MIDU vs. SPXL

Last updated Jun 23, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - MIDU tracks the S&P MidCap 400 Index (300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, MIDU returned 13.35%/yr vs 30.87%/yr for SPXL. Their correlation of 0.89 suggests significant overlap in exposure. MIDU charges 1.06%/yr vs 0.84%/yr for SPXL.

Performance

MIDU vs. SPXL - Performance Comparison

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

Returns By Period

In the year-to-date period, MIDU achieves a 42.23% return, which is significantly higher than SPXL's 22.70% return. Over the past 10 years, MIDU has underperformed SPXL with an annualized return of 13.35%, while SPXL has yielded a comparatively higher 30.87% annualized return.

MIDU

• 1D: 1.17%
• 1M: 10.15%
• YTD: 42.23%
• 6M: 33.14%
• 1Y: 73.64%
• 3Y*: 27.63%
• 5Y*: 4.54%
• 10Y*: 13.35%

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

MIDU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIDU Direxion Daily Mid Cap Bull 3X Shares	42.23%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between MIDU and SPXL is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 8, 2009	0.89

The correlation between MIDU and SPXL shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

MIDU vs. SPXL - Sectors Allocation Comparison

Sectors	MIDU	SPXL
Industrials	5.3%	7.8%
Technology	3.4%	39.0%
Financial Services	2.8%	11.1%
Consumer Cyclical	2.0%	9.9%
Healthcare	1.8%	8.3%
Real Estate	1.5%	1.8%
Energy	1.0%	3.1%
Basic Materials	1.0%	1.7%
Consumer Defensive	0.8%	4.5%
Utilities	0.6%	2.1%
Communication Services	0.2%	10.6%

Return for Risk

MIDU vs. SPXL — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 49
MIDU Sharpe Ratio Rank: 46
MIDU Sortino Ratio Rank: 44
MIDU Omega Ratio Rank: 41
MIDU Calmar Ratio Rank: 60
MIDU Martin Ratio Rank: 56

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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.

MIDU vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.

	MIDU	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.05	-0.48
Sortino ratio: Return per unit of downside risk	2.17	2.49	-0.32
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.87	2.84	+0.03
Martin ratio: Return relative to average drawdown	9.51	11.62	-2.11

MIDU vs. SPXL - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.57, which is comparable to the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MIDU and SPXL, 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

MIDU vs. SPXL - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MIDU and SPXL.

Drawdown Indicators

	MIDU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-76.86%	-9.40%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-26.77%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	-48.95%	-11.46%
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	-63.80%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	-76.86%	-9.40%
Current Drawdown Current decline from peak	-1.00%	-6.24%	+5.24%
Average Drawdown Average peak-to-trough decline	-22.38%	-16.10%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	6.52%	+1.24%

Volatility

MIDU vs. SPXL - Volatility Comparison

Direxion Daily Mid Cap Bull 3X Shares (MIDU) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 13.42% and 13.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.42%	13.99%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	34.76%	29.23%	+5.53%
Volatility (1Y) Calculated over the trailing 1-year period	47.36%	37.20%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.48%	50.50%	+8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.68%	53.56%	+10.12%

MIDU vs. SPXL - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

MIDU vs. SPXL - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.62%, more than SPXL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.62%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%

Frequently Asked Questions

Can I hold both MIDU and SPXL in my portfolio?

MIDU and SPXL have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIDU or SPXL?

SPXL has higher volatility (13.99%) compared to MIDU (13.42%). In terms of maximum drawdown, MIDU dropped -86.26% vs SPXL's -76.86%.

Which ETF is better, MIDU or SPXL?

On 10-year performance, SPXL leads with 30.87% vs 13.35% for MIDU. On fees, SPXL is cheaper at 0.84% per year. On volatility, MIDU has been the lower-risk option at 13.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MIDU or SPXL?

Over the 10-year period, SPXL has performed better with a 30.87% return vs 13.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MIDU or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for MIDU.

Which ETF pays a higher dividend yield, MIDU or SPXL?

MIDU has the higher dividend yield at 0.62%, compared with 0.55% for SPXL.

What is the main difference between MIDU and SPXL?

MIDU tracks S&P MidCap 400 Index (300%), while SPXL tracks S&P 500. Their fees differ too: 1.06% for MIDU and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs 1.57), 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.