MEXX vs. IFED

Last updated Jun 4, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - MEXX tracks the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, MEXX returned 7.01%/yr vs 16.71%/yr for IFED. At a 0.44 correlation, their price movements are largely independent. MEXX charges 1.21%/yr vs 0.45%/yr for IFED.

Performance

MEXX vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEXX achieves a 25.36% return, which is significantly higher than IFED's -3.52% return.

MEXX

• 1D: -3.80%
• 1M: 7.60%
• YTD: 25.36%
• 6M: 36.34%
• 1Y: 90.76%
• 3Y*: 7.01%
• 5Y*: 15.32%
• 10Y*: —

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 5Y*: —
• 10Y*: —

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

MEXX vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	25.36%	181.49%	-73.13%	115.60%	-12.96%	-1.04%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between MEXX and IFED is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.44

Over the past year, the correlation between MEXX and IFED has dropped to 0.24 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

MEXX vs. IFED — Risk / Return Rank

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

MEXX

MEXX Risk / Return Rank: 42
MEXX Sharpe Ratio Rank: 41
MEXX Sortino Ratio Rank: 39
MEXX Omega Ratio Rank: 39
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 44

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 10
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

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.

MEXX vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	MEXX	IFED	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.12	+1.33
Sortino ratio: Return per unit of downside risk	2.02	0.29	+1.72
Omega ratio: Gain probability vs. loss probability	1.26	1.04	+0.22
Calmar ratio: Return relative to maximum drawdown	2.35	0.14	+2.22
Martin ratio: Return relative to average drawdown	7.26	0.34	+6.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEXX vs. IFED - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.45, which is higher than the IFED Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of MEXX and IFED, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEXX	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	0.12	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.65	-0.71

Drawdowns

MEXX vs. IFED - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for MEXX and IFED.

Drawdown Indicators

	MEXX	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-22.36%	-73.22%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-14.65%	-24.12%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	-22.36%	-52.56%
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	—	—
Current Drawdown Current decline from peak	-54.40%	-5.50%	-48.90%
Average Drawdown Average peak-to-trough decline	-65.53%	-5.84%	-59.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.55%	5.75%	+6.80%

Volatility

MEXX vs. IFED - Volatility Comparison

Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 16.78% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that MEXX's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEXX	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.78%	4.50%	+12.28%
Volatility (6M) Calculated over the trailing 6-month period	52.51%	12.86%	+39.65%
Volatility (1Y) Calculated over the trailing 1-year period	62.78%	16.21%	+46.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.88%	19.88%	+47.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.43%	19.88%	+54.55%

MEXX vs. IFED - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

MEXX vs. IFED - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.27%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.27%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%

Frequently Asked Questions

Can I hold both MEXX and IFED in my portfolio?

MEXX and IFED have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEXX or IFED?

MEXX has higher volatility (16.78%) compared to IFED (4.50%). In terms of maximum drawdown, MEXX dropped -95.58% vs IFED's -22.36%.

Which ETF is better, MEXX or IFED?

On 3-year performance, IFED leads with 16.71% vs 7.01% for MEXX. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or IFED?

Over the 3-year period, IFED has performed better with a 16.71% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 1.21% for MEXX.

Which ETF pays a higher dividend yield, MEXX or IFED?

MEXX has the higher dividend yield at 1.27%, compared with 0.00% for IFED.

What is the main difference between MEXX and IFED?

MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.21% for MEXX and 0.45% for IFED.

Which has better risk-adjusted returns?

MEXX currently has the higher Sharpe Ratio (1.45 vs 0.12), 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.