LMTL vs. SPXS

Last updated Jun 5, 2026

LMTL (Direxion Daily LMT Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - LMTL is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). LMTL is actively managed, while SPXS is passively managed. At a correlation of -0.10, they often move in opposite directions. LMTL charges 1.07%/yr vs 1.08%/yr for SPXS.

Performance

LMTL vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LMT Bull 2X ETF (LMTL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMTL achieves a 8.57% return, which is significantly higher than SPXS's -26.34% return.

LMTL

• 1D: 2.29%
• 1M: 4.14%
• YTD: 8.57%
• 6M: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -1.15%
• 1M: -12.09%
• YTD: -26.34%
• 6M: -25.57%
• 1Y: -49.42%
• 3Y*: -43.02%
• 5Y*: -34.91%
• 10Y*: -41.99%

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

LMTL vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025
LMTL Direxion Daily LMT Bull 2X ETF	8.57%	20.61%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-26.34%	-18.70%

Correlation

The correlation between LMTL and SPXS is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 7, 2025	-0.10

Return for Risk

LMTL vs. SPXS — Risk / Return Rank

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

SPXS

SPXS Risk / Return Rank: 0
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 1

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.

LMTL vs. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LMT Bull 2X ETF (LMTL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	LMTL	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	-0.84	+1.63

Drawdowns

LMTL vs. SPXS - Drawdown Comparison

The maximum LMTL drawdown since its inception was -45.74%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for LMTL and SPXS.

Drawdown Indicators

	LMTL	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-100.00%	+54.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.63%	—
Current Drawdown Current decline from peak	-43.02%	-100.00%	+56.98%
Average Drawdown Average peak-to-trough decline	-13.72%	-96.30%	+82.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.20%	—

Volatility

Volatility by Period

	LMTL	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	48.78%	35.52%	+13.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.78%	50.38%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.78%	53.53%	-4.75%

LMTL vs. SPXS - Expense Ratio Comparison

LMTL has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

LMTL vs. SPXS - Dividend Comparison

LMTL's dividend yield for the trailing twelve months is around 3.47%, less than SPXS's 4.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LMTL Direxion Daily LMT Bull 2X ETF	3.47%	3.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.97%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both LMTL and SPXS in my portfolio?

LMTL and SPXS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LMTL or SPXS?

On fees, LMTL is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LMTL or SPXS?

LMTL is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, LMTL or SPXS?

SPXS has the higher dividend yield at 4.97%, compared with 3.47% for LMTL.

What is the main difference between LMTL and SPXS?

LMTL is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.07% for LMTL and 1.08% for SPXS.