MEXX vs. SPY

Last updated Jun 24, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, MEXX returned 12.59%/yr vs 13.05%/yr for SPY. A 0.51 correlation means they provide meaningful diversification when combined. MEXX charges 1.21%/yr vs 0.09%/yr for SPY.

Performance

MEXX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEXX achieves a 12.38% return, which is significantly higher than SPY's 8.15% return.

MEXX

• 1D: -5.75%
• 1M: -9.73%
• YTD: 12.38%
• 6M: 4.21%
• 1Y: 85.27%
• 3Y*: 1.14%
• 5Y*: 12.59%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

MEXX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	12.38%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-15.26%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	13.44%

Correlation

The correlation between MEXX and SPY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.51

The correlation between MEXX and SPY has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

MEXX vs. SPY - Sectors Allocation Comparison

Sectors	MEXX	SPY
Basic Materials	26.2%	1.7%
Consumer Defensive	23.9%	4.5%
Financial Services	17.8%	11.1%
Industrials	12.7%	7.8%
Communication Services	9.8%	10.6%
Real Estate	7.7%	1.8%
Consumer Cyclical	1.4%	9.9%
Healthcare	0.5%	8.3%
Energy	-	3.1%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

MEXX vs. SPY — Risk / Return Rank

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

MEXX

MEXX Risk / Return Rank: 41
MEXX Sharpe Ratio Rank: 39
MEXX Sortino Ratio Rank: 39
MEXX Omega Ratio Rank: 38
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 41

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) and State Street SPDR S&P 500 ETF (SPY). 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.

	MEXX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.90	-0.57
Sortino ratio: Return per unit of downside risk	1.92	2.58	-0.67
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	2.21	2.67	-0.46
Martin ratio: Return relative to average drawdown	6.30	11.92	-5.62

MEXX vs. SPY - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.33, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MEXX and SPY, 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

MEXX vs. SPY - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MEXX and SPY.

Drawdown Indicators

	MEXX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-55.19%	-40.39%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-8.88%	-29.89%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	-18.76%	-56.16%
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	-24.50%	-50.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-59.12%	-3.17%	-55.95%
Average Drawdown Average peak-to-trough decline	-65.46%	-9.04%	-56.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.58%	1.98%	+11.60%

Volatility

MEXX vs. SPY - Volatility Comparison

Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 19.40% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that MEXX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEXX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.40%	4.87%	+14.53%
Volatility (6M) Calculated over the trailing 6-month period	54.20%	9.85%	+44.35%
Volatility (1Y) Calculated over the trailing 1-year period	64.63%	12.50%	+52.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.11%	17.15%	+49.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.43%	17.95%	+56.48%

MEXX vs. SPY - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MEXX vs. SPY - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.41%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.41%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MEXX and SPY in my portfolio?

MEXX and SPY have a correlation of 0.48, 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 SPY?

MEXX has higher volatility (19.40%) compared to SPY (4.87%). In terms of maximum drawdown, MEXX dropped -95.58% vs SPY's -55.19%.

Which ETF is better, MEXX or SPY?

On 5-year performance, SPY leads with 13.05% vs 12.59% for MEXX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or SPY?

Over the 5-year period, SPY has performed better with a 13.05% return vs 12.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.21% for MEXX.

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

MEXX has the higher dividend yield at 1.41%, compared with 1.03% for SPY.

What is the main difference between MEXX and SPY?

MEXX is categorized as Leveraged Equities, while SPY is S&P 500. MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.21% for MEXX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.33), 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.