PTF vs. SPXL

Last updated Jun 18, 2026

PTF (Invesco DWA Technology Momentum ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - PTF is a Momentum fund tracking the DWA Technology Technical Leaders Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, PTF returned 26.71%/yr vs 29.92%/yr for SPXL. A 0.75 correlation means they provide meaningful diversification when combined. PTF charges 0.60%/yr vs 0.84%/yr for SPXL.

Performance

PTF vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Technology Momentum ETF (PTF) 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, PTF achieves a 72.71% return, which is significantly higher than SPXL's 20.38% return. Over the past 10 years, PTF has underperformed SPXL with an annualized return of 26.71%, while SPXL has yielded a comparatively higher 29.92% annualized return.

PTF

• 1D: 0.61%
• 1M: 15.15%
• YTD: 72.71%
• 6M: 81.71%
• 1Y: 101.17%
• 3Y*: 41.02%
• 5Y*: 22.87%
• 10Y*: 26.71%

SPXL

• 1D: -3.76%
• 1M: -0.35%
• YTD: 20.38%
• 6M: 26.72%
• 1Y: 70.31%
• 3Y*: 45.50%
• 5Y*: 23.10%
• 10Y*: 29.92%

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

PTF vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTF Invesco DWA Technology Momentum ETF	72.71%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.38%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between PTF and SPXL is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.75

The correlation between PTF and SPXL has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

PTF vs. SPXL - Sectors Allocation Comparison

Sectors	PTF	SPXL
Technology	93.8%	39.0%
Communication Services	4.7%	10.6%
Industrials	1.8%	7.8%
Energy	1.6%	3.1%
Financial Services	1.5%	11.1%
Basic Materials	-	1.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

PTF vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PTF

PTF Risk / Return Rank: 81
PTF Sharpe Ratio Rank: 84
PTF Sortino Ratio Rank: 66
PTF Omega Ratio Rank: 72
PTF Calmar Ratio Rank: 92
PTF Martin Ratio Rank: 93

SPXL

SPXL Risk / Return Rank: 57
SPXL Sharpe Ratio Rank: 61
SPXL Sortino Ratio Rank: 51
SPXL Omega Ratio Rank: 54
SPXL Calmar Ratio Rank: 56
SPXL Martin Ratio Rank: 64

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.

PTF vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Technology Momentum ETF (PTF) 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.

	PTF	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.91	+0.59
Sortino ratio: Return per unit of downside risk	2.82	2.37	+0.46
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	5.65	2.64	+3.01
Martin ratio: Return relative to average drawdown	21.53	10.84	+10.68

PTF vs. SPXL - Sharpe Ratio Comparison

The current PTF Sharpe Ratio is 2.50, which is higher than the SPXL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PTF 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

PTF vs. SPXL - Drawdown Comparison

The maximum PTF drawdown since its inception was -55.38%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for PTF and SPXL.

Drawdown Indicators

	PTF	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-55.38%	-76.86%	+21.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.99%	-26.77%	+8.78%
Max Drawdown (3Y) Largest decline over 3 years	-36.11%	-48.95%	+12.84%
Max Drawdown (5Y) Largest decline over 5 years	-44.88%	-63.80%	+18.92%
Max Drawdown (10Y) Largest decline over 10 years	-44.88%	-76.86%	+31.98%
Current Drawdown Current decline from peak	-2.88%	-8.01%	+5.13%
Average Drawdown Average peak-to-trough decline	-13.26%	-16.10%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	6.50%	-1.78%

Volatility

PTF vs. SPXL - Volatility Comparison

Invesco DWA Technology Momentum ETF (PTF) has a higher volatility of 16.22% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.13%. This indicates that PTF'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

	PTF	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.22%	14.13%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	31.49%	29.34%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	40.70%	37.14%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.44%	50.54%	-15.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.22%	53.55%	-20.33%

PTF vs. SPXL - Expense Ratio Comparison

PTF has a 0.60% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

PTF vs. SPXL - Dividend Comparison

PTF's dividend yield for the trailing twelve months is around 0.01%, less than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PTF Invesco DWA Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%

Frequently Asked Questions

Can I hold both PTF and SPXL in my portfolio?

PTF and SPXL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTF or SPXL?

PTF has higher volatility (16.22%) compared to SPXL (14.13%). In terms of maximum drawdown, PTF dropped -55.38% vs SPXL's -76.86%.

Which ETF is better, PTF or SPXL?

On 10-year performance, SPXL leads with 29.92% vs 26.71% for PTF. On fees, PTF is cheaper at 0.60% per year. On volatility, SPXL has been the lower-risk option at 14.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTF or SPXL?

Over the 10-year period, SPXL has performed better with a 29.92% return vs 26.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTF or SPXL?

PTF is cheaper with a 0.60% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.56%, compared with 0.01% for PTF.

What is the main difference between PTF and SPXL?

PTF is categorized as Momentum, while SPXL is Leveraged Equities. PTF tracks DWA Technology Technical Leaders Index, while SPXL tracks S&P 500. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.60% for PTF and 0.84% for SPXL.

Which has better risk-adjusted returns?

PTF currently has the higher Sharpe Ratio (2.50 vs 1.91), 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.