MMTM vs. DXKLX

Last updated Aug 2, 2026

MMTM (State Street SPDR S&P 1500 Momentum Tilt ETF) and DXKLX (Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund) are both funds - MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt Index, while DXKLX is a Leveraged Bonds fund managed by Direxion. Over the past 10 years, MMTM returned 13.93%/yr vs -3.69%/yr for DXKLX. Their -0.09 correlation means they have often moved in opposite directions in the past. MMTM charges 0.12%/yr vs 1.35%/yr for DXKLX.

Performance

MMTM vs. DXKLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund (DXKLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMTM achieves a 3.09% return, which is significantly higher than DXKLX's -5.90% return. Over the past 10 years, MMTM has outperformed DXKLX with an annualized return of 13.93%, while DXKLX has yielded a comparatively lower -3.69% annualized return.

MMTM

• 1D: 0.32%
• 1M: -1.70%
• 6M: 1.21%
• YTD: 3.09%
• 1Y: 12.72%
• 3Y*: 17.27%
• 5Y*: 11.41%
• 10Y*: 13.93%
• ALL TIME*: 14.00%

DXKLX

• 1D: 0.00%
• 1M: -2.37%
• 6M: -5.04%
• YTD: -5.90%
• 1Y: -4.77%
• 3Y*: -1.82%
• 5Y*: -8.97%
• 10Y*: -3.69%
• ALL TIME*: 2.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXKLX Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund	$0.00	$0.00	$0.00
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	$399.23K	$398.88K	$392.43K

MMTM vs. DXKLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	3.09%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
DXKLX Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund	-5.90%	7.74%	-7.56%	-0.43%	-29.87%	-8.83%	16.79%	11.77%	-1.10%	2.73%

Correlation

The correlation between MMTM and DXKLX is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.05
Correlation (10Y) Provides a long-term view across more market conditions.	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	-0.09

The correlation between MMTM and DXKLX shifts across timeframes, from -0.09 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MMTM vs. DXKLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMTM

MMTM Risk / Return Rank: 31
MMTM Sharpe Ratio Rank: 29
MMTM Sortino Ratio Rank: 28
MMTM Omega Ratio Rank: 28
MMTM Calmar Ratio Rank: 33
MMTM Martin Ratio Rank: 37

DXKLX

DXKLX Risk / Return Rank: 2
DXKLX Sharpe Ratio Rank: 2
DXKLX Sortino Ratio Rank: 2
DXKLX Omega Ratio Rank: 2
DXKLX Calmar Ratio Rank: 2
DXKLX Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMTM vs. DXKLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund (DXKLX). 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.

	MMTM	DXKLX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.34	+1.05
Sortino ratio: Return per unit of downside risk	1.07	-0.43	+1.50
Omega ratio: Gain probability vs. loss probability	1.13	0.95	+0.18
Calmar ratio: Return relative to maximum drawdown	1.10	-0.32	+1.42
Martin ratio: Return relative to average drawdown	3.77	-0.70	+4.47

MMTM vs. DXKLX - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 0.70, which is higher than the DXKLX Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of MMTM and DXKLX, 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

MMTM vs. DXKLX - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum DXKLX drawdown of -47.64%. Use the drawdown chart below to compare losses from any high point for MMTM and DXKLX.

Drawdown Indicators

	MMTM	DXKLX	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-47.64%	+13.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-8.80%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-13.62%	-8.46%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-42.54%	+18.82%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-47.64%	+13.79%
Current Drawdown Current decline from peak	-6.95%	-43.55%	+36.60%
Average Drawdown Average peak-to-trough decline	-4.20%	-15.22%	+11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.97%	-1.08%

Volatility

MMTM vs. DXKLX - Volatility Comparison

State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) has a higher volatility of 5.26% compared to Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund (DXKLX) at 1.80%. This indicates that MMTM's price experiences larger fluctuations and is considered to be riskier than DXKLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	DXKLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	1.80%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	6.31%	+5.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	8.13%	+7.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	13.97%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	12.40%	+6.31%

MMTM vs. DXKLX - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than DXKLX's 1.35% expense ratio.

Dividends

MMTM vs. DXKLX - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.90%, less than DXKLX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXKLX Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund	1.81%	13.38%	1.11%	0.00%	0.00%	0.00%	4.39%	7.54%	0.00%	0.00%	0.00%	0.00%
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	0.90%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%

Frequently Asked Questions

Can I hold both MMTM and DXKLX in my portfolio?

MMTM and DXKLX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMTM or DXKLX?

MMTM has higher volatility (5.26%) compared to DXKLX (1.80%). In terms of maximum drawdown, MMTM dropped -33.85% vs DXKLX's -47.64%.

Which has better risk-adjusted returns?

MMTM currently has the higher Sharpe Ratio (0.70 vs -0.34), 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.