RWL vs. SPXL

Last updated Jul 17, 2026

RWL (Invesco S&P 500 Revenue ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, RWL returned 13.97%/yr vs 28.72%/yr for SPXL. Their correlation of 0.92 suggests significant overlap in exposure. RWL charges 0.39%/yr vs 0.84%/yr for SPXL.

Performance

RWL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Revenue ETF (RWL) 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, RWL achieves a 15.14% return, which is significantly lower than SPXL's 24.85% return. Over the past 10 years, RWL has underperformed SPXL with an annualized return of 13.97%, while SPXL has yielded a comparatively higher 28.72% annualized return.

RWL

• 1D: 0.51%
• 1M: 1.57%
• 6M: 11.09%
• YTD: 15.14%
• 1Y: 27.74%
• 3Y*: 19.36%
• 5Y*: 14.06%
• 10Y*: 13.97%

SPXL

• 1D: -1.60%
• 1M: -0.19%
• 6M: 19.87%
• YTD: 24.85%
• 1Y: 55.18%
• 3Y*: 44.11%
• 5Y*: 21.24%
• 10Y*: 28.72%

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

RWL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWL Invesco S&P 500 Revenue ETF	15.14%	18.65%	16.45%	17.43%	-6.00%	30.29%	9.14%	27.83%	-7.74%	20.34%
SPXL Direxion Daily S&P 500 Bull 3X ETF	24.85%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between RWL and SPXL is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.92

Over the past year, the correlation between RWL and SPXL has dropped to 0.67 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.

RWL vs. SPXL - Sectors Allocation Comparison

Sectors	RWL	SPXL
Healthcare	19.4%	8.3%
Technology	16.3%	39.0%
Financial Services	14.8%	11.1%
Consumer Cyclical	12.6%	9.9%
Consumer Defensive	10.2%	4.5%
Industrials	8.3%	7.8%
Communication Services	7.2%	10.6%
Energy	6.1%	3.1%
Utilities	2.2%	2.1%
Basic Materials	2.0%	1.7%
Real Estate	0.9%	1.8%

Return for Risk

RWL vs. SPXL — Risk / Return Rank

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

RWL

RWL Risk / Return Rank: 92
RWL Sharpe Ratio Rank: 94
RWL Sortino Ratio Rank: 94
RWL Omega Ratio Rank: 93
RWL Calmar Ratio Rank: 89
RWL Martin Ratio Rank: 92

SPXL

SPXL Risk / Return Rank: 52
SPXL Sharpe Ratio Rank: 53
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 49
SPXL Calmar Ratio Rank: 50
SPXL Martin Ratio Rank: 58

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.

RWL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Revenue ETF (RWL) 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.

	RWL	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.47	+1.33
Sortino ratio: Return per unit of downside risk	3.88	1.97	+1.91
Omega ratio: Gain probability vs. loss probability	1.51	1.26	+0.25
Calmar ratio: Return relative to maximum drawdown	4.20	2.07	+2.13
Martin ratio: Return relative to average drawdown	17.69	8.18	+9.52

RWL vs. SPXL - Sharpe Ratio Comparison

The current RWL Sharpe Ratio is 2.80, which is higher than the SPXL Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of RWL 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

RWL vs. SPXL - Drawdown Comparison

The maximum RWL drawdown since its inception was -54.83%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for RWL and SPXL.

Drawdown Indicators

	RWL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-54.83%	-76.86%	+22.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-26.77%	+20.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-48.95%	+34.56%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-63.80%	+46.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	-76.86%	+40.82%
Current Drawdown Current decline from peak	0.00%	-4.60%	+4.60%
Average Drawdown Average peak-to-trough decline	-6.41%	-16.06%	+9.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	6.77%	-5.20%

Volatility

RWL vs. SPXL - Volatility Comparison

The current volatility for Invesco S&P 500 Revenue ETF (RWL) is 2.19%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 10.79%. This indicates that RWL 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.

Volatility by Period

	RWL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	10.79%	-8.60%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	30.09%	-22.88%
Volatility (1Y) Calculated over the trailing 1-year period	9.94%	37.68%	-27.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	50.59%	-36.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	53.38%	-36.59%

RWL vs. SPXL - Expense Ratio Comparison

RWL has a 0.39% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

RWL vs. SPXL - Dividend Comparison

RWL's dividend yield for the trailing twelve months is around 1.23%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWL Invesco S&P 500 Revenue ETF	1.23%	1.35%	1.43%	1.60%	1.62%	1.35%	1.75%	1.87%	1.99%	1.60%	1.71%	1.97%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWL and SPXL in my portfolio?

RWL and SPXL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWL or SPXL?

SPXL has higher volatility (10.79%) compared to RWL (2.19%). In terms of maximum drawdown, RWL dropped -54.83% vs SPXL's -76.86%.

Which ETF is better, RWL or SPXL?

On 10-year performance, SPXL leads with 28.72% vs 13.97% for RWL. On fees, RWL is cheaper at 0.39% per year. On volatility, RWL has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWL or SPXL?

Over the 10-year period, SPXL has performed better with a 28.72% return vs 13.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWL or SPXL?

RWL is cheaper with a 0.39% expense ratio, compared with 0.84% for SPXL.

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

RWL has the higher dividend yield at 1.23%, compared with 0.52% for SPXL.

What is the main difference between RWL and SPXL?

RWL is categorized as S&P 500, while SPXL is Leveraged Equities. RWL tracks S&P 500 Revenue-Weighted Index, while SPXL tracks S&P 500. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.39% for RWL and 0.84% for SPXL.

Which has better risk-adjusted returns?

RWL currently has the higher Sharpe Ratio (2.80 vs 1.47), 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.