MSOX vs. SPXL

Last updated Aug 2, 2026

MSOX (Advisorshares Msos 2x Daily ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. MSOX is actively managed, while SPXL is passively managed. Over the past 3 years, MSOX returned -66.81%/yr vs 41.56%/yr for SPXL. Their 0.24 correlation means their historical movements had little consistent relationship. MSOX charges 0.95%/yr vs 0.84%/yr for SPXL.

Performance

MSOX vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advisorshares Msos 2x Daily ETF (MSOX) 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, MSOX achieves a -49.55% return, which is significantly lower than SPXL's 22.10% return.

MSOX

• 1D: 0.44%
• 1M: -27.56%
• 6M: -30.25%
• YTD: -49.55%
• 1Y: -44.33%
• 3Y*: -66.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.69%

SPXL

• 1D: 2.01%
• 1M: -0.23%
• 6M: 18.15%
• YTD: 22.10%
• 1Y: 54.55%
• 3Y*: 41.56%
• 5Y*: 19.59%
• 10Y*: 28.61%
• ALL TIME*: 27.32%

*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)
MSOX Advisorshares Msos 2x Daily ETF	$3.60M	$4.46M	$7.39M
SPXL Direxion Daily S&P 500 Bull 3X ETF	$473.70M	$462.79M	$534.56M

MSOX vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSOX Advisorshares Msos 2x Daily ETF	-49.55%	-51.20%	-87.32%	-39.26%	-76.29%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.10%	31.94%	63.61%	69.49%	-25.78%

Correlation

The correlation between MSOX and SPXL is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022	0.24

MSOX vs. SPXL - Sectors Allocation Comparison

Sectors	MSOX	SPXL
Financial Services	184.5%	2.9%
Basic Materials	-	0.4%
Communication Services	-	2.2%
Consumer Cyclical	-	2.1%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Healthcare	-	2.1%
Industrials	-	1.8%
Real Estate	-	0.5%
Technology	-	9.0%
Utilities	-	0.6%

Return for Risk

MSOX vs. SPXL — Risk / Return Rank

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

MSOX

MSOX Risk / Return Rank: 18
MSOX Sharpe Ratio Rank: 8
MSOX Sortino Ratio Rank: 38
MSOX Omega Ratio Rank: 33
MSOX Calmar Ratio Rank: 6
MSOX Martin Ratio Rank: 7

SPXL

SPXL Risk / Return Rank: 51
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 48
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 57

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.

MSOX vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advisorshares Msos 2x Daily ETF (MSOX) 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.

	MSOX	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.22	-1.38
Sortino ratio: Return per unit of downside risk	1.40	1.72	-0.32
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.41	1.76	-2.17
Martin ratio: Return relative to average drawdown	-0.56	6.74	-7.30

MSOX vs. SPXL - Sharpe Ratio Comparison

The current MSOX Sharpe Ratio is -0.16, which is lower than the SPXL Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of MSOX 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

MSOX vs. SPXL - Drawdown Comparison

The maximum MSOX drawdown since its inception was -99.75%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MSOX and SPXL.

Drawdown Indicators

	MSOX	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.75%	-76.86%	-22.89%
Max Drawdown (1Y) Largest decline over 1 year	-84.89%	-26.77%	-58.12%
Max Drawdown (3Y) Largest decline over 3 years	-98.83%	-48.95%	-49.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-99.67%	-6.70%	-92.97%
Average Drawdown Average peak-to-trough decline	-89.19%	-16.04%	-73.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.34%	6.98%	+55.36%

Volatility

MSOX vs. SPXL - Volatility Comparison

Advisorshares Msos 2x Daily ETF (MSOX) has a higher volatility of 25.51% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that MSOX's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSOX	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.51%	10.75%	+14.76%
Volatility (6M) Calculated over the trailing 6-month period	110.30%	30.45%	+79.85%
Volatility (1Y) Calculated over the trailing 1-year period	217.82%	38.62%	+179.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.50%	50.62%	+115.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.50%	53.45%	+113.05%

MSOX vs. SPXL - Expense Ratio Comparison

MSOX has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

MSOX vs. SPXL - Dividend Comparison

MSOX has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSOX Advisorshares Msos 2x Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.53%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both MSOX and SPXL in my portfolio?

MSOX and SPXL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSOX or SPXL?

MSOX has higher volatility (25.51%) compared to SPXL (10.75%). In terms of maximum drawdown, MSOX dropped -99.75% vs SPXL's -76.86%.

Which ETF is better, MSOX or SPXL?

On 3-year performance, SPXL leads with 41.56% vs -66.81% for MSOX. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSOX or SPXL?

Over the 3-year period, SPXL has performed better with a 41.56% return vs -66.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSOX or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for MSOX.

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

SPXL has the higher dividend yield at 0.53%, compared with 0.00% for MSOX.

What is the main difference between MSOX and SPXL?

They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 0.95% for MSOX and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.22 vs -0.16), 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.