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 -59.09%/yr vs 30.27%/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 -53.78% return, which is significantly lower than SPXL's 17.21% return. Over the past 10 years, LABD has underperformed SPXL with an annualized return of -59.09%, while SPXL has yielded a comparatively higher 30.27% annualized return.
LABD
- 1D
- -3.10%
- 1M
- -32.29%
- YTD
- -53.78%
- 6M
- -50.39%
- 1Y
- -87.04%
- 3Y*
- -56.99%
- 5Y*
- -43.25%
- 10Y*
- -59.09%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
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 | -53.78% | -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 | 17.21% | 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 -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.57 |
The correlation between LABD and SPXL has been stable across timeframes, ranging from -0.57 to -0.50 - 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.
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.
| LABD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.79 | ||
| Sortino ratioReturn per unit of downside risk | -4.88 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.28 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.35 | -3.35 |
| Martin ratioReturn relative to average drawdown | -1.37 | 9.57 | -10.94 |
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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 | -86.75% | -26.77% | -59.98% |
Max Drawdown (3Y)Largest decline over 3 years | -96.40% | -48.95% | -47.45% |
Max Drawdown (5Y)Largest decline over 5 years | -98.65% | -63.80% | -34.85% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -76.86% | -23.13% |
Current DrawdownCurrent decline from peak | -99.99% | -10.44% | -89.55% |
Average DrawdownAverage peak-to-trough decline | -90.99% | -16.09% | -74.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.00% | 6.56% | +57.44% |
Volatility
LABD vs. SPXL - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 29.98% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.70%. 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 | 29.98% | 14.70% | +15.28% |
Volatility (6M)Calculated over the trailing 6-month period | 65.23% | 29.55% | +35.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.79% | 37.43% | +41.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.66% | 50.54% | +46.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.97% | 53.47% | +42.50% |
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 9.79%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 9.79% | 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 | 0.57% | 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 -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (29.98%) compared to SPXL (14.70%). In terms of maximum drawdown, LABD dropped -99.99% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -59.09% for LABD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.70%. 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 30.27% return vs -59.09%. 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 9.79%, compared with 0.57% 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 (1.69 vs -1.11), 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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