MLPR vs. SPXL
MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - MLPR tracks the Alerian MLP Index (150%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 5 years, MLPR returned 24.73%/yr vs 21.80%/yr for SPXL. At a 0.41 correlation, their price movements are largely independent. MLPR charges 0.95%/yr vs 0.84%/yr for SPXL.
Performance
MLPR vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, MLPR achieves a 28.01% return, which is significantly higher than SPXL's 20.98% return.
MLPR
- 1D
- -0.69%
- 1M
- -6.34%
- YTD
- 28.01%
- 6M
- 26.25%
- 1Y
- 28.38%
- 3Y*
- 31.84%
- 5Y*
- 24.73%
- 10Y*
- —
SPXL
- 1D
- 1.54%
- 1M
- -0.12%
- YTD
- 20.98%
- 6M
- 21.36%
- 1Y
- 71.45%
- 3Y*
- 47.11%
- 5Y*
- 21.80%
- 10Y*
- 29.90%
MLPR vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 28.01% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -7.10% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.98% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 72.09% |
Correlation
The correlation between MLPR and SPXL is 0.02, 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 (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.41 |
Over the past year, the correlation between MLPR and SPXL has dropped to 0.02 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
MLPR vs. SPXL — Risk / Return Rank
MLPR
SPXL
MLPR vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) 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.
| MLPR | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.47 | -0.46 |
| Martin ratioReturn relative to average drawdown | 6.27 | 10.16 | -3.89 |
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Drawdowns
MLPR vs. SPXL - Drawdown Comparison
The maximum MLPR drawdown since its inception was -48.98%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MLPR and SPXL.
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Drawdown Indicators
| MLPR | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -76.86% | +27.88% |
Max Drawdown (1Y)Largest decline over 1 year | -13.97% | -26.77% | +12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -24.45% | -48.95% | +24.50% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -63.80% | +35.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -8.36% | -7.55% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -8.92% | -16.11% | +7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 6.49% | -2.01% |
Volatility
MLPR vs. SPXL - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) is 7.59%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 13.20%. This indicates that MLPR experiences smaller price fluctuations and is considered to be less risky 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
| MLPR | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.59% | 13.20% | -5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 14.97% | 28.79% | -13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.55% | 36.81% | -16.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.50% | 50.44% | -20.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.71% | 53.50% | -19.79% |
MLPR vs. SPXL - Expense Ratio Comparison
MLPR has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
MLPR vs. SPXL - Dividend Comparison
MLPR's dividend yield for the trailing twelve months is around 9.13%, more than SPXL's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.13% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
MLPR and SPXL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (13.20%) compared to MLPR (7.59%). In terms of maximum drawdown, MLPR dropped -48.98% vs SPXL's -76.86%.
On 5-year performance, MLPR leads with 24.73% vs 21.80% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, MLPR has been the lower-risk option at 7.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 24.73% return vs 21.80%. 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 0.95% for MLPR.
MLPR has the higher dividend yield at 9.13%, compared with 0.56% for SPXL.
MLPR tracks Alerian MLP Index (150%), while SPXL tracks S&P 500. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for MLPR and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.79 vs 1.36), 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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