KNGZ vs. SPXL

Last updated Jul 18, 2026

KNGZ (First Trust S&P 500 Diversified Dividend Aristocrats ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - KNGZ is a S&P 500 fund tracking the S&P 500 Sector-Neutral Dividend Aristocrats Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, KNGZ returned 9.82%/yr vs 20.48%/yr for SPXL. A 0.67 correlation means they provide meaningful diversification when combined. KNGZ charges 0.50%/yr vs 0.84%/yr for SPXL.

Performance

KNGZ vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) 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, KNGZ achieves a 14.70% return, which is significantly lower than SPXL's 20.97% return.

KNGZ

• 1D: -0.49%
• 1M: 1.06%
• 6M: 10.14%
• YTD: 14.70%
• 1Y: 22.40%
• 3Y*: 14.61%
• 5Y*: 9.82%
• 10Y*: —

SPXL

• 1D: -3.10%
• 1M: 0.49%
• 6M: 16.58%
• YTD: 20.97%
• 1Y: 47.72%
• 3Y*: 41.59%
• 5Y*: 20.48%
• 10Y*: 28.37%

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

KNGZ vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF	14.70%	14.27%	11.05%	9.77%	-7.55%	28.99%	5.51%	27.34%	-7.11%	9.90%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.97%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	32.77%

Correlation

The correlation between KNGZ and SPXL is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017	0.67

The correlation between KNGZ and SPXL shifts across timeframes, from 0.62 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

KNGZ vs. SPXL - Sectors Allocation Comparison

Sectors	KNGZ	SPXL
Financial Services	15.2%	11.1%
Industrials	15.2%	7.8%
Technology	15.2%	39.0%
Consumer Cyclical	12.1%	9.9%
Healthcare	12.1%	8.3%
Real Estate	6.1%	1.8%
Utilities	6.1%	2.1%
Communication Services	5.1%	10.6%
Consumer Defensive	5.1%	4.5%
Energy	4.0%	3.1%
Basic Materials	3.0%	1.7%

Return for Risk

KNGZ vs. SPXL — Risk / Return Rank

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

KNGZ

KNGZ Risk / Return Rank: 63
KNGZ Sharpe Ratio Rank: 65
KNGZ Sortino Ratio Rank: 68
KNGZ Omega Ratio Rank: 63
KNGZ Calmar Ratio Rank: 62
KNGZ Martin Ratio Rank: 57

SPXL

SPXL Risk / Return Rank: 44
SPXL Sharpe Ratio Rank: 44
SPXL Sortino Ratio Rank: 41
SPXL Omega Ratio Rank: 42
SPXL Calmar Ratio Rank: 43
SPXL Martin Ratio Rank: 52

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.

KNGZ vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) 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.

	KNGZ	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.27	+0.39
Sortino ratio: Return per unit of downside risk	2.42	1.77	+0.66
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	2.39	1.79	+0.60
Martin ratio: Return relative to average drawdown	7.66	7.05	+0.60

KNGZ vs. SPXL - Sharpe Ratio Comparison

The current KNGZ Sharpe Ratio is 1.66, which is higher than the SPXL Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of KNGZ 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

KNGZ vs. SPXL - Drawdown Comparison

The maximum KNGZ drawdown since its inception was -37.44%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for KNGZ and SPXL.

Drawdown Indicators

	KNGZ	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-37.44%	-76.86%	+39.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-26.77%	+17.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-48.95%	+29.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	-63.80%	+44.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-2.69%	-7.56%	+4.87%
Average Drawdown Average peak-to-trough decline	-4.84%	-16.06%	+11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	6.79%	-3.86%

Volatility

KNGZ vs. SPXL - Volatility Comparison

The current volatility for First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) is 3.35%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 11.10%. This indicates that KNGZ 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

	KNGZ	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	11.10%	-7.75%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	30.23%	-20.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	37.82%	-24.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	50.59%	-34.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	53.39%	-34.59%

KNGZ vs. SPXL - Expense Ratio Comparison

KNGZ has a 0.50% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

KNGZ vs. SPXL - Dividend Comparison

KNGZ's dividend yield for the trailing twelve months is around 2.54%, more than SPXL's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF	2.54%	2.70%	2.55%	3.10%	2.52%	1.95%	2.44%	2.85%	4.09%	1.10%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.54%	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 KNGZ and SPXL in my portfolio?

KNGZ and SPXL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KNGZ or SPXL?

SPXL has higher volatility (11.10%) compared to KNGZ (3.35%). In terms of maximum drawdown, KNGZ dropped -37.44% vs SPXL's -76.86%.

Which ETF is better, KNGZ or SPXL?

On 5-year performance, SPXL leads with 20.48% vs 9.82% for KNGZ. On fees, KNGZ is cheaper at 0.50% per year. On volatility, KNGZ has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KNGZ or SPXL?

Over the 5-year period, SPXL has performed better with a 20.48% return vs 9.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KNGZ or SPXL?

KNGZ is cheaper with a 0.50% expense ratio, compared with 0.84% for SPXL.

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

KNGZ has the higher dividend yield at 2.54%, compared with 0.54% for SPXL.

What is the main difference between KNGZ and SPXL?

KNGZ is categorized as S&P 500, while SPXL is Leveraged Equities. KNGZ tracks S&P 500 Sector-Neutral Dividend Aristocrats Index, while SPXL tracks S&P 500. They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.50% for KNGZ and 0.84% for SPXL.

Which has better risk-adjusted returns?

KNGZ currently has the higher Sharpe Ratio (1.66 vs 1.27), 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.