SMCX vs. SPXL

Last updated Jun 21, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. SMCX is actively managed, while SPXL is passively managed. Over the past year, SMCX returned -87.85% vs 75.56% for SPXL. At a 0.48 correlation, their price movements are largely independent. SMCX charges 1.29%/yr vs 0.84%/yr for SPXL.

Performance

SMCX vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SMCI ETF (SMCX) 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, SMCX achieves a -55.35% return, which is significantly lower than SPXL's 22.70% return.

SMCX

• 1D: 20.05%
• 1M: -43.06%
• YTD: -55.35%
• 6M: -60.97%
• 1Y: -87.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

SMCX vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	-55.35%	-69.78%	-90.42%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	9.52%

Correlation

The correlation between SMCX and SPXL is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.48

The correlation between SMCX and SPXL has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

SMCX vs. SPXL — Risk / Return Rank

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

SMCX

SMCX Risk / Return Rank: 4
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 6
SMCX Omega Ratio Rank: 6
SMCX Calmar Ratio Rank: 1
SMCX Martin Ratio Rank: 3

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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.

SMCX vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) 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.

	SMCX	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	2.05	-2.56
Sortino ratio: Return per unit of downside risk	-0.26	2.49	-2.74
Omega ratio: Gain probability vs. loss probability	0.96	1.33	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.92	2.84	-3.76
Martin ratio: Return relative to average drawdown	-1.24	11.62	-12.86

SMCX vs. SPXL - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.51, which is lower than the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SMCX 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

SMCX vs. SPXL - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.08%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SMCX and SPXL.

Drawdown Indicators

	SMCX	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.08%	-76.86%	-22.22%
Max Drawdown (1Y) Largest decline over 1 year	-94.75%	-26.77%	-67.98%
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	-98.71%	-6.24%	-92.47%
Average Drawdown Average peak-to-trough decline	-88.07%	-16.10%	-71.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.25%	6.52%	+63.73%

Volatility

SMCX vs. SPXL - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 102.84% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 13.99%. This indicates that SMCX'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

	SMCX	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	102.84%	13.99%	+88.85%
Volatility (6M) Calculated over the trailing 6-month period	175.36%	29.23%	+146.13%
Volatility (1Y) Calculated over the trailing 1-year period	170.74%	37.20%	+133.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.19%	50.50%	+153.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.19%	53.56%	+150.63%

SMCX vs. SPXL - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

SMCX vs. SPXL - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 9.82%, more than SPXL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMCX Defiance Daily Target 2X Long SMCI ETF	9.82%	4.39%	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	0.55%	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 SMCX and SPXL in my portfolio?

SMCX and SPXL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCX or SPXL?

SMCX has higher volatility (102.84%) compared to SPXL (13.99%). In terms of maximum drawdown, SMCX dropped -99.08% vs SPXL's -76.86%.

Which ETF is better, SMCX or SPXL?

On 1-year performance, SPXL leads with 75.56% vs -87.85% for SMCX. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCX or SPXL?

Over the 1-year period, SPXL has performed better with a 75.56% return vs -87.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.29% for SMCX.

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

SMCX has the higher dividend yield at 9.82%, compared with 0.55% for SPXL.

What is the main difference between SMCX and SPXL?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for SMCX and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs -0.51), 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.