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PILL vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PILL vs. SPXL

Last updated Jun 23, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - PILL tracks the Dynamic Pharmaceuticals Intellidex Index while SPXL tracks the S&P 500. Both are passively managed. Over the past 5 years, PILL returned -7.95%/yr vs 22.24%/yr for SPXL. A 0.62 correlation means they provide meaningful diversification when combined. PILL charges 0.98%/yr vs 0.84%/yr for SPXL.

Performance

PILL vs. SPXL - Performance Comparison

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

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Returns By Period

In the year-to-date period, PILL achieves a 20.53% return, which is significantly lower than SPXL's 22.70% return.

PILL

1D
5.04%
1M
21.49%
YTD
20.53%
6M
14.24%
1Y
186.97%
3Y*
22.38%
5Y*
-7.95%
10Y*
—

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)

PILL vs. SPXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PILL
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		20.53%75.14%-7.26%-12.06%-43.16%-37.33%0.28%19.26%-21.15%16.39%
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%12.09%

Correlation

The correlation between PILL and SPXL is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2017

0.62

The correlation between PILL and SPXL shifts across timeframes, from 0.46 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

PILL vs. SPXL - Sectors Allocation Comparison

Sectors
PILL
SPXL

Healthcare

100.0%
8.3%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Financial Services

-

11.1%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.0%

Utilities

-

2.1%

Healthcare

PILL
100.0%
SPXL
8.3%

Basic Materials

PILL

-

SPXL
1.7%

Communication Services

PILL

-

SPXL
10.6%

Consumer Cyclical

PILL

-

SPXL
9.9%

Consumer Defensive

PILL

-

SPXL
4.5%

Energy

PILL

-

SPXL
3.1%

Financial Services

PILL

-

SPXL
11.1%

Industrials

PILL

-

SPXL
7.8%

Real Estate

PILL

-

SPXL
1.8%

Technology

PILL

-

SPXL
39.0%

Utilities

PILL

-

SPXL
2.1%

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Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Direxion Daily S&P 500 Bull 3X ETF

Often compared with PILL:
PILL vs. CUREPILL vs. BNKUPILL vs. KUREPILL vs. IHEPILL vs. XHBPILL vs. QLDPILL vs. VOO
Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

PILL vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PILL
PILL Risk / Return Rank: 8383
Overall Rank
PILL Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
PILL Sortino Ratio Rank: 7474
Sortino Ratio Rank
PILL Omega Ratio Rank: 6868
Omega Ratio Rank
PILL Calmar Ratio Rank: 9191
Calmar Ratio Rank
PILL Martin Ratio Rank: 8888
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 5959
Overall Rank
SPXL Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5353
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5555
Omega Ratio Rank
SPXL Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6565
Martin Ratio Rank
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.

PILL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.

PILLSPXLDifference
Sharpe ratioReturn per unit of total volatility
3.02
2.05

+0.97

Sortino ratioReturn per unit of downside risk
3.19
2.49

+0.71

Omega ratioGain probability vs. loss probability

1.39

1.33

+0.06

Calmar ratioReturn relative to maximum drawdown

5.67

2.84

+2.83

Martin ratioReturn relative to average drawdown

18.65

11.62

+7.03

PILL vs. SPXL - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 3.02, which is higher than the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PILL 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.

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Drawdowns

PILL vs. SPXL - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for PILL and SPXL.

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Drawdown Indicators

PILLSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-88.76%

-76.86%

-11.90%

Max Drawdown (1Y)

Largest decline over 1 year

-33.21%

-26.77%

-6.44%

Max Drawdown (3Y)

Largest decline over 3 years

-60.43%

-48.95%

-11.48%

Max Drawdown (5Y)

Largest decline over 5 years

-83.26%

-63.80%

-19.46%

Max Drawdown (10Y)

Largest decline over 10 years

—

-76.86%

—

Current Drawdown

Current decline from peak

-58.70%

-6.24%

-52.46%

Average Drawdown

Average peak-to-trough decline

-58.54%

-16.10%

-42.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.07%

6.52%

+3.55%

Volatility

PILL vs. SPXL - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 17.72% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 13.99%. This indicates that PILL'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.

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Volatility by Period

PILLSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.72%

13.99%

+3.73%

Volatility (6M)

Calculated over the trailing 6-month period

47.99%

29.23%

+18.76%

Volatility (1Y)

Calculated over the trailing 1-year period

62.50%

37.20%

+25.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.58%

50.50%

+10.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.78%

53.56%

+10.22%

PILL vs. SPXL - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

PILL vs. SPXL - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.52%, less than SPXL's 0.55% yield.

PositionTTM202520242023202220212020201920182017
PILL
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		0.52%0.69%1.28%1.83%0.67%0.00%0.00%0.38%0.91%0.10%
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%

Frequently Asked Questions

PILL and SPXL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PILL has higher volatility (17.72%) compared to SPXL (13.99%). In terms of maximum drawdown, PILL dropped -88.76% vs SPXL's -76.86%.

On 5-year performance, SPXL leads with 22.24% vs -7.95% for PILL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPXL has performed better with a 22.24% return vs -7.95%. 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 0.98% for PILL.

SPXL has the higher dividend yield at 0.55%, compared with 0.52% for PILL.

PILL tracks Dynamic Pharmaceuticals Intellidex Index, while SPXL tracks S&P 500. Their fees differ too: 0.98% for PILL and 0.84% for SPXL.

PILL currently has the higher Sharpe Ratio (3.02 vs 2.05), 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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