LABD vs. SPXL
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - LABD tracks the S&P Biotechnology Select Industry Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, LABD returned -56.11%/yr vs 30.20%/yr for SPXL. At a correlation of -0.57, they often move in opposite directions. LABD charges 1.06%/yr vs 0.84%/yr for SPXL.
Performance
LABD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -29.83% return, which is significantly lower than SPXL's 28.14% return. Over the past 10 years, LABD has underperformed SPXL with an annualized return of -56.11%, while SPXL has yielded a comparatively higher 30.20% annualized return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
LABD vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -29.83% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 28.14% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between LABD and SPXL is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.57 |
The correlation between LABD and SPXL has been stable across timeframes, ranging from -0.57 to -0.51 - a consistent structural relationship.
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Return for Risk
LABD vs. SPXL — Risk / Return Rank
LABD
SPXL
LABD vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) 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.
| LABD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -5.00 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.37 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.06 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.31 | 12.94 | -14.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LABD | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | 2.32 | -3.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.47 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.57 | -1.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.53 | -1.07 |
Drawdowns
LABD vs. SPXL - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for LABD and SPXL.
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Drawdown Indicators
| LABD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -76.86% | -23.13% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -26.77% | -56.44% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | -48.95% | -46.36% |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | -63.80% | -34.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -76.86% | -23.12% |
Current DrawdownCurrent decline from peak | -99.99% | -2.08% | -97.91% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -15.72% | -75.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 6.32% | +55.04% |
Volatility
LABD vs. SPXL - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.46% | 8.49% | +18.97% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 26.67% | +35.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 35.39% | +40.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 50.24% | +46.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 53.42% | +42.51% |
LABD vs. SPXL - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
LABD vs. SPXL - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 6.45%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
LABD and SPXL have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to SPXL (8.49%). In terms of maximum drawdown, LABD dropped -99.99% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.20% vs -56.11% for LABD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.20% return vs -56.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 6.45%, compared with 0.52% for SPXL.
LABD tracks S&P Biotechnology Select Industry Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.06% for LABD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.32 vs -1.06), 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.
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