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PILL vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PILL vs. SPY

Last updated Jun 23, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, PILL returned -7.95%/yr vs 13.51%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. PILL charges 0.98%/yr vs 0.09%/yr for SPY.

Performance

PILL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) and State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 9.74% return.

PILL

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

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PILL vs. SPY - 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%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%4.07%

Correlation

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

PILL vs. SPY - Sectors Allocation Comparison

Sectors
PILL
SPY

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%
SPY
8.3%

Basic Materials

PILL

-

SPY
1.7%

Communication Services

PILL

-

SPY
10.6%

Consumer Cyclical

PILL

-

SPY
9.9%

Consumer Defensive

PILL

-

SPY
4.5%

Energy

PILL

-

SPY
3.1%

Financial Services

PILL

-

SPY
11.1%

Industrials

PILL

-

SPY
7.8%

Real Estate

PILL

-

SPY
1.8%

Technology

PILL

-

SPY
39.0%

Utilities

PILL

-

SPY
2.1%

Compare stocks, funds, or ETFs

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Direxion Daily Pharmaceutical & Medical Bull 3X Shares

State Street SPDR S&P 500 ETF

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PILL vs. CUREPILL vs. BNKUPILL vs. KUREPILL vs. IHEPILL vs. XHBPILL vs. SPXLPILL vs. QLD
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

PILL vs. SPY — 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
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) and State Street SPDR S&P 500 ETF (SPY). 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.

PILLSPYDifference
Sharpe ratioReturn per unit of total volatility
3.02
2.16

+0.86

Sortino ratioReturn per unit of downside risk
3.19
2.91

+0.28

Omega ratioGain probability vs. loss probability

1.39

1.39

0.00

Calmar ratioReturn relative to maximum drawdown

5.67

3.01

+2.65

Martin ratioReturn relative to average drawdown

18.65

13.54

+5.12

PILL vs. SPY - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 3.02, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PILL and SPY, 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. SPY - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PILL and SPY.

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Drawdown Indicators

PILLSPYDifference

Max Drawdown

Largest peak-to-trough decline

-88.76%

-55.19%

-33.57%

Max Drawdown (1Y)

Largest decline over 1 year

-33.21%

-8.88%

-24.33%

Max Drawdown (3Y)

Largest decline over 3 years

-60.43%

-18.76%

-41.67%

Max Drawdown (5Y)

Largest decline over 5 years

-83.26%

-24.50%

-58.76%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-58.70%

-1.75%

-56.95%

Average Drawdown

Average peak-to-trough decline

-58.54%

-9.04%

-49.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.07%

1.97%

+8.10%

Volatility

PILL vs. SPY - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 17.72% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that PILL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PILLSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.72%

4.64%

+13.08%

Volatility (6M)

Calculated over the trailing 6-month period

47.99%

9.75%

+38.24%

Volatility (1Y)

Calculated over the trailing 1-year period

62.50%

12.43%

+50.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.58%

17.14%

+43.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.78%

17.99%

+45.79%

PILL vs. SPY - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PILL vs. SPY - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.52%, less than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

PILL and SPY 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 SPY (4.64%). In terms of maximum drawdown, PILL dropped -88.76% vs SPY's -55.19%.

On 5-year performance, SPY leads with 13.51% vs -7.95% for PILL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPY has performed better with a 13.51% return vs -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.98% for PILL.

SPY has the higher dividend yield at 1.01%, compared with 0.52% for PILL.

PILL is categorized as Leveraged Equities, while SPY is S&P 500. PILL tracks Dynamic Pharmaceuticals Intellidex Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.98% for PILL and 0.09% for SPY.

PILL currently has the higher Sharpe Ratio (3.02 vs 2.16), 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.

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