PLTU vs. SPXL

Last updated Aug 6, 2026

PLTU (Direxion Daily PLTR Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. PLTU is actively managed, while SPXL is passively managed. Over the past year, PLTU returned -45.63% vs 63.89% for SPXL. Their 0.51 correlation means they have sometimes moved together and sometimes differently. PLTU charges 0.86%/yr vs 0.84%/yr for SPXL.

Performance

PLTU vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily PLTR Bull 2X ETF (PLTU) 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, PLTU achieves a -41.29% return, which is significantly lower than SPXL's 33.32% return.

PLTU

• 1D: -5.09%
• 1M: 31.95%
• 6M: 0.05%
• YTD: -41.29%
• 1Y: -45.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 60.34%

SPXL

• 1D: -0.58%
• 1M: 6.18%
• 6M: 32.51%
• YTD: 33.32%
• 1Y: 63.89%
• 3Y*: 49.02%
• 5Y*: 21.05%
• 10Y*: 29.28%
• ALL TIME*: 27.93%

*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)
PLTU Direxion Daily PLTR Bull 2X ETF	$128.32M	$105.18M	$113.60M
SPXL Direxion Daily S&P 500 Bull 3X ETF	$621.31M	$505.86M	$551.28M

PLTU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PLTU Direxion Daily PLTR Bull 2X ETF	-41.29%	223.17%	14.77%
SPXL Direxion Daily S&P 500 Bull 3X ETF	33.32%	31.94%	-8.38%

Correlation

The correlation between PLTU and SPXL is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.51

The correlation between PLTU and SPXL has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

PLTU vs. SPXL - Sectors Allocation Comparison

Sectors	PLTU	SPXL
Technology	100.0%	9.0%
Basic Materials	-	0.4%
Communication Services	-	2.2%
Consumer Cyclical	-	2.1%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.9%
Healthcare	-	2.1%
Industrials	-	1.8%
Real Estate	-	0.5%
Utilities	-	0.6%

Return for Risk

PLTU vs. SPXL — Risk / Return Rank

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

PLTU

PLTU Risk / Return Rank: 7
PLTU Sharpe Ratio Rank: 6
PLTU Sortino Ratio Rank: 9
PLTU Omega Ratio Rank: 9
PLTU Calmar Ratio Rank: 5
PLTU Martin Ratio Rank: 5

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 61
SPXL Sortino Ratio Rank: 54
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 66

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.

PLTU vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily PLTR Bull 2X ETF (PLTU) 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.

	PLTU	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.67	-2.05
Sortino ratio: Return per unit of downside risk	0.07	2.17	-2.10
Omega ratio: Gain probability vs. loss probability	1.01	1.28	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.58	2.40	-2.98
Martin ratio: Return relative to average drawdown	-0.93	9.19	-10.12

PLTU vs. SPXL - Sharpe Ratio Comparison

The current PLTU Sharpe Ratio is -0.39, which is lower than the SPXL Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of PLTU 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

PLTU vs. SPXL - Drawdown Comparison

The maximum PLTU drawdown since its inception was -79.43%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for PLTU and SPXL.

Drawdown Indicators

	PLTU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-79.43%	-76.86%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-79.43%	-26.77%	-52.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
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	-59.18%	-0.58%	-58.60%
Average Drawdown Average peak-to-trough decline	-35.85%	-16.03%	-19.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.98%	6.98%	+42.00%

Volatility

PLTU vs. SPXL - Volatility Comparison

Direxion Daily PLTR Bull 2X ETF (PLTU) has a higher volatility of 53.82% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 12.25%. This indicates that PLTU'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

	PLTU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.82%	12.25%	+41.57%
Volatility (6M) Calculated over the trailing 6-month period	92.81%	30.97%	+61.84%
Volatility (1Y) Calculated over the trailing 1-year period	119.30%	38.57%	+80.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.75%	50.71%	+82.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.75%	53.50%	+79.25%

PLTU vs. SPXL - Expense Ratio Comparison

PLTU has a 0.86% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

PLTU vs. SPXL - Dividend Comparison

PLTU's dividend yield for the trailing twelve months is around 40.61%, more than SPXL's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PLTU Direxion Daily PLTR Bull 2X ETF	40.61%	23.29%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.49%	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 PLTU and SPXL in my portfolio?

PLTU and SPXL have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PLTU or SPXL?

PLTU has higher volatility (53.82%) compared to SPXL (12.25%). In terms of maximum drawdown, PLTU dropped -79.43% vs SPXL's -76.86%.

Which ETF is better, PLTU or SPXL?

On 1-year performance, SPXL leads with 63.89% vs -45.63% for PLTU. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 12.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLTU or SPXL?

Over the 1-year period, SPXL has performed better with a 63.89% return vs -45.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLTU or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.86% for PLTU.

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

PLTU has the higher dividend yield at 40.61%, compared with 0.49% for SPXL.

What is the main difference between PLTU and SPXL?

Their fees differ too: 0.86% for PLTU and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.67 vs -0.39), 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.