INDEX Risk / Return Rank: 65
INDEX Sharpe Ratio Rank: 63
INDEX Sortino Ratio Rank: 57
INDEX Omega Ratio Rank: 59
INDEX Calmar Ratio Rank: 67
INDEX Martin Ratio Rank: 78

DXSLX

DXSLX Risk / Return Rank: 49
DXSLX Sharpe Ratio Rank: 50
DXSLX Sortino Ratio Rank: 42
DXSLX Omega Ratio Rank: 45
DXSLX Calmar Ratio Rank: 50
DXSLX Martin Ratio Rank: 60

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.

INDEX vs. DXSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CYBER HORNET S&P 500 (INDEX) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). 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.

	INDEX	DXSLX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.92	+0.23
Sortino ratio: Return per unit of downside risk	2.91	2.50	+0.41
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.06
Calmar ratio: Return relative to maximum drawdown	3.00	2.58	+0.42
Martin ratio: Return relative to average drawdown	13.57	11.29	+2.29

INDEX vs. DXSLX - Sharpe Ratio Comparison

The current INDEX Sharpe Ratio is 2.15, which is comparable to the DXSLX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of INDEX and DXSLX, 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

INDEX vs. DXSLX - Drawdown Comparison

The maximum INDEX drawdown since its inception was -38.82%, smaller than the maximum DXSLX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for INDEX and DXSLX.

Drawdown Indicators

	INDEX	DXSLX	Difference
Max Drawdown Largest peak-to-trough decline	-38.82%	-91.80%	+52.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-16.30%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-31.90%	+13.15%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-44.67%	+23.15%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	-61.09%	+22.27%
Current Drawdown Current decline from peak	-1.70%	-3.30%	+1.60%
Average Drawdown Average peak-to-trough decline	-4.62%	-21.50%	+16.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.72%	-1.75%

Volatility

INDEX vs. DXSLX - Volatility Comparison

The current volatility for CYBER HORNET S&P 500 (INDEX) is 4.71%, while Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) has a volatility of 8.28%. This indicates that INDEX experiences smaller price fluctuations and is considered to be less risky than DXSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDEX	DXSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	8.28%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	17.31%	-7.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	21.95%	-9.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	31.44%	-14.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	38.66%	-19.97%

INDEX vs. DXSLX - Expense Ratio Comparison

INDEX has a 0.25% expense ratio, which is lower than DXSLX's 1.35% expense ratio.

Dividends

INDEX vs. DXSLX - Dividend Comparison

INDEX's dividend yield for the trailing twelve months is around 0.95%, less than DXSLX's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.70%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
INDEX CYBER HORNET S&P 500	0.95%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDEX and DXSLX in my portfolio?

With a correlation of 1.00, INDEX and DXSLX 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, INDEX or DXSLX?

DXSLX has higher volatility (8.28%) compared to INDEX (4.71%). In terms of maximum drawdown, INDEX dropped -38.82% vs DXSLX's -91.80%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (2.15 vs 1.92), 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.