IRE.MI vs. SPXL

Last updated Jun 5, 2026

IRE.MI (Iren SpA) is a stock, while SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, IRE.MI returned 9.47%/yr vs 28.85%/yr for SPXL. At a 0.23 correlation, their price movements are largely independent.

Performance

IRE.MI vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Iren SpA (IRE.MI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IRE.MI is traded in EUR, while SPXL is traded in USD. To make them comparable, the SPXL values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IRE.MI achieves a 1.25% return, which is significantly lower than SPXL's 21.64% return. Over the past 10 years, IRE.MI has underperformed SPXL with an annualized return of 9.47%, while SPXL has yielded a comparatively higher 28.85% annualized return.

IRE.MI

• 1D: -0.08%
• 1M: -1.37%
• YTD: 1.25%
• 6M: 2.13%
• 1Y: 0.66%
• 3Y*: 18.21%
• 5Y*: 5.52%
• 10Y*: 9.47%

SPXL

• 1D: -7.15%
• 1M: 2.22%
• YTD: 21.64%
• 6M: 18.53%
• 1Y: 70.67%
• 3Y*: 45.56%
• 5Y*: 23.08%
• 10Y*: 28.85%

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

IRE.MI vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRE.MI Iren SpA	1.25%	39.87%	3.46%	42.85%	-41.45%	29.53%	-19.84%	36.62%	-13.46%	65.38%
SPXL Direxion Daily S&P 500 Bull 3X ETF	21.64%	16.28%	74.41%	64.40%	-53.86%	113.62%	0.60%	107.38%	-21.60%	50.01%

Correlation

The correlation between IRE.MI and SPXL is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 6, 2008	0.23

The correlation between IRE.MI and SPXL shifts across timeframes, from 0.06 (3 years) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IRE.MI vs. SPXL — Risk / Return Rank

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

IRE.MI

IRE.MI Risk / Return Rank: 38
IRE.MI Sharpe Ratio Rank: 40
IRE.MI Sortino Ratio Rank: 33
IRE.MI Omega Ratio Rank: 33
IRE.MI Calmar Ratio Rank: 41
IRE.MI Martin Ratio Rank: 40

SPXL

SPXL Risk / Return Rank: 57
SPXL Sharpe Ratio Rank: 60
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.

IRE.MI vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Iren SpA (IRE.MI) 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.

	IRE.MI	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	2.01	-2.02
Sortino ratio: Return per unit of downside risk	0.12	2.41	-2.28
Omega ratio: Gain probability vs. loss probability	1.02	1.33	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.01	2.79	-2.80
Martin ratio: Return relative to average drawdown	-0.04	11.29	-11.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRE.MI vs. SPXL - Sharpe Ratio Comparison

The current IRE.MI Sharpe Ratio is -0.01, which is lower than the SPXL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of IRE.MI 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.

Sharpe Ratios by Period

	IRE.MI	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	2.01	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.47	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.55	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.55	-0.33

Drawdowns

IRE.MI vs. SPXL - Drawdown Comparison

The maximum IRE.MI drawdown since its inception was -89.17%, which is greater than SPXL's maximum drawdown of -76.68%. Use the drawdown chart below to compare losses from any high point for IRE.MI and SPXL.

Drawdown Indicators

	IRE.MI	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-89.17%	-76.68%	-12.49%
Max Drawdown (1Y) Largest decline over 1 year	-16.26%	-25.47%	+9.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-51.40%	+32.19%
Max Drawdown (5Y) Largest decline over 5 years	-52.87%	-57.86%	+4.99%
Max Drawdown (10Y) Largest decline over 10 years	-52.87%	-76.68%	+23.81%
Current Drawdown Current decline from peak	-8.94%	-7.97%	-0.97%
Average Drawdown Average peak-to-trough decline	-34.76%	-15.46%	-19.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	6.28%	-0.31%

Volatility

IRE.MI vs. SPXL - Volatility Comparison

The current volatility for Iren SpA (IRE.MI) is 5.76%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 10.48%. This indicates that IRE.MI 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

	IRE.MI	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	10.48%	-4.72%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	26.74%	-10.48%
Volatility (1Y) Calculated over the trailing 1-year period	20.75%	35.41%	-14.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.59%	49.00%	-24.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.80%	52.94%	-28.14%

Dividends

IRE.MI vs. SPXL - Dividend Comparison

IRE.MI's dividend yield for the trailing twelve months is around 4.96%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRE.MI Iren SpA	4.96%	5.02%	6.19%	5.58%	7.15%	3.58%	4.35%	3.04%	3.34%	2.50%	3.53%	3.51%
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 IRE.MI and SPXL in my portfolio?

IRE.MI and SPXL have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.