IXN vs. SPXL

Last updated Jun 18, 2026

IXN (iShares Global Tech ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - IXN is a Technology Equities fund tracking the S&P Global Information Technology Sector Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, IXN returned 25.20%/yr vs 29.92%/yr for SPXL. Their correlation of 0.89 suggests significant overlap in exposure. IXN charges 0.46%/yr vs 0.84%/yr for SPXL.

Performance

IXN vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Tech ETF (IXN) 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, IXN achieves a 34.48% return, which is significantly higher than SPXL's 20.38% return. Over the past 10 years, IXN has underperformed SPXL with an annualized return of 25.20%, while SPXL has yielded a comparatively higher 29.92% annualized return.

IXN

• 1D: 0.01%
• 1M: 7.85%
• YTD: 34.48%
• 6M: 40.39%
• 1Y: 63.53%
• 3Y*: 32.43%
• 5Y*: 21.81%
• 10Y*: 25.20%

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)

IXN vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IXN iShares Global Tech ETF	34.48%	25.25%	24.84%	52.98%	-29.86%	29.58%	43.62%	47.88%	-5.44%	41.23%
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 IXN and SPXL is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
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 IXN and SPXL has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

IXN vs. SPXL - Sectors Allocation Comparison

Sectors	IXN	SPXL
Technology	99.2%	39.0%
Industrials	0.2%	7.8%
Energy	0.1%	3.1%
Healthcare	0.1%	8.3%
Real Estate	0.0%	1.8%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Utilities	-	2.1%

Return for Risk

IXN vs. SPXL — Risk / Return Rank

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

IXN

IXN Risk / Return Rank: 83
IXN Sharpe Ratio Rank: 87
IXN Sortino Ratio Rank: 78
IXN Omega Ratio Rank: 79
IXN Calmar Ratio Rank: 88
IXN Martin Ratio Rank: 82

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.

IXN vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Tech ETF (IXN) 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.

	IXN	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.91	+0.72
Sortino ratio: Return per unit of downside risk	3.20	2.37	+0.83
Omega ratio: Gain probability vs. loss probability	1.43	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	4.63	2.64	+1.99
Martin ratio: Return relative to average drawdown	15.01	10.84	+4.16

IXN vs. SPXL - Sharpe Ratio Comparison

The current IXN Sharpe Ratio is 2.62, which is higher than the SPXL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of IXN 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

IXN vs. SPXL - Drawdown Comparison

The maximum IXN drawdown since its inception was -55.67%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for IXN and SPXL.

Drawdown Indicators

	IXN	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-55.67%	-76.86%	+21.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-26.77%	+12.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.55%	-48.95%	+23.40%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	-63.80%	+27.50%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-76.86%	+40.56%
Current Drawdown Current decline from peak	-5.70%	-8.01%	+2.31%
Average Drawdown Average peak-to-trough decline	-11.26%	-16.10%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	6.50%	-2.25%

Volatility

IXN vs. SPXL - Volatility Comparison

The current volatility for iShares Global Tech ETF (IXN) is 12.50%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.13%. This indicates that IXN 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

	IXN	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	14.13%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	29.34%	-8.67%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	37.14%	-12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.28%	50.54%	-25.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.63%	53.55%	-28.92%

IXN vs. SPXL - Expense Ratio Comparison

IXN has a 0.46% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

IXN vs. SPXL - Dividend Comparison

IXN's dividend yield for the trailing twelve months is around 0.78%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IXN iShares Global Tech ETF	0.78%	1.04%	0.43%	0.55%	0.81%	0.58%	0.63%	1.06%	0.94%	0.93%	1.03%	1.12%
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 IXN and SPXL in my portfolio?

IXN and SPXL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IXN or SPXL?

SPXL has higher volatility (14.13%) compared to IXN (12.50%). In terms of maximum drawdown, IXN dropped -55.67% vs SPXL's -76.86%.

Which ETF is better, IXN or SPXL?

On 10-year performance, SPXL leads with 29.92% vs 25.20% for IXN. On fees, IXN is cheaper at 0.46% per year. On volatility, IXN has been the lower-risk option at 12.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IXN or SPXL?

Over the 10-year period, SPXL has performed better with a 29.92% return vs 25.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IXN or SPXL?

IXN is cheaper with a 0.46% expense ratio, compared with 0.84% for SPXL.

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

IXN has the higher dividend yield at 0.78%, compared with 0.56% for SPXL.

What is the main difference between IXN and SPXL?

IXN is categorized as Technology Equities, while SPXL is Leveraged Equities. IXN tracks S&P Global Information Technology Sector Index, while SPXL tracks S&P 500. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.46% for IXN and 0.84% for SPXL.

Which has better risk-adjusted returns?

IXN currently has the higher Sharpe Ratio (2.62 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.