ISPY vs. SPXL

Last updated Jun 28, 2026

ISPY (ProShares S&P 500 High Income ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, ISPY returned 16.35% vs 48.17% for SPXL. With a 0.97 correlation, they move nearly in lockstep. ISPY charges 0.55%/yr vs 0.84%/yr for SPXL.

Performance

ISPY vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 5.30% return, which is significantly lower than SPXL's 14.56% return.

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -2.28%
• 1M: -11.42%
• YTD: 14.56%
• 6M: 10.31%
• 1Y: 48.17%
• 3Y*: 44.34%
• 5Y*: 19.91%
• 10Y*: 30.05%

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

ISPY vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	21.31%	0.35%
SPXL Direxion Daily S&P 500 Bull 3X ETF	14.56%	31.94%	63.61%	-0.21%

Correlation

The correlation between ISPY and SPXL is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.97

The correlation between ISPY and SPXL has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

ISPY vs. SPXL - Sectors Allocation Comparison

Sectors	ISPY	SPXL
Technology	32.3%	39.0%
Financial Services	20.5%	11.1%
Communication Services	8.2%	10.6%
Consumer Cyclical	7.8%	9.9%
Healthcare	7.5%	8.3%
Industrials	7.0%	7.8%
Consumer Defensive	4.0%	4.5%
Energy	2.7%	3.1%
Utilities	2.3%	2.1%
Real Estate	1.6%	1.8%
Basic Materials	1.5%	1.7%

Return for Risk

ISPY vs. SPXL — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

SPXL

SPXL Risk / Return Rank: 42
SPXL Sharpe Ratio Rank: 42
SPXL Sortino Ratio Rank: 38
SPXL Omega Ratio Rank: 40
SPXL Calmar Ratio Rank: 41
SPXL Martin Ratio Rank: 49

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.

ISPY vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.35	+0.04
Sortino ratio: Return per unit of downside risk	1.86	1.84	+0.02
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.99	1.88	+0.11
Martin ratio: Return relative to average drawdown	8.01	7.54	+0.47

ISPY vs. SPXL - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.39, which is comparable to the SPXL Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of ISPY 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

ISPY vs. SPXL - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ISPY and SPXL.

Drawdown Indicators

	ISPY	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-76.86%	+59.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-26.77%	+18.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-4.61%	-12.46%	+7.85%
Average Drawdown Average peak-to-trough decline	-2.10%	-16.09%	+13.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	6.67%	-4.58%

Volatility

ISPY vs. SPXL - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 4.81%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.54%. This indicates that ISPY 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

	ISPY	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	14.54%	-9.73%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	29.44%	-19.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	37.26%	-25.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	50.52%	-36.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	53.42%	-39.69%

ISPY vs. SPXL - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

ISPY vs. SPXL - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.59%, more than SPXL's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both ISPY and SPXL in my portfolio?

With a correlation of 0.96, ISPY and SPXL 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, ISPY or SPXL?

SPXL has higher volatility (14.54%) compared to ISPY (4.81%). In terms of maximum drawdown, ISPY dropped -16.88% vs SPXL's -76.86%.

Which ETF is better, ISPY or SPXL?

On 1-year performance, SPXL leads with 48.17% vs 16.35% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or SPXL?

Over the 1-year period, SPXL has performed better with a 48.17% return vs 16.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or SPXL?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.84% for SPXL.

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

ISPY has the higher dividend yield at 4.59%, compared with 0.57% for SPXL.

What is the main difference between ISPY and SPXL?

ISPY is categorized as Derivative Income, while SPXL is Leveraged Equities. ISPY tracks S&P 500 Daily Covered Call Index, while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.55% for ISPY and 0.84% for SPXL.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.39 vs 1.35), 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.