SHPU vs. SPXL

Last updated Jun 6, 2026

SHPU (Direxion Daily SHOP Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. SHPU is actively managed, while SPXL is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. SHPU charges 1.09%/yr vs 0.84%/yr for SPXL.

Performance

SHPU vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily SHOP Bull 2X ETF (SHPU) 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, SHPU achieves a -63.82% return, which is significantly lower than SPXL's 19.30% return.

SHPU

• 1D: -11.54%
• 1M: 3.30%
• YTD: -63.82%
• 6M: -63.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -7.89%
• 1M: 0.24%
• YTD: 19.30%
• 6M: 17.30%
• 1Y: 71.81%
• 3Y*: 49.22%
• 5Y*: 21.75%
• 10Y*: 29.03%

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

SHPU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
SHPU Direxion Daily SHOP Bull 2X ETF	-63.82%	-2.39%
SPXL Direxion Daily S&P 500 Bull 3X ETF	19.30%	20.31%

Correlation

The correlation between SHPU and SPXL is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 7, 2025	0.56

Return for Risk

SHPU vs. SPXL — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 57
SPXL Sharpe Ratio Rank: 60
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.

SHPU vs. SPXL - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SHPU	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.99	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	0.52	-1.17

Drawdowns

SHPU vs. SPXL - Drawdown Comparison

The maximum SHPU drawdown since its inception was -77.97%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SHPU and SPXL.

Drawdown Indicators

	SHPU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-77.97%	-76.86%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.77%	—
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	-71.86%	-8.84%	-63.02%
Average Drawdown Average peak-to-trough decline	-37.03%	-15.72%	-21.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.35%	—

Volatility

Volatility by Period

	SHPU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.47%	36.30%	+74.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.47%	50.34%	+60.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.47%	53.47%	+57.00%

SHPU vs. SPXL - Expense Ratio Comparison

SHPU has a 1.09% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

SHPU vs. SPXL - Dividend Comparison

SHPU's dividend yield for the trailing twelve months is around 56.43%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHPU Direxion Daily SHOP Bull 2X ETF	56.43%	20.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SHPU and SPXL in my portfolio?

SHPU and SPXL have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SHPU or SPXL?

On fees, SPXL is cheaper at 0.84% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHPU or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.09% for SHPU.

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

SHPU has the higher dividend yield at 56.43%, compared with 0.56% for SPXL.

What is the main difference between SHPU and SPXL?

Their fees differ too: 1.09% for SHPU and 0.84% for SPXL.