QQQD vs. SPXL
QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - QQQD is a Inverse Equities fund tracking the Indxx Magnificent 7 Index (-100%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, QQQD returned -21.80% vs 81.54% for SPXL. At a correlation of -0.81, they often move in opposite directions. QQQD charges 0.57%/yr vs 0.84%/yr for SPXL.
Performance
QQQD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, QQQD achieves a -2.89% return, which is significantly lower than SPXL's 28.14% return.
QQQD
- 1D
- 1.38%
- 1M
- -1.88%
- YTD
- -2.89%
- 6M
- -2.43%
- 1Y
- -21.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
QQQD vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | -2.89% | -20.32% | -27.69% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 28.14% | 31.94% | 32.76% |
Correlation
The correlation between QQQD and SPXL is -0.81, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024 | -0.81 |
The correlation between QQQD and SPXL has been stable across timeframes, ranging from -0.81 to -0.81 - a consistent structural relationship.
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Return for Risk
QQQD vs. SPXL — Risk / Return Rank
QQQD
SPXL
QQQD vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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.
| QQQD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -4.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.37 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.06 | -3.88 |
| Martin ratioReturn relative to average drawdown | -1.23 | 12.94 | -14.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQD | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.08 | 2.32 | -3.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.86 | 0.53 | -1.38 |
Drawdowns
QQQD vs. SPXL - Drawdown Comparison
The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for QQQD and SPXL.
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Drawdown Indicators
| QQQD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.47% | -76.86% | +27.39% |
Max Drawdown (1Y)Largest decline over 1 year | -26.65% | -26.77% | +0.12% |
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 DrawdownCurrent decline from peak | -47.50% | -2.08% | -45.42% |
Average DrawdownAverage peak-to-trough decline | -30.34% | -15.72% | -14.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.72% | 6.32% | +11.40% |
Volatility
QQQD vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) is 4.76%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 8.49%. This indicates that QQQD experiences smaller price fluctuations and is considered to be less risky 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
| QQQD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.76% | 8.49% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 26.67% | -12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.21% | 35.39% | -15.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.77% | 50.24% | -23.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.77% | 53.42% | -26.65% |
QQQD vs. SPXL - Expense Ratio Comparison
QQQD has a 0.57% expense ratio, which is lower than SPXL's 0.84% expense ratio.
Dividends
QQQD vs. SPXL - Dividend Comparison
QQQD's dividend yield for the trailing twelve months is around 4.07%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 4.07% | 4.33% | 5.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
QQQD and SPXL have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (8.49%) compared to QQQD (4.76%). In terms of maximum drawdown, QQQD dropped -49.47% vs SPXL's -76.86%.
On 1-year performance, SPXL leads with 81.54% vs -21.80% for QQQD. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXL has performed better with a 81.54% return vs -21.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQD is cheaper with a 0.57% expense ratio, compared with 0.84% for SPXL.
QQQD has the higher dividend yield at 4.07%, compared with 0.52% for SPXL.
QQQD is categorized as Inverse Equities, while SPXL is Leveraged Equities. QQQD tracks Indxx Magnificent 7 Index (-100%), while SPXL tracks S&P 500. Their fees differ too: 0.57% for QQQD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.32 vs -1.08), 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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